Wynn Palace Cotai News - Page 2

Nine straight months of casino revenue declines, including a record 49 percent drop in February, are primarily because of a government-imposed crackdown on corruption.

January's decline was the eighth straight monthly drop.

Adelson defends Macau even as troubled market crimps Sands' earnings.

In a statement Friday from the company’s Sands China Ltd., Sheldon Adelson, the 81-year-old billionaire and company founder, will replace Edward Tracy, whose retirement was announced in an SEC filing this week.

The worry is now about 2015 and what effect continued softness in the world’s largest gambling enclave will have on Nevada casino operators.

Even after six consecutive monthly gaming revenue declines, Macau is still not close to hitting bottom.

The Macau Gaming Inspection and Coordination Bureau said Monday casinos in the Chinese gambling market collected $3.04 billion in gaming revenue during the month, down 19.6 percent from a year ago.

The casino operator Wednesday credited another strong quarter from the company’s casinos in Macau with producing double-digit increases in both revenues and earnings. But the figures didn’t meet analyst projections.

Steve Wynn will continue to serve as CEO and chairman of Wynn Macau.

Net revenues for the year ended 2011 increased 25.9%.