Wynn Resorts stock tumbles to lead S&P 500 losers on concerns over tighter Macau regulations

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Shares of Wynn Resorts Ltd. WYNN, -7.74% tumbled 7.6% in midday trading, enough to pace all S&P 500 SPX, +0.64% 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. LVS, -3.46% down 4.1% and MGM Resorts International MGM, -3.67% losing 3.9%, while the S&P 500 gained 0.3%.