While most casinos in Las Vegas have been taking a nosedive during this harsh economic slump that has washed over the entire country, it was said that the one operation that was coming through this difficult time relatively unscathed was Wynn Resorts. Now, however, it seems as though the highly successful hotel and casino operation has finally seen a drop in its revenue. It is now just one more victim in this horrific nationwide recession. Even as most online casinos seem to be coming through with decent revenue still, the land-based casino business is experiencing quite a few financial woes.

Wynns Resorts has recently reported that during the fourth quarter of 2008, it too, in addition to countless other casino operations, took a hit in loss of revenue. Compared to the same time the year before, there is about a $200 million difference and that is nothing that shareholders are going to be able to ignore. It took until October for the resort’s business to really experience any sort of dramatic decline. Since so many people are choosing to save money and stay home and perhaps play their games at online casinos instead, the casinos in Las Vegas are the ones who are feeling the impact of these changes in the economy.

As recently as 2007, business was going quite strong for Wynn Resorts with a total profit of $65.5 million but within the next year the company saw a loss of some $159.6 million. This drop in stock is showing to be right in line with the losses that other land-based casinos have experienced.

Tags: Las Vegas Casinos, wynn resorts

This entry was posted on Thursday, February 26th, 2009 at 2:00 pm and is filed under Las Vegas Casinos. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.