Wynn Resorts has seen a share price decrease of 5% after news hit that one of their junket operators in Macau had lost $258m. Reports in the media of the size of the losses have varied widely. The junket operator suffered from employee theft in millions according to some estimates. According to David Bain, an analyst of Sterne-Agee, a junket of the Wynn Macau who controlled the VIP rooms lost the money internally. Dore Entertainment Co Ltd seems to be the junket subject to the theft based on information from Bloomberg by a spokesman of Wynn.
At the close of the day on Thursday, the shares at Wynn were down 4.6% to $69.67. Michael Weaver, a spokesman for Wynn, stating that the theft would not have a financial impact on the casino. The Dore Company reportedly owes no money to the casino and is still in operation at the Macau casino.
Based on information released by UBS Securities Asia, it is believed that a junket cage manager is the suspect in the theft case. The amount of HKD 2b was taken but UBS says this number could be inflated. The Daiwa Securities Group was in agreement, suggesting the total loss may be as low as HKD 200m, with this number still being significant since the junket operators of Macau are already struggling.