Friday, July 01, 2022

Wynn makes no apology for dividend cut


Wynn Resorts CEO Steve Wynn said he makes no apologies for slashing the dividend from $1.50 to $0.50 a quarter based on the company’s poor financial results.

In an earnings call, Wynn said he and the board would “not hesitate” to further lower the dividend if necessary “without a second thought and without any apology.”

“Dividends are nothing and – we don’t say that because we have a business, that we now have a $0.50 dividends forever. That’s baloney and any company that does that is irresponsible.”

“We distribute the money that we make after we make provisions for capital expenditures and all of our other obligations, to creditors and to our employees.”

Wynn said the company’s hopes that the Chinese New Year would provide some luck for Macau failed to materialize. 

“I think the trends in Macau were beginning to be very visible in the fourth quarter, but our hopes for an improvement in the Chinese New Year turned out to be incorrect. And the repositioning of the market and the degradation of the volumes in VIP, have continued even into April. “

 

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