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 week that is good.
Steve Wynn’s choice to buy up one million of his own company’s stocks appears to own restored market faith in their business, and a previously delayed opening for his latest Macau venture has been once 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 of this 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 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 rates 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 once they come through 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 case, not only is Steve Wynn bullish on his company, he’s placing his money where his mouth is,’ stated The Foo Continue reading