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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..."

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