It's been a tough year for the live casino industry in the United States, but it looks like casino mogul Steve Wynn has found a new country to build his Wynn empire.
The Wynn Resorts Ltd quarter numbers have been better than expected, and analysts believe it's their new casino industry in Macau, China that has been a big part of the impressive numbers.
"The Macau numbers were well above expectations, even given very bad win rates," said Sanford Bernstein analyst Janet Brashear. "Las Vegas looks like it's sort of hanging in there — it wasn't as terrible as it could have been."
Macau had a 31.6 percent growth in the last year. The growth of the casino industry has been so impressive in China that Wynn is planning to move his entire casino base to Macau, to start a new Chinese Vegas.
Wynn has two resorts in Macau, the Wynn Macau and the Encore extension, the latter opened last week to a spectacular fireworks show.
Could this mean the end of significant growth in Sin City?
John L. Smith, a columnist with the Las Vegas Review-Journal, essentially said that Wynn is abandoning the city that build his empire. "Las Vegas, which has given Wynn everything he has ever asked, is struggling," he wrote. "Unlike Wynn, most locals can't cut and run."
Wynn has told analysts that he was unlikely to invest much anymore in casinos in the U.S., with the possible exception of Massachusetts if that state expands gambling.
Fortunately for us, the online casino industry is alive and well, and won't be going anywhere in the near future.
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