Wynn Plunges After CEO Sees Similarities With Recession Of 2008

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Shares of Wynn Resorts plunged as much as 15% after the casino operator reported adjusted third-quarter earnings in line with expectations and sales that beat forecasts but in a subsequent call with analysts said it was seeing a “slowdown” at its Macau location, especially from the highly profitably high rollers.

While CEO Matthew Maddox said results were strong during China’s seven-day Golden Week holiday, since then attendance has been “choppy” during weekdays and “sporadic” on the weekends.

“So what we’ve seen post-Golden Week has been a slowdown. And we’ve seen it, in particular, in the premium end of the business, premium mass, premium slots,

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