Updated: December 15, 2015
Last week, we learned that casino mogul Steve Wynn increased his stake in Wynn Resorts (WYNN) almost 10% by purchasing 1 million additional shares from Dec. 4th to 8th.
The move sent his stock up over 13% on the day. It also boosted Las Vegas Sands (LVS), MGM Resorts (MGM), and Melco Crown Entertainment (MPEL).
His purchase might be an indication that the industry isn’t as busted as many have thought.
The Casino industry has had a tough year. The industry’s golden goose –Asian gambling Mecca Macau – was seriously hurt by Chinese travel and currency restrictions from June 2014. From a peak of $45.1 billion in 2013, revenue has plunged to $22 billion year-to-date (YTD) in 2015.… Read more