Wynn Resorts announces $3 dividend, raises quarterly payout 25 percent
The Wynn Resorts Ltd. board of directors has approved a $3 dividend to be paid on Dec. 6 to shareholders of record on Nov. 20, the gaming company announced Tuesday after the stock markets closed.
In addition, the Las Vegas-based company announced a 25 percent increase in its regular quarterly dividend next year, from $1 per share to $1.25 per share.
Shares of Wynn Resorts gained $1.39, or 0.84 percent, to $166.59 in after-hours trading, a modest rebound from a loss of $1.29, or 0.77 percent, to $165.20 on the Nasdaq.
“We believe that this announcement reflects the strength in Wynn’s free cash flows and its strong liquidity and funding position,” Joseph Greff, an analyst with J.P. Morgan, wrote in a research report. ”We expect these dividend announcements will be well-received by investors.”
At the conclusion of its board meeting on Tuesday, Steve Wynn, chairman and CEO of the gaming company, said CFO and Treasurer Matt Maddox will assume the additional duties of president of Wynn Resorts.
Maddox joined the company in 2002 and previously served as CFO of Wynn Resorts, Macau, as well as senior vice president of business development. Maddox also serves as an officer on several of the company’s subsidiaries.
Steve Wynn will continue to hold the position of chairman and CEO, the company said in a statement.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
