Wynn’s mistake

SHARES within the Wynn Resorts Ltd. remained high on Friday, despite confirming that an approval of its Cotai project was…a mistake.

The news had seen shares rocket 6 percent after the company filed a regulatory report saying it made progress on a lease for the resort. Less than two hours later, the company said in a new filing that the previous information had been “filed by mistake”.

“The Cotai land concession contract has not been gazetted,” the company clarified.

The law firm Skadden, Arps, Slate, Meagher & Flom LLP said a clerk in its filing department had inadvertently filed the unauthorized filing.

Cameron McKnight, a Wells Fargo Securities analyst, said in a note to investors that the mistake could “delay the [Cotai land concession] process further.”

“I can’t imagine that the Macau government is going to wake up in the morning and feel incredibly excited about this coming out,” Sterne, Agee & Leach analyst David Bain told Associated Press.