Casinos & Hotels
Wynn Resorts Tries A Special Dividend (WYNN)
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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.
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