Wynn will start paying dividends
Wynn Resorts will start sharing profits with shareholders in the form of dividends, with the first payout set for December 3, the company said.
Las Vegas-based Wynn will pay a special cash dividend of $4 per share for stockholders of record as of November 19. The payments will total approximately $489 million, based on about 122.2 million shares outstanding.
A regular cash dividend of 20 cents per share is expected for the first quarter of 2010, payable in the second quarter.
Sterne Agee securities analyst David Bain told the Las Vegas Sun that it appears Wynn decided on the dividend because it hasn’t yet found other opportunities for investing its cash that would bring a desired rate of return.
Wynn has dropped out of the bidding to create a casino at New York City’s Aqueduct race track and recently completed a $1.87 billion stock offering for a stake in its Macau business.