t doesn't matter that Steve Wynn, the founder of Wynn Resorts, is going through a messy divorce. He undoubtedly will have to give his wife millions of dollars, but until now, that fact has not severely hurt his company's stock price.
Wynn Resorts closed the day last Friday at us$ 56.27. It easily is the highest price for any US-based casino stock. While the company has gone through a transition during the recession, it has held steady when it comes to its stock price.
"While the recession has destroyed what was once considered to be a recession-proof industry, Wynn Resorts has been able to keep its head above the rest," said observer Bill Gruspel, "and I don't think anyone anticipates that changing anytime soon."
Other casino companies have not been afforded the same luxuries as Wynn. Las Vegas Sands and MGM Mirage have both had to do some major reshuffling just to keep from going under. They both have now stabilized, but still do not possess anywhere near the stock price of Wynn.
MGM Mirage stock is currently at us$ 8.71, and Las Vegas Sands has reached us$ 14.77 after having an above average month of August.
Sands is expected to continue their projects in both Singapore and Macau, which could help the future price of its stock.