Source: Thinkstock
Revenues rose 1% to $2.3 billion on the strength of MGM’s Macau casino. Yesterday Ceasars Entertainment Corp. (NASDAQ: CZR) said that it would abandon its plans for a Macau casino after trying for five years to get permission to build on a property it had paid $578 million for. Wynn Resorts Ltd. (NASDAQ: WYNN) reported lower revenues in Macau on its third-quarter, although the company was able to boost its Las Vegas revenues to make up the difference.
Like Wynn, MGM said its VIP table-games revenue fell in Macau. MGM’s turnover fell 5% year-over-year and Wynn’s fell 12.1%. The drop is certainly due to new restrictions enacted by the mainland Chinese government earlier this year that limits both visas to travel to Macau and the amount of credit available to gamblers.
MGM’s shares are down about 4% today, at $10.16 in a 52-week range of $8.83 to $14.94. Shares of Ceasars are down 1.2% at $5.78, after posting a new 52-week low of $5.69 earlier today. The prior range was $5.80 to $17.90.
Paul Ausick
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
