Market Overview

Wynn Can't Hide: Shares Drop Amid Insider Trading, Terminal Deadline

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Shares of Wynn Resorts, Ltd. (NASDAQ: WYNN) have been rather volatile this week amid the announcement of terminal deadlines and insider trading.

Macau Casinos Given Deadline for UnionPay Terminals

On May 8, South China Morning Post reported that Beijing will work to shutdown the illegal use of UnionPay.

The Morning Post wrote, “China's state-backed bank payment card UnionPay last night announced a raft of measures in what it described as a “committed” drive to “combat overseas money laundering, capital flight and other illegal bank card use” in the former Portuguese enclave.

Mobile UnionPay payment devices from the mainland have illegally entered Macau at a rapid rate and are being used for unauthorized dealings that appear as domestic transactions, thereby circumventing currency controls. The mobile swipe devices are also used to evade tax on the mainland, which is why they require authorization for use there.”

On Wednesday morning, the Morning Post wrote that the Monetary Authority of Macau plans to set a July 1 deadline to eliminate the illegal China UnionPay mobile-swipe devices.

Insider Trading

In a Securities and Exchange Commission Form 4 reported on May 13, Wynn Resorts CFO Matt Maddox bought 30,000 shares for $47.12 under the transaction code to “Exercise or conversion of derivative security exempted pursuant to Rule 16b-3” and sold 16,688 shares for an average price of $204.23 in transactions on May 12. Following the transactions, Maddox saw $1,994,590.24 in profit from the trades and now owns 86,872 shares of Wynn's common stock.

In another SEC Form 4 report published on Tuesday, Wynn's EVP/ General Council/Secretary Kimmarie Sinatra bought 25,000 shares for $47.12 under the transaction code to “Exercise or conversion of derivative security exempted pursuant to Rule 16b-3” and sold 13,907 shares for an average price of $198.74 in transactions on May 9. Sinatra saw roughly $1,585,877.18 in profit and now owns 81,407 shares of Wynn Resorts common stock.

Shares of Wynn Resorts closed at $201.22 on Wednesday. The stock is down 2.38 percent for the day and down more than 23 percent from its 52-week high.

 

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Posted-In: Deadline for UnionPay Terminals insider trading Kimmarie Sinatra Matt MaddoxNews Legal Insider Trades Global

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