Wynn Resorts, Ltd. Announces Macau Expansion Plans
Wynn Resorts, Ltd. stock prices have reached a 52-week high following the announcement Wednesday of an expansion to the Wynn Macau casino and resort. The announcement comes just two months after they first opened the Macau casino.
The new Wynn Diamond Suites hotel will host its own casino, retail stores, and restaurants in an attempt to attract more high rollers to the area of the world that is considered a high rollers haven. Last month Macau took over as the largest gambling city in the world by reporting more income than Las Vegas.
Wynn Macau, whose first phase opened on Sept. 6, reported an operating loss in the third quarter of $43.1 million, compared with a prior-year loss of $8.6 million. In its first 25 days of operation, the casino generated net revenue of $45 million and $2.3 million in earnings before interest, taxes and other payments.
Steve Wynn made news last month by accidentally punching a whole in the most expensive painting in the world. He was going to sell the Picasso painting, Le Reve, the next day for $139 million. The loss was made less painful earlier this month when Wynn Resorts announced a $6 per share dividend which made his company $147 million.