Steve Wynn buys more company stock

Wynn Resorts chairman Steve Wynn spent more than $31.9 million to acquire additional shares of his casino company’s stock, according to a filing to the NASDAQ on Jan. 22.

The transactions marks the second time in the last two months that Wynn has bought up company shares on the open market, after a stock decline over the last year.

According to the filing, Wynn paid between $53.21 to $59.19 per share, acquiring a total of 522,850 shares.

In Dec. 2015 Wynn spent around $63.8 million to buy more than one million shares of his company’s stock on the NASDAQ open market.

At this point, Wynn now owns more than 11.74 million shares in the casino operator.

Bernstein analysts say the purchase should be viewed as positive to Wynn Macau, and along with Bernstein’s previous upgrade of Wynn Macau to “Outperform1”, the signs are looking positive for the casino operator this year. “The key inflection point for the company will be the opening of Wynn Palace (scheduled to open on June 25 2016). We believe the stock has been oversold, and the risks to the stock are being overstated – we find the current stock price attractive and affords a buying opportunity”.