Wynn Shareholders Win Big with Special Dividend

Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

Wynn Resorts to Pay Cash Dividend of $609.3 Million [Bloomberg]

Summary: Wynn Resorts' shareholders will receive $609.3 million, or $6 a share, in special cash dividends with CEO Steven Wynn receiving nearly 25% of the total. This follows the $900 million sale of a casino license in Macau to Publishing & Broadcasting Ltd.; Wynn Resorts shares climbed nearly 8% on the news. The company is planning to open a casino in Las Vegas and to grow its operations in Macau where Wynn Resorts gained $686 million in revenue for October. The $147 million CEO Wynn will receive is close to the amount lost when he accidentally destroyed a Picasso he had agreed to sell for $139 million. When asked about this coincidence, Steve Wynn replied, "There is no connection whatsoever; that's a calculation I never came up with."
Related links: Commentary: Wynn: New Chinese Resort a 'Cash Cau' • The Big Macau Gamble • Steve Wynn Sending Casino Veteran To Head Macau Site
Potentially impacted stocks and ETFs: Wynn Resorts Ltd. (WYNN) • Competitors: Las Vegas Sands (LVS)

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Comments

[JDT]

It is "STEPHEN WYNN", not "STEVEN WYNN"!!!!