Investors who bought Wynn Resorts shares after founder and former chairman Steve Wynn resigned in Feburary are reaping rewards.
Wynn stock rose $2.30 on Thursday to $201.51, the highest closing price in nearly four years.
The shares have rebounded 29 percent from a 2018 intraday low of $156.54 on March 2 as Macau continues to boom and new chief executive officer Matt Maddox brings stability to the company.
Wynn Resorts shares tumbled more than 20 percent following reports that Steve Wynn sexually harassed female employees over decades.
The allegations spurred investigations by regulators, forced out board members and potentially threatened the company’s gaming licenses.
Matt Maddox, who was named CEO on Feb. 7, shored up the company by settling outstanding lawsuits with co-founders Universal Entertainment and Elaine Wynn and raising nearly $1 billion in cash from China’s Galaxy Entertainment.
Maddox also cut the company’s aggressive investment plans and boosted the dividend by 50 percent.
The sexual harassment scandal hasn’t impacted the company’s business in Las Vegas or Macau, Maddox said last month.
Macau has continued to boom and drive Wynn Resorts earnings growth. Macau gross gaming revenue surged 22 percent over the first four months of the year. Wynn Resorts generates about 75 percent of its earnings from Macau.
Steve Wynn Investigation