It’s not a good season for Casino and gambling giant Wynn Resorts. The company released its financial report for the first quarter, and it reveals that the gambling operator has lost 3.7% year-on-year in revenues for the first quarter.
The company generated $1.65 billion in the first three months of 2019. Also, the adjusted earnings were down 12.3% to $494.8 million. Releasing the figures the company has linked slumping growth to a decline in VIP high rollers not only at its casinos in the US but also in Macau.
Turnover from VIP rollers dropped 18 percent to $12.6 billion at Wynn Palace and 40.3% to $10.2b at Wynn Macau. However, a favorable win rate saved the company some earnings at both venues.
Non-gaming revenues which include earnings from hospitality, accommodation and other services offered by the operator at its venues were up 6.2% to $103.4m at Wynn Palace and down l 7% to $73.6m at Wynn Macau.
Recently Wynn Resorts were fined a whopping $35 million for their handling of the sexual misconduct allegations on CEO Steve Wynn. Massachusetts Gaming Commission upon investigation found that the company had concealed the several complaints it received in regards to alleged sexual misconducts by former CEO, Steve Wynn.
Matthew Maddox, the current CEO was also fined $500,000 as the gambling authority found him to be instrumental and complicit in concealing the allegations.
Earlier, the Nevada Gambling Commission had also fined Wynn Resorts $20 million for the same reasons. However, the two regulators allowed Wynn Resorts to continue with their gambling Licenses.