Wynn's shares tumble
5 Oct 2007
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..."