Wynn Resorts, Limited WYNN has once again delayed the opening of its Macau Resort — Wynn Palace — and now sets an opening date of August 22, 2016, according to a press release.
Last year, Wynn said it would open its new resort, which is situated on the Cotai area of Macau, in June rather than March.
Wynn Palace is an integrated resort containing a 1,700-room hotel, a performance lake and a wide range of amenities, including meeting, retail, food and beverage, and casino spaces. The total project budget is about $4.2 billion.
The postponement of the opening date of the new resort comes as an anti-corruption drive in China hurt the gambling industry.
For the first quarter, Wynn Resorts reported 13.8 percent drop in revenue from Macau operations to $608.2 million and adjusted Property EBITDA for the segment fell 9.9 percent to $191.2 million.
At the time of writing, shares of Wynn Resorts were up 2.55 percent to $89.92 on the day.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
