Shares of Wynn Resorts Ltd. (WYNN) slipped more than 3% on Tuesday, June 5, a day after an analyst cautioned that its Macau properties weren't performing as strongly as expected at the high end.
Deutsche Bank analyst Carlo Santarelli kept a buy rating on the stock but cut his price target to $215 from $219 a share.
The stock responded with a 3.3%, or $5.73 drop to $177.10
On June 1, authorities reported that May gambling revenue in the special administrative region of China missed estimates, rising 12.1% versus a 17.4% expectation.
The company is working its way through significant ownership and corporate governance changes since founder and namesake Steve Wynn left under a cloud of sexual abuse allegations in February.
He's since sold or arranged to sell his entire holding in the company and his ex-wife Elaine Wynn's emerged as a powerful force there.
She scored a massive win at the company in May after the luxury hotel, and casino chain revealed that a director she targeted with a "just vote no" campaign wouldn't stand for re-election to its board.
Wynn Resorts said on May 14 that director John Hagenbuch wouldn't be nominated at its 2018 annual meeting, set for two days later. The company reported that Robert Miller, another member of the board, also resigned.
The move followed Wynn's "just vote no" campaign against Hagenbuch in an uncontested election. She argued that he had played a "problematic and concerning" oversight role at the hotel and casino chain, following her ex-husband's resignation.