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Wynn shares trade higher even after mistake filing

Houston Chronicle - Mar 2, 2012

Wynn Resorts Ltd. shares remained higher Friday, even after the company said that a filing reporting progress on a new resort in the Chinese gaming hub of Macau was a mistake.

Shares had jumped 6 percent after Wynn filed a regulatory report saying it made progress on a lease for the resort. Then trading was halted, and the company later said in another filing that the initial filing was a mistake. Wynn says there was no agreement and the filing was submitted by accident.

When trading resumed, the stock fell momentarily but still kept most of its earlier gains. Shares were up more than 4 percent in late afternoon trading.

That might be because many investors still believe that Wynn is close to getting approval for its latest Macau project, even if the filing was declared erroneous, Sterne, Agee & Leach analyst David Bain said in an interview. The depth and specificity of the filing made it look legitimate and many investors are betting that Wynn simply filed it earlier than it meant to, Bain said.

Read Full Article from Houston Chronicle

- Posted: 2012-03-02 14:45:07

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