- Steve Wynn was decidedly unapologetic about the lowering of Wynn Resorts' (NASDAQ:WYNN) dividend ($0.50/share from $1.50/share) during his earnings call opening statement.
- "We believe that you distribute the money that is free and clear cash flow after you’ve met all other obligations," noted the exec who is also in line for the biggest dividend check.
- Wynn also said during the call he was trying to lower expectations on Las Vegas over the short-term.
- "I don’t think Las Vegas is experiencing a great recovery. I think it’s still very patchy," Wynn warned.
- The CEO does think Q2 could see a one-off bonanza for Las Vegas due to the Manny Pacquiao-Floyd Mayweather fight.
- "I have never seen madness and demand of this sort," says Wynn as he points to typical room rates running at $1.5K a night and the potential for huge baccarat business.
- Earnings call transcript
- Previously: Wynn Resorts misses by $0.63, misses on revenue (Apr. 28 2015)
- Previously: Wynn Resorts slides as Macau weakness cuts deeply (Apr. 28 2015)
- WYNN -10.2% premarket.