Steve Wynn buys USD 32M Wynn shares
Between December 4 and 8, Steve Wynn bought $63.9 million Wynn Resorts shares, at an average price of $63.61. His most recent transactions were conducted at an average price of $55.62.
Steve Wynn now owns 11.6% of Wynn stocks, or 11.7 million shares. He is not selling any time soon. “The shares owned by Mr. and Ms. Wynn are subject to a shareholder agreement which requires the shares to be voted together and puts limits on divestitures,” noted Bernstein Research‘s Vitaly Umansky.
Is Wynn Resorts undervalued? “Wynn Macau is one of the premier operators with best-in-class management that is delivering outsized performance with its small installed base at Wynn Macau. The key inflection point for the company is the opening of Wynn Palace (scheduled to open on June 25 2016),” noted Bernstein.
Steve Wynn’s share purchase seems to have little impact however. Wynn Macau (1128.Hong Kong) rose 2.6% at the open, due to the 1.6% rise in the Hang Seng Index.
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