\nChristopher Palmeri, Bloomberg \u00b7 September 10, 2015 at 3:04 pm<\/p>\n
\tWynn Resorts Ltd. fell on an analyst\u2019s report from Asia that a junket group operating out of the company\u2019s Macau casino may have lost as much as HK$2 billion ($258 million) to thievery.<\/p>\n
\tWynn, based in Las Vegas, declined 4.6 percent to $69.72 at 2:30 p.m. in New York. The stock was down as much as 6.8 percent earlier.<\/p>\n
\tA Wynn spokesman, Michael Weaver, identified the junket operator as Dore Holdings and minimized the impact it will have on Las Vegas-based Wynn, which gets most of its revenue from its Macau unit.<\/p>\n
\t\u201cThe current reported concerns with respect to Dore, one of Wynn Macau\u2019s junket operators, have no direct financial impact on Wynn Macau,\u201d Weaver said in an e-mail. \u201cDore owes no money to the company and continues to operate in Wynn Macau.\u201d<\/p>\n
\tThe incident is likely to have a limited impact on Macau\u2019s gross gaming revenue, David Bain, an analyst with Sterne Agee, said in a research note Thursday.<\/p>\n
\tGaming revenue in Macau, the world\u2019s largest casino market, has plunged in the past year amid a broader Chinese government crackdown on corruption and a slowing of the country\u2019s economy. More than $1 billion was allegedly stolen from another junket operator last year, according to news accounts at the time.<\/p>\n
\tJunket operators bring high rollers to Macau and supply them with credit.<\/p>\n
\t\u2013With assistance from Joshua Fineman in New York.<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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