Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to buy a million shares and restores market faith in his company.
Wynn Resorts is having a good week.
Steve Wynn’s choice to buy up one million of their own organization’s stocks appears to possess restored market faith in his business, and a previously delayed opening for his latest Macau endeavor has been once again returned to its original opening date.
The business’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake of 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 extremely bullish move from Wynn, who, despite the slump in Macau, clearly has faith within 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.
Putting His Money Where His Gambling Enterprises Are
The market always reacts well to bullish stock purchases, especially once they come from the brass that is top. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts continues to be a strong proposition for long-term investors.
‘ In this instance, perhaps not only is Steve Wynn bullish on his company, he’s putting his money where h Continue reading “Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares”