ï»¿Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares
Bullish on Wynn Resorts: Steve Wynn spends $63.9 million to purchase a million shares and restores market faith in his business.
Wynn Resorts is having a good week.
Steve Wynn’s decision to buy up one million of his own company’s shares appears to have restored market faith in their company, and a previously delayed opening for his latest Macau endeavor has been yet again returned to its opening that is original date.
The company’s stock, which has declined steadily in unison with Macau’s fortunes over the year, rallied in the wake associated with the news that the mogul had spent around $63.9 million to acquire 1,003,977 shares regarding the market that is open at $64.44 each.
It’s a move that is incredibly bullish Wynn, who, despite the slump in Macau, clearly has faith within the long-term profitability of Wynn Palace Macau, the $4.1 billion mega-resort currently under construction on the Cotai Strip.
The market responded accordingly, and share prices climbed, finishing up at $69.91 during the close of trading on Friday.
Putting His Money Where His Gambling Enterprises Are
The market always reacts well to bullish stock purchases, especially when they come through the top brass. Motley Fool said this week that, despite Macau’s tumbling fortunes, Wynn Resorts stays a strong idea for long-term investors.
‘ In this full situation, maybe not only is Steve Wynn bullish on his company, he’s putting his money w Continue reading Wynn Resorts Has Stock Rebound as Steve Wynn Buys a Million Shares →
ï»¿New Jersey iGaming: Do Falling Profits Give Cause for Pause for Online’s Future in the Garden State?
New Jersey iGaming is struggling, despite initially dazzling projections from the state’s Governor Chris Christie.
Is New Jersey iGaming in some trouble? That’s the worrying concern numerous folks are now asking following the latest round of financial reports.
The first piece of news to rock the gaming industry in the Garden State was that Atlantic City’s brick-and-mortar venues had experienced a profit drop that is year-on-year.
Comparing 2014’s take to 2015’s figures, the resort town’s network of live casinos made $197.7 million in the former, compared to $191.6 million in the latter october.
This disparity represented a 3.1 percent decrease and a possible indication that the city isn’t experiencing the regeneration many had hoped for.
Poker’s Poor Performance
Including to this disappointment was the revelation that online poker additionally hit a block that is stumbling October.
Looking particularly at those numbers, 2015 was a month that returned 8 percent more money than the state’s operators generated in September 2015 ($1,913,403 vs. $1,771,123) october.
Nonetheless, while this news was a positive, it was tinged with another wave of disappointment after it became clear that the month that is latest of operation represented a 2.8 percent year-on-year drop.
In October 2014, New Jersey’s collective of on-line poker sites banked $1,967,905. In comparison, October 2015’s comb Continue reading New Jersey iGaming: Do Falling Profits Give Cause for Pause for Online’s Future in the Garden State? →
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