Skift Take
Wynn Resorts’ stock has been tanking on Wall Street all year but Steve Wynn injected a strong vote of confidence by purchasing 1 million shares yesterday. The company’s largest shareholder is a believer.
Stephen Wynn has bought 1 million more shares of his namesake casino company’s sagging stock on the open market.
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, 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 following the announcement of Wynn boosting his stake.
This article was from The Associated Press and was legally licensed through the NewsCred publisher network.
Tags: wynn resorts
Photo Credit: Steve Wynn, chairman and CEO of Wynn Resorts, speaks at a panel discussion at the 2009 Milken Institute Global Conference in Beverly Hills, California in this April 28, 2009 file photo. Fred Prouser / Reuters