NEW YORK (TheStreet) -- Shares of Wynn Resorts (WYNN) - Get Report are retreating 4.66% to $87.99 in mid-afternoon trading on Monday after announcing another delay to opening its Wynn Palace casino resort in Macau.
The Las Vegas-based casino operator now expects to open the resort on August 22. Last year, the company pushed back its anticipated opening date to June from March.
Macau gambling revenue has been declining as an anticorruption campaign in China has driven away VIP gamblers that generate most of the industry's revenue.
Wynn Palace was planned when Macau's casinos were thriving but the project is now seen as weighing on the likelihood of a recovery in the area, the Wall Street Journal reports.
Additionally, U.S. markets remain under pressure today after Britain unexpectedly voted to leave the European Union.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C-.
Wynn's strengths such as its increase in net income, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we find that revenues have generally been declining.
You can view the full analysis from the report here: WYNN
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.