Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to purchase a million shares and restores market faith in his business.
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 have restored market faith in their business, and a previously delayed opening for his latest Macau venture has been yet again returned to its opening that is original date.
The business’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake regarding the news that the mogul had spent around $63.9 million to acquire 1,003,977 shares in the available market, at $64.44 each.
It’s a incredibly bullish move from Wynn, who, despite the slump in Macau, clearly has faith into 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 at the close of trading on Friday.
Placing His Money Where His Casinos Are
The market always reacts well to bullish stock purchases, especially when they come through the brass that is top. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts stays a proposition that is strong long-term investors.
‘ In this full situation, maybe not only is Steve Wynn bullish on his company, he’s placing his money where his mou “Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares”の続きを読む