Steve Wynn spends $31.8 million to buy additonal shares in his casino company

Wynn Resorts Chairman Steve Wynn spent more than $31.8 million this week to acquire additional shares of his casino company's stock, according to a securities filing Friday.

The transactions, which took place Wednesday through Friday, marks the second time in two months that Wynn has bought up company shares on the open market. Wynn's stock price has drastically declined in value over the past year.

According to the Securities and Exchange Commission filing, Wynn paid $53.21 to $59.19 a share to acquire a total of 522,850 shares in eight separate transactions this week. In December, Wynn spent $63.8 million to acquire more than 1 million shares of the company's stock.

Wynn, the company's larges shareholder, owns more than 11.74 million shares in the casino operator, which controls casinos on the Strip and in Macau.

Last week, Wynn Resorts said its fourth quarter earnings would be down as much as 27 percent because of horrible results at its Macau casinos.

Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.