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 choice to buy up one million of his or her own company’s stocks appears to have 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 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 on the open market, at $64.44 each.
It is a move that is incredibly bullish Wynn, whom, 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 prices climbed, finishing up at $69.91 at the close of trading on Friday.
Putting His Money Where His Casinos Are
The market always reacts well to bullish stock purchases, especially if 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 instance, perhaps not only is Steve Wynn bullish on his company, he’s putting his money where his mouth i