{"id":33292,"date":"2015-12-14T14:52:10","date_gmt":"2015-12-14T22:52:10","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=33292"},"modified":"2015-12-14T15:08:40","modified_gmt":"2015-12-14T23:08:40","slug":"wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/","title":{"rendered":"Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares"},"content":{"rendered":"
\"Steve
Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to buy a million shares and restores market faith in his company. (Image: philly.com)<\/figcaption><\/figure>\n

Wynn Resorts is having a good week.<\/p>\n

Steve Wynn<\/a>\u2019s decision to buy up one million of his own company\u2019s shares appears to have restored market faith in his company, and a previously delayed opening for his latest Macau venture has been once again returned to its original opening date.<\/p>\n

The company\u2019s stock, which has declined steadily in unison with Macau\u2019s 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 open market, at $64.44 each.<\/p>\n

It\u2019s an incredibly bullish move from Wynn, who, despite the slump in Macau, clearly has faith in the long-term profitability of Wynn Palace Macau<\/a>, the $4.1 billion mega-resort currently under construction on the Cotai Strip.<\/p>\n

The market responded accordingly, and share prices climbed, finishing up at $69.91 at the close of trading on Friday.<\/p>\n

Putting His Money Where His Casinos Are<\/h2>\n

The market always reacts well to bullish stock purchases, especially when they come from the top brass.\u00a0Motley Fool<\/em> said this week that, despite Macau\u2019s tumbling fortunes, Wynn Resorts remains a strong proposition for long-term investors.<\/p>\n

\u201cIn this case, not only is Steve Wynn bullish on his company, he’s putting his money where his mouth is,\u201d said The Fool<\/em>. \u201cThat one million share buy represents a 10 percent increase in his 10.07 million share stake in the company, and accounts for nearly one percent of the 101.6 million shares outstanding.<\/p><\/blockquote>\n

\u201cThat’s a level of investment some companies announce in a buyback program, so a CEO putting that much of his own money into the stock has to be viewed as a good sign.\u201d<\/p>\n

Deutsche Bank suggested that said there is an additional factor that boosts Wynn Resorts credentials.<\/p>\n

\u201cIn our view, anytime a CEO buys a meaningful stake it sends a favorable message,\u201d said the bank in a research note. \u201cHowever, in this instance, and assuming the shares are included in the unilateral agreement, which makes selling very difficult, we view the message as that much more forceful,\u201d Deutsche Bank wrote in a research note following the purchase, according to Business Insider<\/em>.\u201d<\/p>\n

Potential for \u201cIncredible Growth\u201d<\/h2>\n

Then on Monday, Wynn announced that the Wynn Palace Macau would be opening on time after all.<\/p>\n

Several weeks ago, the company said that the big day would be postponed by three months, due to construction delays, but these issues now appear to have been resolved, and the original date of March 25, 2016 has been restored.<\/p>\n

\u201cA lot of investors have abandoned Wynn because of its declining revenues from Macau, but Wynn Palace is a game changer,\u201d concludes The Fool<\/em>.<\/p>\n

\u201cIt will more than double the company’s footprint in the world’s richest gaming market, and if its opening coincides with a turnaround on Macau, it could lead to incredible growth for the company,\u201d the stock adviser site noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts is having a good week. Steve Wynn\u2019s decision to buy up one million of his own company\u2019s shares appears to have restored market faith in his company, and a previously delayed opening for his latest Macau venture has been once again returned to its original opening date. The company\u2019s stock, which has declined […]<\/p>\n","protected":false},"author":42,"featured_media":33304,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,18],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares<\/title>\n<meta name=\"description\" content=\"Wynn Resorts bullish as shares bounce back in wake of insider purchase, and Wynn Palace Macau opening date reinstated.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts bullish as shares bounce back in wake of insider purchase, and Wynn Palace Macau opening date reinstated.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2015-12-14T22:52:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-12-14T23:08:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/Steve-Wynn-one-million-shares-Wynn-Resorts.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/\",\"name\":\"Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/Steve-Wynn-one-million-shares-Wynn-Resorts.jpg\",\"datePublished\":\"2015-12-14T22:52:10+00:00\",\"dateModified\":\"2015-12-14T23:08:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Wynn Resorts bullish as shares bounce back in wake of insider purchase, and Wynn Palace Macau opening date reinstated.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-stock-rebound-as-steve-wynn-buys-up-shares\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/Steve-Wynn-one-million-shares-Wynn-Resorts.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2015\/12\/Steve-Wynn-one-million-shares-Wynn-Resorts.jpg\",\"width\":400,\"height\":300,\"caption\":\"Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to buy a million shares and restores market faith in his company. 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