Wynn Resorts, Limited (NASDAQ:WYNN) has been making a lot of news lately, following the revelation of a theft at one of the company’s casinos. An estimated amount of $13 million have been stolen from a Macau junket company operating at the location. The prime suspect of this investigation has been a cage manage, who Dore Entertainment believes is also responsible for cheating customers out of their winnings. Additionally, Dore identifies itself as a victim in the crime and has asked the authorities to be treated rationally.
Macau has been experiencing a series of crackdowns by the government, against corrupt casino owners. As a result, analysts believe that the casinos in the region would expect an estimated 32% decline in year-over-year revenues. Furthermore, the recent Dore incident is likely to make the government increase its efforts in controlling the corruption in the region. The gaming inspection and coordination Bureau in Macau has already decided to tighten the requirements for junket operators. As a result several junket operators have seen their business closed and Macau has experienced a decline in revenues for 15-months straight.
However, neither Dore nor Wynn Resorts is concerned about the matter. Business for both companies has been holding steady and there has been a claim filed by only 30 people, at Wynn Resorts. Unfortunately, the company has refused to address these claims, stating that Dore owes it nothing. Unfortunately, despite the two companies holding their ground, the stock of WYNN has been experiencing a series of declines in the market. The most recent update from analysts awards an average buy rating to the stock, with a target price of $128.69. In its 2Q2015 filing, WYNN reported EPS of $0.74, missing analyst estimates of $0.96. Additionally, EPS was also significantly lower than $2.11 for the same period last year.
Wynn Resorts, Limited (NASDAQ:WYNN) stood at a share price of $63.93, at the end of the September 22 session, after reporting a decline of 3.95% to its share value.
