Wynn Resorts Tries A Special Dividend (WYNN)

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By Douglas A. McIntyre Updated Published
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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.

Contact [email protected] for any questions or corrections.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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