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Wynn Resorts shares slumped 5% after missing on revenue and giving weak guidance. Markets Insider reports the casino operator cited weakness in VIP gaming–specifically baccarat. A sharp slowdown in its VIP segment let to an 18% plunge in overall table turnover from a year ago. Wynn executives say they believe the weakness is likely to continue going forward. Revenues for the first quarter came in at $1.65 billion, slightly below the $1.67 billion that Bloomberg analysts had expected. Wynn’s Macau operations were particularly hit hard as overall revenue slid 16% and VIP turnover plunged 40%. It’s further evidence that an economic slowdown in China may be having an impact, particularly among the high rollers that drive much of the industry’s profitability.
https://markets.businessinsider.com/news/stocks/wynn-stock-price-slumps-as-vip-declines-2019-5-1028191105
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