Wynn rides high in casino shares battle
Posted by Bev Freeman on 21 Aug 2009 at 15:08
Wynn Resorts is currently boasting the highest stock price for any American-based casino company, according to reports.
Casino Gambling Web says the price for a share in the firm owned by Steve Wynn has been standing at about $57 apiece for some time, compared to around $10 per share for many other companies in the market.
However, according to reports Wynn is going through a tough personal time and is in the middle of a divorce.
According to Casino Gambling Web, he is using the firm to pay for the split, and has sold two million dollars worth of shares in Wynn Resorts at $57 each.
The site quoted an 'observer', Phil Growl, as saying: "For Steve Wynn, this was the best option he had.
"Even though he is losing a portion of his company, he does not have to put himself in further debt in the future. This way, he just gets it over with."
Wynn is surrendering almost 10 per cent of his company through the sale although he remains the majority owner and there is a strong chance the shares will continue to increase in value as the American economy straightens itself out.
The stock is performing well compared other American-based casino company stocks.
Even big names such as Las Vegas Sands, MGM Mirage and other firms are battling bankruptcy and other problems.
Trump Entertainment and Station Casinos have already filed for bankruptcy, although in the case of Trump, salvation could soon emerge in the form of Donald Trump himself.
He is in the process of trying to buy the company and has promised to make Atlantic City great again.
