A Real Macau Win for Wynn? (WYNN, MPEL)
Do you remember the “Do over!” SEC filing from Wynn Resorts Ltd. (NASDAQ: WYNN) a few weeks back? Everyone assumed it meant a deal was all but done, but now shares are trading higher on a weak day on speculation from…
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Macau Business reported, “Portuguese-language newspaper Jornal Tribuna de Macau quotes a source close to the project as saying that the deal could be signed before the end of this month depending on the Lands and Public Works Bureau.”
The company had previously announced that it had accepted the terms and conditions of a draft for a 25-year land concession. It does not sound like a done-done deal, but investors should have been expecting this move since that bungled SEC filing. We would always treat such reports of re-reported fake news breaks as a rumor, or even a re-rumor, until a formal press release hits the tape.
Today’s news is good for what is a 4.7% gain to $130.67 in Wynn. While this may prove to be yet one more bit of competition for Melco Crown Entertainment Ltd. (NASDAQ: MPEL), Melco Crown shares are up 3.7% at $14.86.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
