Wynn Shares Drop on Lack of Special Dividend Announcement
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Wynn Resorts Ltd., operator of the Wynn and Encore casinos, fell 5.3 percent after disappointing investors who expected a special dividend and reporting profit that missed analysts’ estimates.
The company’s failure to declare a special payout “likely” caused the drop, Joseph Greff, a JPMorgan Chase & Co. analyst, said yesterday in a note. Wynn, based in Las Vegas, has paid a special dividend in four of the last five years.