Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares
Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to purchase a million shares and restores market faith in their business.
Wynn Resorts is having a good week.
Steve Wynn’s decision to buy up one million of his or her own company’s shares appears to own restored market faith in their business, and a previously delayed opening for his latest Macau endeavor has been yet again returned to its opening that is original date.
The company’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake regarding the news that the mogul had spent around $63.9 million to acquire 1,003,977 shares regarding the open market, at $64.44 each.
It is a move that is incredibly bullish Wynn, who, despite the slump in Macau, clearly has faith into the long-term profitability of Wynn Palace Macau, the $4.1 billion mega-resort currently under construction on the Cotai Strip.
The market responded accordingly, and share rates climbed, finishing up at $69.91 at the close of trading on Friday.
Putting His Cash Where His Casinos Are
The market always reacts well to bullish stock purchases, especially when they come from the brass that is top. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts stays a strong proposition for long-term investors.
‘ In this full situation, not only is Steve Wynn bullish on his company, he’s putting his money where his mou (more…)
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