MGM down 10%, Melco and Wynn lose 8%, SJM drops 8% and Galaxy and Sands China close down 5% at end of a tough day’s trading.
Wynn
Last month’s growth indicated a recovery from last year’s casino takings. However, April’s revenues were still much lower than those in April 2019.
Gaming operators MGM, Wynn and Melco separately announced that they will be paying their employees a bonus equal to one month’s salary.
Wynn Macau said that its total operating revenues fell 98.2% year-on-year to US$20.6 million (MOP 163.9 million) in the first quarter of the year.
Wynn Macau said in a statement that for the fourth consecutive year it has retained its position as the only resort in the world with eight Five-Star awards on the 2020 Forbes Travel Guide (FTG) Star Rating list.
29 of the city’s 41 casinos will reopen for business today (Thursday), while the remaining 12 casinos have applied to defer reopening their doors.
If they do leave due to the China-US trade war worsening further, local or mainland Chinese-funded companies could take over the respective hotel-casino resorts to run the gaming businesses.
Wynn Resorts Ltd. unveiled plans for a US$2 billion expansion of its properties in Macau, including a theatre and museum in the world’s largest gambling market.
Macau police authorities are tracking down almost HK$48 million worth of cash chips stolen from Wynn casino earlier this week, following the arrest of a debt-ridden croupier and his elderly relative in connection with the crime.