Down Economy Has Wynn Focusing Outside The U.S.
The current state of the economy have gamblers wagering less and tourist and business travel reduced, leaving the casino industry struggling.
Wynn Resorts Ltd. (WYNN: 101.54 -2.89%) has seen a decline in profit for the second quarter in a row, causing CEO Steve Wynn to say his company would not expand in the U.S until the business environment improves.
“The landscape in Las Vegas is troubling and it’s rife with uncertainty,” said Wynn “It’s tough to understand what’s going on; my 40 years in Las Vegas is not serving me very well at the moment.”
The hotel operator said they struggle to fill rooms. However the opening of the Encore Las Vegas Resort last December has helped to improve Wynn’s revenue through hotel, food, retail and entertainment venues.
Wynn resorts reported that its third quarter net income dropped 33 percent to $34.2 million, or $0.28 per share. As of the end of the third quarter the gaming company reported $4.2 billion in debt.
Wynn’s stock closed the market on Friday at 59.73, up 5.68 since opening Monday morning November 2.
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