Wynn Resorts (NASDAQ:WYNN) Chairman and CEO Steve Wynn has purchased more than a million shares of the company’s stock. Wynn, who founded the casino operator, now owns 11,070,000 shares, which makes him the company’s third largest shareholder.
Investors may view the move as a vote of confidence. Shares of Wynn have lost 58% of their value this year in part due to concerns about the company’s heavy exposure to China’s Macau region. In 2016, the company will open a second property, Wynn Palace Pin Macau, located in the Cotai region.
In addition, Wynn is among the largest operators of casinos in Las Vegas. In October, Wynn approved a cash dividend $0.50 per common share. The dividend yield is currently 3.19%.