Wynn Macau's revenue picture further darkened in the first quarter of this year, while the Macao government's specification of the group's second resort scheduled for next year remains shrouded in secrecy. Brent Lewin / Bloomberg

Billionaire Steve Wynn has urged Macao's government to provide clarity on plans for the city as his casino company cut its dividend and the Chinese mainland's anti-corruption drive slashes profits.

Wynn Macau Ltd reported on Wednesday that adjusted property EBITDA (earnings before interest, taxes, depreciation and amortization) dropped by 45 percent to $212.3 million in the first quarter of this year, missing a median estimate of $230.5 million by analysts.

VIP gambling in Macao has been hit by President Xi Jinping's campaign against graft and extravagance that has snared thousands of officials, prompting many wealthy mainland visitors to cut back on conspicuous consumption and stay away from the world's largest gambling hub.

As revenues slumped, Macao's leaders have given little detail about the allocation of workers and gaming tables, casting doubt over a slew of new offerings planned by the six major casino operators, including a new Wynn Macao property.

"There's no question that uncertainty is the plaguing word of the day in Macao," the founder of Wynn Resorts Ltd said. "Hopefully, the government in Macao will calm that down and put some certainty back into the picture."

The Macao unit of Las Vegas-based Wynn Resorts fell by 7.6 percent to HK$16.14 at the close of trading in Hong Kong on Wednesday - the biggest decline since March 17.

To conserve cash, Wynn Resorts said it's cutting its dividend to 50 cents a share from the $1.5 it paid in February.

Wynn Macau, whose revenues accounted for 65 percent of the group's total, aims to open a second property in March next year.

Steve Wynn highlighted several uncertainties for Macao. He's unsure how many workers the government would allow the company to hire to build its $4-billion Wynn Palace and how many gambling tables it would get for its new resort.

The Macao government has responded to its citizens' pressure to avoid overcrowding in Macao which "leaves us in a bit of a quandary", the billionaire said.

"We never know quite what to expect these days," he said. The government is also studying curbs on mainland tourists to ease overcrowding.

Wynn's employees in Macau are counting on the benefits from the company's new project, and those uncertainties "may erupt into protests against the government if they are not settled soon," the executive said.

The former Portuguese colony last year saw a record number of demonstrations by workers demanding better pay and welfare at the city's casinos. Another protest has been planned for May 1 at the start of the Labor Day holidays.

(HK Edition 04/30/2015 page9)