As most everyone, casino mogul Steve Wynn has gone through some cash woes this year, what with his impending divorce and bad stock performance. But things are apparently looking up for Stevie…
Last week Wynn Resorts, Ltd. announced it will pay its shareholders a $4-per-share dividend on Dec. 3, which will earn Steve Wynn, the casino operator’s founder and largest shareholder, a payment of at least $88.6 million- that’s M-I-L-L-I-O-N.
Yep, the company’s board of directors authorized the special one-time $4 payment for shareholders of record as of Nov. 19.
According to filings with the Securities and Exchange Commission, Wynn, the chairman and chief executive officer, holds more than 22.15 million of the company’s 123.11 million outstanding shares.
The company, which operates Wynn Las Vegas, Encore, Wynn Macau, is building the $650 million Encore at Wynn Macau, and announced it was starting a regular cash dividend program next year. It expects to pay 20 cents per share dividend in the first quarter.
The one-time $4 payment will reportedly cost Wynn Resorts more than $492 million.
The rich get richer.