Initial reports are showing Steve Wynn’s Macau Casino to be doing very well after the first two weeks of business. In fact, according to Steve Wynn himself, the casino is doing “incredibly well” – far beyond what was expected for an opening run. The casino had received so much business that Wynn admitted to “confused” operations victimized by embezzlement and thievery. In other words, the figures showed that despite $900 million in chip sales over a thirteen day period, the casino had lost money over the first four days.
Most of this business was coming from VIP casino gamblers who were putting up so much stakes (and in such high frequency) that table security did not know how to best handle the onslaught. However, after an assessment of the figures and table security practices, casino management was able to balance revenue by the eighth day.
Wynn warranted most of the loss as a direct result of junket play, which gives bettors bonuses for their cash-ins, but still demands they gamble “dead” chips, which cannot be redeemed for cash. However, the winnings procured from the use of these chips can be redeemed for cash, which is precisely what seemed to be accounting for the casinos loss.
Things are definitely back to order now, which is just in time for one of China’s busiest gambling seasons of the year. With China’s National Day fast approaching this upcoming weekend, The Macau Wynn Casino will be seeing an even greater surge in casino gamblers. Also called Golden Week, the seven days following National Day make up Golden Week, which most Chinese workers are given free time off to celebrate. It is common fare for most Chinese workers use this time to try their luck at the casino, which not only takes place in Macau, but in Las Vegas as well. The expected surge in players will even probably exceed the initial horde of gamblers, which the Wynn inevitably stands to profit from.