Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to obtain a million shares and restores market faith in their business.
Wynn Resorts is having a good week.
Steve Wynn's choice to buy up one million of their own business's stocks appears to have restored market faith in his business, and a previously delayed opening for his latest Macau venture has been yet again returned to its opening that is original date.
The business'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 into 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 at the close of trading on Friday.
Placing His Cash Where His Casinos Are
The market always reacts well to bullish stock purchases, especially if they come through the top brass. Motley Fool said this week that, despite Macau's tumbling fortunes, Wynn Resorts remains a proposition that is strong long-lasting investors.
' In this full situation, maybe not only is Steve Wynn bullish on his company, he's placing his money where his mout