Investing.com -- Shares in Wynn Resorts Limited (NASDAQ:WYNN) fell sharply on Monday after the multinational casino announced plans to postpone the opening of the previously-delayed Wynn Palace resort in the Cotai area of Macau to August.
The announcement marks the second time Wynn officials have delayed the opening of the 1,700 room, $4.1 billion project in the Chinese gambling hotbed due to construction delays. The complex, which is replete with gondolas, a lake with a fountain and a spa, was initially expected to be complete on March 25. Wynn officials now expect to complete construction in July, before hosting a variety of staff training courses over the next several weeks. If completed on time, the Wynn Palace resort is scheduled to open on August 22.
"The company expects that the opening of Wynn Palace will help launch a new era of prosperity for Macau, attracting more international tourists to the city and further supporting its development as a world center of tourism and leisure," Wynn Resorts said in a statement.
In April, overall casino revenue declines in Macau fell by 9.5%, considerably less than analysts' expectations, as resorts bolstered revenues with a revamped strategy to cater to tourists and casual gamblers. Still, gross gaming revenues in the Chinese island resort have fallen for nearly 24 consecutive months, amid heightened anti-corruption efforts from regulators and slowing economic growth in mainland China.
Last November, Macau's travel authority offered downbeat forecasts for 2016, while projecting annual gaming revenues of $25 billion, which would amount to the lowest level since 2010.
Wynn Resorts CEO Steve Wynn criticized Macau gaming authorities in October for placing on the number of table games the casino can offer at the new resort, describing the regulations as stifling revenue for the new project.
Shares in Wynn fell 0.10 or 0.11% to 87.59 in after-hours trading. Wynn closed the regular session at 87.69, down 4.60 or 4.98%.