Wynn Macau revenues drop

wynn macau

The loss is reported 40 days after the inauguration of the new Wynn Palace Cotai.

The casino company founded by Steve Wynn posted its third-quarter profit.

Macau.- According to a report from South China Morning Post newspaper, the casino operator reported a net deficit of US$8.6 million from June to September, compared to a net profit of US$62 million for the same months last year. The loss is reported 40 days after the inauguration of its new US$4.2 billion Wynn Palace Cotai.

The numbers were down 4.66 percent, which marks the biggest drop of the company in almost ten weeks, despite earnings rising 8 percent year-on-year, rising to US$177 million.

Matthew Maddox, President for Wynn Resorts Limited, said: “The ramp-up at Wynn Palace Cotai is clearly taking a little longer than we expected,” whilst Steve Wynn said that “Eagles don’t flock, you got to catch them one at a time,” in reference to the bad start of its new development in Macau.

The company believes that the construction work around Wynn Palace influenced the bad results. “We had to take a very risky approach and dodge cars…I hadn’t expected that it would be at this stage when we opened in August. But there it is,” said Wynn.