Published On: Wed, Dec 9th, 2015

Steve Wynn buys $1 million Wynn Resorts shares

Steve Wynn 640x360

 

Wynn Resorts Ltd’s chairman Steve Wynn spent approximately $63.9 million to buy just over one million of his company’s shares on the open market, according to a filing with Nasdaq on Tuesday. The shares are directly held.

Wynn Resorts is the parent of Macau casino operator Wynn Macau Ltd.

The filing said that prior to the transaction Mr Wynn’s indirectly held stake in the firm amounted to 10, 026, 708 shares via an entity called Wynn Family Ltd Partnership.

In the latest exercise, between Friday and Tuesday Mr Wynn bought 1, 003, 977 shares at prices ranging between $62.41 per share and $64.44 per share.

A press release from Wynn Resorts confirmed that Mr Wynn’s combined directly and indirectly held stake in the firm now stands at 11, 070, 000 shares.

The company’s stock closed on Tuesday at $61.80, approximately 60 percent down from its 12-month high point. In after hours trading on Tuesday, the stock rose by 9.9 percent to $67.92.

On November 19, Wynn Resorts said it has delayed the opening of its $4.1-billion Wynn Palace resort in Macau’s Cotai district by three months, to June 25.

In late June, T. Rowe Price Group Inc, a mutual fund investor that was once the biggest single shareholder in Wynn Resorts, reduced its stake in the firm by more than half to 4.7 million shares.

In other developments, the Boston Globe newspaper in the United States reported on Tuesday that Mr Wynn had met the city of Boston’s mayor Martin Walsh. It was said to be the first face-to-face encounter since a judge in Massachusetts last week dismissed Boston’s lawsuit seeking to stop Wynn’s $1.7-billion Wynn Everett casino planned for the outskirts of the city.

This article was first published at GGR Asia

 

READ MORE: Steve Wynn

Steve_Wynn_Portrait front

Steve Wynn earned widespread respect in Las Vegas for creating some of the Strip’s most successful resorts, but his plans to expand his business to the East Coast have encountered serious resistance there. Wynn More…

Bell Air mega mansion,   Fleur de Lys - Steve Wynn

Multi-billionaire casino tycoon Steve Wynn is selling his Bel Air mansion that he bought just six months ago for $65 million. Variety says that this is not the first time the Las Vegas-based mogul has experienced More…

steve and elaine wynn

A 31-page report on Wynn Resorts that was supposed to guide shareholders and investors on how to choose between Elaine Wynn, Steve’s Ex who wants to stay in, and the Wynn Resorts board who wants her out—turned More…

Steve Wynn and his X wife Elaine / Getty

Elaine Wynn sounds as if she is a presidential candidate on the campaign trail when it comes to holding on to her board seat at Wynn Resorts, despite calls not to renew her contract. “I am the DNA of Wynn More…

Steve and Elaine Wynn

Wynn Resorts wants to kick CEO Steve Wynn’s ex-wife and co-founder, Elaine Wynn from the board because her lawsuit against Steve might make things a bit messy, as reported by the Las Vegas Review Journal. Elaine More…

slot machine

Wynn can’t win for losing lately as its earnings and revenues were downbeat; the business in Las Vegas was better than in Macau, but that isn’t saying much. According to VegasInc, net revenue was down More…

Steve Wynn

Steve Wynn Takes 34% Pay Cut,  January 22nd, 2015

Steve Wynn is taking a pay cut of 37% as reported in a filing with the Securities and Exchange Commission. Wynn Resorts and Las Vegas Sands, which have many assets in Macau, have faced problems with China’s More…

Sheldon Adelson + Steve Wynn

Macau’s 2014 slowdown that affected the share prices of casinos doing business in the Chinese enclave has created some major losers among the biggest shareholders, Gaming Today said. The ones best known to the More…

Steve Wynn

Thanks to new additions to its original design, Wynn Resorts will spend $1.75 billion to build a Boston casino instead of the $1.6 billion it originally planned, Chairman and CEO Steve Wynn told The Boston Globe More…

Read more about: , ,

Wordpress site Developed by Fixing WordPress Problems