Steve Wynn slams “counterintuitive and irrational” Macau government policies

Casino boss Steve Wynn went off the rails on Thursday, verbally tearing a strip off Macau legislators for their “rather mystical policies” that Steve claimed make it impossible for casino operators to plan for the future.

Steve made the remarks during the analyst call for Wynn Resorts Q3 earnings report, which showed revenue down 27% to $996.3m, adjusted earnings down 39% to $279.9m and profit off 61% to $73.8m.

The downturn was driven by Wynn’s Macau casino, which saw revenue fall 38% to $585m and earnings cut in half to $163m. The market-wide slump in VIP activity drove the decline, with VIP turnover down more than half, while mass market table drop fell a more reasonable 13.7% and slot win fell 42.6%.

In Las Vegas, revenue fell 3.9% to $411m, largely driven by a 23.3% fall in table games drop. Gaming revenue was down 14.8% to $152m while non-gaming revenue rose 1.9% to $303.6m.