Nov. 13 (Bloomberg) -- Wynn Resorts Ltd., the owner of namesake casinos in Las Vegas and Macau, will pay shareholders a $609.3 million special cash dividend, almost a quarter of which will go to billionaire founder Steve Wynn.

The dividend is worth $6 a share, Las Vegas-based Wynn said today in a statement, and follows the company's sale earlier this year of rights to develop a separate casino in Macau. The shares rose to a record high.

Wynn plans to open a new casino in Las Vegas and will also expand in Macau, where October gambling revenue was a record $686 million. The former Portuguese colony, the only place in China where casinos are legal, has become the world's second- largest gambling center since 2004 when Sheldon Adelson's Las Vegas Sands Corp. and Galaxy Casino SA opened resorts there.

``It was certainly a surprise,'' said Charles Norton, portfolio manager of the $64 million Vice Fund in Dallas, including Wynn shares. ``I would much rather have it in my pocket than have it sit on the balance sheet.''

Shares of Wynn Resorts rose $6.48, or 7.9 percent, to $88.67 at 4 p.m. in Nasdaq Stock Market composite trading after reaching $89.30 earlier. The stock has climbed 62 percent this year and has surged more than sixfold since going public in October 2002.

The company also said today that casino executive Jack Binion will step down from day-to-day operating responsibilities at the Wynn Macau and serve as a principal on the company's Macau development team.

Wynn Resorts spokeswoman Samanta Stewart said Binion will be a director on Wynn Macau. She declined to comment further.

Steve Wynn

Steve Wynn, 64, is the 107th-richest American with a net worth of $2.6 billion, according to Forbes magazine. Wynn and his wife Elaine own 24.2 percent of Wynn Resorts, according to a regulatory filing today, and would receive about $147 million from the dividend payout.

Steve Wynn said today in a filing with the U.S. Securities and Exchange Commission that he may seek to purchase more shares in the future. Wynn controls 48.4 percent of the company in conjunction with Aruze USA Inc., owned by Japan's Aruze Corp.

In March, Wynn said it sold rights to develop a casino in Macau for $900 million. The sale was completed Sept. 11 to a partnership of Australian casino company Publishing & Broadcasting Ltd. and Melco International Development Ltd., run by Macau casino developer Lawrence Ho.

Macau ranks behind the Las Vegas Strip in terms of gambling Revenue and may outpace it by the end of 2006, said Vice Fund's Norton.

Balance Sheet

Wynn will almost double its size in Macau with another 119 table games and 300 slot machines opening in time for Chinese New Year in February. The casino company also has development rights to 54 acres on Macau's Cotai strip that can accommodate three additional casinos to be built in the next five years.

Wynn had $1.4 billion in cash on its balance sheet and $2.4 billion in long-term debt as of Sept. 30. Wynn does not pay a regular dividend. Wynn had 101.6 million shares outstanding as of Nov. 2.

The distribution will be payable on Dec. 4 to stockholders of record on Nov. 23 and may be subject to tax as ordinary dividend income, Wynn said in the statement.

``The company has been criticized in the past for not being shareholder friendly, and that answers that question,'' said Dennis Forst, a Los Angeles-based analyst with KeyBanc Capital Markets Inc. ``It was a pleasant surprise.''

Wynn posted third-quarter profit Nov. 7 of $715.7 million, or $6.43 a share, because of the casino-rights sale. The company opened the $1.2 billion Wynn Macau on Sept. 6 and increased business at Wynn Las Vegas, the $2.7 billion casino it opened in April 2005.

Jack Binion

Wynn Resorts hired Binion in late July to lead its international division as it expands operations in China. Binion headed Horseshoe Gaming Holding Corp., owner of three casinos in the South and Midwest, until the company was bought by Harrah's Entertainment Inc. for $916 million in 2004.

``I would imagine that Jack has other endeavors that he is looking to get involved with,'' said Rod Petrik, a Baltimore- based analyst with Stifel Nicolaus & Co. who doesn't own shares.

Binion, 69, owns about 1.8 million shares of Wynn excluding a grant of 500,000 restricted stock that has since been terminated.

Binion had a three-year contract under which he was due to earn a base salary of $1.5 million and receive 500,000 restricted shares, according to a Wynn filing in July with the SEC. That contract has been terminated, Wynn said today.

To contact the reporter on this story: Josh Fineman in New York at jfineman@bloomberg.net; Jennifer Sudick in New York at jsudick@bloomberg.net.

Last Updated: November 13, 2006 16:14 EST