Wynn share loss wipes out $2.2 billion in stock market value | WHAT REALLY HAPPENED

Wynn share loss wipes out $2.2 billion in stock market value

The steep drop in value followed Wynn Resorts’ Tuesday earnings report. The company reported a first-quarter loss of $44.6 million, or 44 cents a share, on revenue of $1.09 billion. Sales fell 28 percent year over year, and the company missed analysts’ consensus estimates on earnings per share by nearly 50 percent.

The results were tied to a slump in Macau, where gaming activity has fallen as government officials have cracked down on corruption and curbed junkets to the market.

New restrictions on travel from mainland China to the island haven’t helped, either.

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