Wynn Fall: Casino’s Stock Drops 6% After Largest Shareholder Files Charges
Shares of Wynn Resorts (NASDAQ:WYNN) weren’t looking good Thursday. The stock fell about 6 percent after the announcement that the company’s largest shareholder and vice chairman has filed charges against the company in hopes that it will open its books.
According to the Las Vegas Review-Journal, Japanese businessman Kazuo Okada is saying that “despite several written demands, Wynn Resorts insists on keeping its books and records hidden.”
Okada owns nearly 20 percent of the company and was one of its founders. One point in question by the suit is a $135 million contribution made by the company to the University of Macau.
Here’s how shares of WYNN are reacting to the news:
Wynn Resorts Ltd. (NASDAQ:WYNN): WYNN shares recently traded at $107.81, down $4.08, or 3.65%. They have traded in a 52-week range of $101.02 to $172.58. Volume today was 3,812,154 shares versus a 3-month average volume of 3,057,980 shares. The company’s trailing P/E is 25.17, while trailing earnings are $4.28 per share.