Wynn Resorts stock remains down more than 16 percent since the Journal report. The casino mogul has denied the allegations but a special committee of Wynn Resorts' board is investigating the alleged misconduct and regulators in Nevada and several other markets where Wynn operates also have opened their own probes. Wednesday's weakness in casino stocks also follows the report Friday by The Wall Street Journal about a possible "pattern of sexual misconduct" by Wynn Resorts Chairman and CEO Steve Wynn. The three companies also have significant investments in Macau, the world's largest gambling mecca. Wynn Resorts fell 3.4 percent, MGM Resorts dipped nearly 2 percent and Las Vegas Sands slipped just more than 1 percent. That represented a slight slowdown from a 2.3 percent increase in November.Īll three of the major Las Vegas-based resort casinos were lower in Wednesday trading. Statewide, Nevada casinos reported a total "gaming win" of $960.4 million in December, or an increase of less than 1 percent compared with a year ago.
Also, the Reno, Nevada, casinos experienced a 10 percent increase in gaming revenue for the month.
because that market I think probably has a much longer cycle," he said.ĭespite the slowdown on the Vegas Strip, the downtown Las Vegas and north Las Vegas casinos as a group generated double-digit percentage increases in gaming revenue in December compared with a year ago. "What happens is that convention business has been doing a lot of the heavy lifting for companies like Las Vegas Sands and Wynn Resorts, etc. Still, Amobi said the convention business on the Las Vegas Strip has been holding up well despite softness in other areas. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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