Wynn Resorts Tries A Special Dividend (WYNN)

Casinos & Hotels

Published: November 20, 2007 9:41 am

Last Updated: March 26, 2020 4:48 pm

Wynn Resorts, Ltd. (NASDAQ:WYNN) has announced something that would have otherwise been unexpected. Its Board of Directors (likely Steve Wynn) has declared a cash distribution of $6.00 per share for holders of its common stock. Here are the details:

distribution will be payable on December 10, 2007;
to stockholders of record on November 30, 2007;
WYNN will begin to trade ex-dividend on November 28, 2007.

Wynn shares are up 6% at the open at $132.90 after nearly a $10 drop yesterday after Barron’s panned it and other Macau casino stocks. 24/7 Wall St. issued our own take there, seeing as that shares were already sold off significantly when Barron’s noted that the Macau casinos were trading at "bubble" valuations. This was also just upgraded today at Jefferies to a Buy rating after it felt the stock had been oversold.

Jon C. Ogg
November 20, 2007

Jon Ogg produces the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.

The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%¹ today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

¹https://www.fdic.gov/national-rates-and-rate-caps