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.