
Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to purchase a million shares and restores market faith in their company.
Wynn Resorts is having a good week.
Steve Wynn’s decision to buy up one million of their own company’s shares 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 business’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake of the news that the mogul had spent around $63.9 million to acquire 1,003,977 shares on 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 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 costs climbed, finishing up at $69.91 during the close of trading on Friday.
Placing His Cash Where His Gambling Enterprises 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 situation, perhaps not only is Steve Wynn bullish on his company, he’s putting his money where hi Continue reading “Wynn Resorts Has Stock Rebound as Steve Wynn Purchases a Million Shares”