{"id":104618,"date":"2019-05-10T09:11:37","date_gmt":"2019-05-10T16:11:37","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=104618"},"modified":"2019-05-10T10:28:16","modified_gmt":"2019-05-10T17:28:16","slug":"wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/","title":{"rendered":"Wynn Resorts Misses Revenue Expectations, Elaine Wynn Says She’s Not Leaving Casino Giant"},"content":{"rendered":"

Wynn Resorts failed to meet Wall Street revenue expectations in the first three months of the year. Operating revenue totaled $1.65 billion January through March \u2013 a four percent decline compared to the previous year \u2013 and short of the $1.67 billion analysts predicted.<\/p>\n

\"Wynn
Wynn Resorts came in short of revenue forecasts in the first quarter of 2019. (Image: Wikipedia Commons)<\/figcaption><\/figure>\n

Wynn CEO Matt Maddox blamed reduced high roller play in Macau for the shortfall. “We definitely lost some share in premium mass and the premium mass business around town was down,” the chief executive explained to investors and analysts.<\/p>\n

\n

I don’t know how long that that area is going to be compressed, but what I do know is the demand is still there. We feel very comfortable that when that business begins to come back, we’re going to be perfectly situated to capture it,” Maddox said.<\/p>\n<\/blockquote>\n

Traded on NASDAQ, shares of Wynn Resorts have plummeted more than 30 percent over the last 12 months. The stock fell even further on the company’s Q1 report.<\/p>\n

Elaine Remain<\/b><\/h2>\n

Wynn Resorts cofounder Elaine Wynn \u2013 who formed the casino company with her former husband Steve Wynn in 2002 \u2013 retains a nine percent ownership stake that is worth roughly $1.3 billion. She is the largest individual shareholder.<\/p>\n

During last month’s hearings before the Massachusetts Gaming Commission (MGC) into whether Wynn Resorts remains suitable to hold a casino license in wake of the sexual misconduct allegations levied against Mr. Wynn, Elaine said she has no plans to depart the organization. “I am here because I am team Wynn,” the 77-year-old told the MGC.<\/p>\n

\n

The MGC concluded that Wynn Resorts can keep its coveted $85 million license and open the $2.6 billion Encore Boston Harbor integrated casino resort next month. But the state commission fined the company $35.5 million for alleged shortcomings in properly reporting claimed acts of sexual misconduct.<\/p>\n<\/div>\n

“In Massachusetts, we received a decision from the MGC regarding their investigation last week. Importantly, there was no impact on the suitability of the company, or its key employees to hold a gaming license in the state. And we are ready to move forward of the opening of Encore Boston Harbor,” Maddox asserted.<\/p>\n

The MGC fined the CEO $500,000 for “his clear failure to require an investigation about a specific spa employee complaint brought to his attention.”<\/p>\n

Q1 Revenues<\/b><\/h2>\n

The world’s largest casino operators have now unveiled their first quarter performances for 2019. Las Vegas Sands leads the way with $3.65 billion in operating revenue. MGM Resorts is second ($3.2 billion), then it’s Caesars Entertainment ($2.12 billion), Wynn Resorts ($1.65 billion), Melco Resorts ($1.36 billion), and SJM Holdings ($1.1 billion).<\/p>\n

All of the companies are jockeying to win licensure in Japan. The country will soon authorize three commercial casino resorts.<\/strong><\/p>\n

“We’re building quietly our relationships with potential partners over there. And we’re focused on various jurisdictions in Japan,” Maddox said this week. “We’re looking at this over the long term, and we will be continuing to monitor the situation and participate where we see fit.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts failed to meet Wall Street revenue expectations in the first three months of the year. Operating revenue totaled $1.65 billion January through March \u2013 a four percent decline compared to the previous year \u2013 and short of the $1.67 billion analysts predicted. Wynn CEO Matt Maddox blamed reduced high roller play in Macau […]<\/p>\n","protected":false},"author":25,"featured_media":104621,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Misses Revenue Expectations, Elaine Wynn Not Leaving<\/title>\n<meta name=\"description\" content=\"Wynn Resorts came in short of Wall Street revenue expectations in the first quarter of 2019, as high roller play was down during the three-month period.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Misses Revenue Expectations, Elaine Wynn Not Leaving\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts came in short of Wall Street revenue expectations in the first quarter of 2019, as high roller play was down during the three-month period.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-10T16:11:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-10T17:28:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Shopping_Mall_and_Wynn_Casino_Las_Vegas_3478835513.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Devin O'Connor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CasinoorgDevinO\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Devin O'Connor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/\",\"name\":\"Wynn Resorts Misses Revenue Expectations, Elaine Wynn Not Leaving\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Shopping_Mall_and_Wynn_Casino_Las_Vegas_3478835513.jpg\",\"datePublished\":\"2019-05-10T16:11:37+00:00\",\"dateModified\":\"2019-05-10T17:28:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/02b4fee8814a4003903b0021bffb4ebf\"},\"description\":\"Wynn Resorts came in short of Wall Street revenue expectations in the first quarter of 2019, as high roller play was down during the three-month period.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-misses-revenue-expectations-elaine-wynn-not-leaving\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Shopping_Mall_and_Wynn_Casino_Las_Vegas_3478835513.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2019\/05\/Shopping_Mall_and_Wynn_Casino_Las_Vegas_3478835513.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Wynn Resorts came in short of revenue forecasts in the first quarter of 2019. 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