Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to obtain a million shares and restores market faith in his business.
Wynn Resorts is having a good week.
Steve Wynn’s decision to buy up one million of his own business’s shares appears to possess restored market faith in their company, and a previously delayed opening for his latest Macau venture has been yet again returned to its initial opening date.
The company’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake associated with news that the mogul had spent around $63.9 million to acquire 1,003,977 shares in the market that is open at $64.44 each.
It is a move that is incredibly bullish Wynn, whom, 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 costs climbed, finishing up at $69.91 during the close of trading on Friday.
Placing His Money Where His Casinos Are
The market always reacts well to bullish stock purchases, especially if they come from the brass that is top. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts remains a proposition that is strong long-term investors.
‘ In this full instance, not only is Steve Wynn bullish on his company, he is putting his money where his mouth is,’ Continue reading “Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares”