Steve Wynn stepped up to the plate and bought 1,003,977 shares in the open market, increasing his stake to 11,070,000. This is a significant and bold statement by the old school CEO.
Shares of WYNN are down 60% for the year, thanks to the Chinese ruining gambling in Macau.
The Las Vegas-based company said Tuesday that Wynn, its chairman and CEO, now owns 11.1 million shares, cementing his status as its largest individual stockholder.
Shares of Wynn Resorts Ltd. closed at $61.80 Tuesday, Dec. 8, 2015, valuing the stake at $684 million.
The stock is down almost 60 percent in the year to date, hurt by investor worries about Wynn Resort’s business in Macau.
The stock rallied 10 percent in after-hours trading Tuesday, Dec. 8, 2015, following the announcement of Steve Wynn boosting his own stake.
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