Wynn reports 3Q drop in Macau, rise in Las Vegas
LAS VEGAS (AP) — Wynn Resorts says a drop in its Macau business drove the company's revenue to fall in the third quarter, but the casino-resort company's profit rose due to lower costs.
Wynn reported Tuesday that its net revenue dropped 1.4 percent to $1.37 billion in the quarter.
Macau operating revenue dropped 5.6 percent while Las Vegas operating revenue rose 9 percent. VIP gamblers have been shying away from Macau casinos amid a government corruption crackdown.
The company's net income rose about 5 percent on lower expenses to $191.4 million or $1.88 per diluted share, and adjusted earnings per share of $1.95 beat Street expectations.
Wynn also raised its regular quarterly dividend by 20 percent to $1.50 and is paying a special dividend of $1, for a total dividend of $2.50.