iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,408 Blog Posts

STEVE WYNN PUT HIS MONEY WHERE HIS MOUTH IS

Shares of WYNN are down 60% for the year, thanks to the Chinese ruining gambling in Macau. Not having the powers of fortune telling, Steve Wynn had focused all of his companies resources on Macau, building a giant casino and praying to the Chinese gods that the communists would let him win.

Well guess what Steve? They didn’t let you win.

Macau used to represent 70% of the companies revenues, now just 25%. Essentially, Steve fucked up on a gargantuan scale. Sales and earnings have plummeted in recent quarters, alongside share price. But even with sales dropping 25% YOY, the price sales ratio of WYNN is at its lowest level since the 2008 crisis, just 1.5x

wynn

News just hit the tape that Steve Wynn stepped up to the plate and bought 1,003,977 shares in the open market, increasing his stake to 11,070,000. This is a significant and bold statement by the old school CEO.

Shares are up $6 or 10% in after hours trade.

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4 comments

  1. it is showtime

    haha they tried to get naz green for the close. Didnt work. all 3 red: day 2

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    • Dr. Fly

      congrats

      Nice av. A lot of people died on that boat. Glad you enjoyed it.

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      • it is showtime

        My favorite day in history. The annual party cake is easy to make you only need half a boat

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      • it is showtime

        for all you newbies / it was “unsinkable” / like the… US… stockmarket

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