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Wynn's shares tumble
Message was posted: 01:48 Oct 7th, 2007

User: Joseph Rank: Casino Gold: 31383CG Contributor rating: 39760 Status: Offline

NEW YORK -- As reported by the New York Post: "Shares in his Wynn Resorts tumbled nearly 10 percent after a casino analyst at Morgan Stanley said Wynn had wildly overestimated the action he expected at his extravagant new Wynn Macau casino. "Wynn and a rival operator in Macau, the Las Vegas Sands Corp., both predicted that gaming revenue at their new Macau casinos would jump by 75 percent in September - but in realty they came in at a 'disappointing' 55 percent, said analyst Celeste Mellet Brown. "She said the Macau casinos appeared to be just shifting revenue from one place to another instead of creating a new supply of gamblers. "...Wynn Resorts lost $16.43 a share to $149.40 - the worst daily loss in five years..." Casino City Times