Stephen Wynn buys 1M shares of Wynn Resorts on open market
LAS VEGAS (AP) — 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.