Steve Wynn is digging deep into the coffers once again for Wynn Resorts.
A filing to the U.S. Securities and Exchange Commission last week reported that the Wynn Resorts Ltd. chairman spent an estimated US$31.86 million to buy more than half a million of his company’s shares on the open market.
According to the filing, eight separate transactions were made between Wednesday and Friday, in which the Wynn Resorts founder bought a total of 572,850 shares at prices ranging between US$53.21 per share and US$59.19 per share. The shares were bought via the Wynn Family Ltd. Partnership, the company stated.
Steve Wynn’s directly and indirectly held stake in the casino operator now amounted to 11,741,477 shares.
Last week’s series of transactions marked the second time in two months that Wynn shelled out money to buy his company’s shares on the open market.
Back in December, Wynn paid an estimated $63.9 million for the 1,003,977 shares worth between $62.41 per share and $64.44 per share, which was added to his indirectly-held stake—through the Wynn Family Ltd. Partnership—amounting to 10,026,708 shares.
At the time, Deutsche Bank analysts believe Wynn’s decision to buy his company’s shares “sends a favorable message,” especially since “the shares are included in the unilateral agreement, which makes the selling very difficult.”
According to Bloomberg, Steve Wynn’s personal holdings is about 11 percent of the total, but the man has a limited ability to sell his shares due to an agreement with his ex-wife Elaine Wynn.
On Friday, Wynn Resorts Ltd. shares on the Nasdaq was up 4.39 percent, hitting US$59.17.
Wynn Resorts operates two properties, one in Las Vegas and another in Macau. On January 15, the casino operator filed “preliminary expectations” of its fourth quarter and 2015 yearend financial results. According to the company, net revenues for its Macau operations are expected to fall in the $2.5 million range, compared to the $3.8 million generated in 2014, while the net revenues for the Las Vegas operations “are expected to be in the range of $1,609 million to $1,617 million, compared to $1,636.9 million generated in 2014.”