The renowned casino mogul bets hard on Wynn Resorts
US.- Steve Wynn has made a confident move by purchasing a large block of shares in Wynn Resorts, which owns four casinos in Las Vegas and Macau and have lately been underperforming. On Wall Street, the stocks from Wynn Resorts have fluctuated wildly during this year. In February it reached US$160 per share, and then it plummet to less than US$51 per share in October.
As stated by the company this week, Wynn purchased more than a million additional shares. The news had good impact on Wynn shares (Nasdaq: WYNN) as the day after the acquisition went higher and finished up 13 percent to nearly US$70. Currently the casino giant owns more than 11 million shares in the company.
The investment was seen as an unusual move, in order to give investors reason for optimism. This year Wynn Resorts’ business in Macau, were hit as a result of the aggressive government crackdown on corruption, which has led to lower gambling revenues. In spite of this, there are two new Wynn resorts in Macau in the works.