GGRAsia – Steve Wynn buys 1 million Wynn Resorts shares

Steve Wynn buys 1 million Wynn Resorts shares

Dec 09, 2015 Newsdesk Latest News, Top of the deck, World

Wynn Resorts Ltd’s chairman Steve Wynn (pictured) spent approximately US$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 US$62.41 per share and US$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 US$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 US$67.92.

On November 19, Wynn Resorts said it has delayed the opening of its US$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 US$1.7-billion Wynn Everett casino planned for the outskirts of the city.