Wynn delays opening of $4. Macau. Wynn Resorts Ltd. Wednesday it will move the opening of its $4.
Wynn Palace development in Macau back by three months. In a brief statement, the company said it was notified by its general contractor that the 1,7. Cotai Strip hotel- casino will not be ready to open by the projected early completion date of March 2.
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The revised opening date for the project is now June 2. The announcement sent shares of Wynn Resorts down as much as 6 percent before the stock price rallied. Wynn closed at $6. Nasdaq, down 2. 5 cents or 0. Wynn Palace is one of three major developments scheduled to open next year in Macau from the three Nevada- based casino operators in the region. Las Vegas Sands Corp.
Parisian in late 2. MGM Resorts International's $3. MGM Cotai will open at the end of the year."While we are surprised by the announcement, given our negative view of the impacts of new supply into the current market climate, we don't think the three- month delay is entirely meaningful from a fundamental perspective," Deutsche Bank gaming analyst Carlo Santarelli told investors. He said the announcement didn't blame government issues, labor issues, or budget changes for the delay."Simply, they have experienced due course construction delays, some of which stem from the level of the expectation for the quality of the finishing work," Santarelli said. Last month, Wynn Resorts Chairman Steve Wynn criticized the Macau government during his quarterly earnings conference call because the company had not yet been told how many gaming tables it would receive for the casino. The company was seeking 5.
Macau has experienced 1. Contact reporter Howard Stutz at hstutz@reviewjournal. Find @howardstutz on Twitter.
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