Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to obtain a million shares and restores market faith in their business.
Wynn Resorts is having a week that is good.
Steve Wynn’s decision to buy up one million of their own business’s shares appears to possess restored market faith in their company, and a previously delayed opening for his latest Macau endeavor has been once 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 of this news that the mogul had spent around $63.9 million to acquire 1,003,977 shares in the open market, at $64.44 each.
It’s a move that is incredibly bullish Wynn, who, despite the slump in Macau, clearly has faith in 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.
Placing His Cash Where His Casinos Are
The market always reacts well to bullish stock purchases, especially when they come from the top brass. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts continues to be a strong proposition for long-lasting investors.
‘ In this full instance, not only is Steve Wynn bullish on his company, he is putting his money where his mouth is,’ st Lire la suite