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 shares appears to have restored market faith in their company, 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 associated with the 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’s a extremely bullish move from 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.
Putting His Cash Where His Casinos Are
The market always reacts well to bullish stock purchases, especially when they come through the top brass. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts remains a proposition that is strong long-lasting investors.
‘ In this full situation, not only is Steve Wynn bullish on his company, he is putting his money where Continue reading “Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares”