Why Wynn Resorts Stock Is Tanking Again Today
As if the casino industry hasn't been dealing with enough from COVID, including the delta variant, casino operators in the Chinese gambling mecca of Macao might have to face new regulatory headwinds. The stocks of casino owners in Macao dropped yesterday on the news, and more color on the issue has them tanking again today. Shares of Wynn Resorts (NASDAQ: WYNN), which has two properties in Macao, were down more than 10% Wednesday morning, and remained down 8.2% as of 10:50 a.m. EDT.
The slide began yesterday when Macao's secretary for economy and finance announced a 45-day examination period for the area's gambling industry. The official pointed to deficiencies in the industry's supervision, according to a Reuters report.
Source Fool.com
