Shares of Wynn Resorts Ltd. tumbled 7.6% in midday trading, enough to pace all S&P 500 decliners, amid continued fears of tighter regulations on casino companies operating in Macau, China. The stock, which is on track for the lowest close since November 2020, has dropped 17.6% in two days, since the Macau government released a document that included recommendations, such as only allowing gaming-license holders to distribute profits to shareholders after receiving government approval, and for the government to directly supervise gaming companies. For the second quarter, Wynn recorded $454.4 million in revenue from its Macau operations, representing 45.9% of total revenue. The S&P 500’s biggest decliners included shares of other casino companies with Macau operations, with Las Vegas Sands Corp. down 4.1% and MGM Resorts International losing 3.9%, while the S&P 500 gained 0.3%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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