Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares

Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares

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

Caesars States Mixed Third Quarter Results, WSOP TV Ratings Also Mixed

Caesars States Mixed Third Quarter Results, WSOP TV Ratings Also Mixed

World Series of Poker champ Joe McKeehen had a $7.68 million payday this week, the WSOP additionally helping the third-quarter financials for Caesars.

Caesars Acquisition Company (CAC), the investment arm in Caesars Growth Partners (CGP), released its third quarter revenues for 2015 and the results are mixed.

The parent business to Caesars Interactive Entertainment, the World variety of Poker and several casinos including Planet Hollywood, Harrah’s New Orleans, therefore the Horseshoe Baltimore, CAC reported total new revenues jumped to $601.2 million in the three months finished September 30, a rise of nearly 24 percent.

Not all the news had been good, CAC also revealing that its net income from continuing operations had been just $20.5 million, a 71 percent drop year-on-year.

Caesars Acquisition’s CEO Mitch Garber had no qualms spinning the negatives into positives, saying his organization remains ‘encouraged by the strong performance of our assets.’

Interactive Stays Active

The highlight of Q3 filing by CAC was once again its Caesars Interactive Entertainment (CIE) supply, the division reporting $194.5 million in net revenues, a 20.4 percent yield compared to Q3 2014.

CIE is responsible for the WSOP brand along with Caesars Palace Las Vegas and lots of gaming that is social including Bingo Blitz, Slotomania, and Caesars Bingo.

‘Our Interactive Entertainment business continues to create outstanding resul Lire la suite

Florida Agrees $3.1 Billion Contract with Seminoles

Florida <a href="http://gehant.net/florida-agrees-3-1-billion-contract-with-seminoles-28/" class="more-link">Lire la suite<span class="more-link-arrow"></span></a>

Nj iGaming: Do Falling Profits Give Cause for Pause for Online’s Future within the Garden State?

Nj iGaming: Do Falling Profits Give Cause for Pause for Online’s Future within the Garden State?

Nj-new jersey iGaming is struggling, despite initially dazzling projections from the state’s Governor Chris Christie.

Is New Jersey iGaming in trouble? That’s the stressing concern many people are now asking following the round that is latest of financial reports.

The first piece of news to rock the gaming industry in the Garden State was that Atlantic City’s brick-and-mortar venues had experienced a year-on-year revenue drop.

Comparing 2014’s take to 2015’s figures, the resort town’s network of live casinos made $197.7 million in the former, compared to $191.6 million in the latter october.

This disparity represented a 3.1 % decrease and a sign that is potential the town isn’t that great regeneration many had hoped for.

Poker’s Poor Performance

Including to this disappointment was the revelation that online poker also hit a block that is stumbling October.

Looking especially at those numbers, 2015 was a month that returned 8 percent more money than the state’s operators generated in September 2015 ($1,913,403 vs. $1,771,123) october.

Nevertheless, while this news was a confident, it was tinged with another wave of disappointment after it became clear that the month that is latest of operation represented a 2.8 percent year-on-year drop.

In October 2014, nj’s collective of internet poker sites banked $1,967,905. In contrast, October 2015’s combined revenue amounted to $1,913,403.

B Lire la suite