US-based gaming and hospitality giant, Wynn Resorts’ wholly-owned subsidiary Wynn Macau has had a tough third quarter. The casino gambling operator posted an 18 percent drop in its operating revenue for the third quarter.
Wynn Macau has blamed the lower operating revenue on lower VIP spending. The casino operator reported $1.07 billion in operating revenue for the third quarter. For the same period the previous year, Wynn Macau had grossed $1.31 billion.
The gambling operator’s adjusted EBITDA for the period was $301.2 million while for the same period the previous year it was reported $409.1 million.
The dip in revenue has been attributed to lower VIP turnover which the casino operator said that its VIP gaming fell 32.3% year-on-year for the third quarter.
Wynn Macau is amongst the six licensed casino operators in the Chinese territory and one among the three US-based casino operators.
Macau has been battling with slumping revenue for the past year due to the ongoing trade war between two of the world’s largest economies US and China. Also, the ongoing pro-democracy protests in Hong-kong is taking a toll on Macau’s VIP footfall.