Wynn Resorts is tumbling after Macau reported disappointing revenue growth (WYNN)
- Wynn Resorts is tumbling Monday after Chinese casino hub Macau underperformed in June.
- Other casino stocks operating in Macau are also lower.
- Wynn Resorts founder Steve Wynn resigned earlier this year over sexual misconduct allegations, which he has denied.
- Watch Wynn Resorts trade in real time here.
Wynn Resorts is trading down sharply, lower by 8.08%, Monday following news that Macau gaming revenue growth underperformed expectations for the month of June.
Other casino stocks are getting hit as well. Here’s the scoreboard:
Analysts were expecting Macau’s gaming revenue to grow 18% year-over-year for the month, but it increased just 12.5% YoY. Macau is China’s only legal casino hub.
Earlier this year, Wynn Resorts founder Steve Wynn resigned as CEO and chairman after allegations of sexual misconduct. He has denied those allegations.
Wynn Resorts is down 6.5% this year.
Read the full article from it’s original source: http://uk.businessinsider.com/wynn-resorts-stock-price-macau-disappointing-revenue-growth-2018-7