Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to buy a million shares and restores market faith in his business.
Wynn Resorts is having a week that is good.
Steve Wynn’s decision to buy up one million of his or her own business’s stocks 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 opening that is original date.
The company’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 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 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 through the top brass. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts stays a proposition that is strong long-term investors.
‘ In this case, perhaps not only is Steve Wynn bullish on his company, he is putting h