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Steve Wynn Is Losing Big in China

Steve Wynn 640x360

It has been a miserable time for casino owners with exposure to Macau, the only place in Chinese territory where gambling is permitted. With China cracking down on so many levels, including on luxuries, or perhaps, decadence like gambling, casino owners like Steve Wynn who made big bets on the Macau potential have been hit hard.

Steve Wynn, CEO of Wynn Resorts, told CNBC, “It is worse in October than it was before October. So you are asking what is the nadir of our experience? It is currently.”

Although stocks of Wynn rose 4.5% and MGM rallied 5.4%, Wynn doesn’t sound too cheerful about future prospects. Gaming revenues in the region declined every month between June and September, and comparisons with 2013 will be hard to beat. While Wynn feels he can gain market share against other casinos, the problem is China’s crackdown on luxury spending in general. Interestingly, he sounds more pessimistic about the U.S. than China, “We’re still very bullish on Macau, ” and he added he is “more scared” about the U.S.

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