zerohedge.com / by Tyler Durden / Jul 28, 2017 9:25 PM
Wynn Resorts, the casino and resort company controlled by billionaire mogul and former Trump political adviser Steve Wynn, booked a staggering gambling loss that one economist described as a “black swan” during the second quarter when one of its subcontractors in charger of keeping the casino stocked with high rollers lost money for a whole month.
The loss was revealed by Wynn during the company’s second-quarter earnings call earlier this week, when he described how Suncity Group, a junket operator that recruits high-roller clients for the casinos, brought in clients whose winnings cost the casino more than $10 million in April, according to Bloomberg.
“On Tuesday, casino billionaire Steve Wynn revealed that a junket operator in his Macau casinos – essentially a subcontractor – brought in clients whose winnings cost the casino more than $10 million in April, an astonishing swing for a business that can generate profit of as much as $50 million.
‘We had probably the most unique statistical anomaly in my 50 years of doing this,’ the founder and chief executive officer of Wynn Resorts told analysts on a conference call. ‘And that is with enormous volume, one of our leading outlets lost money for the entire month.’”
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