Steve Wynn is “one my heroes,” TheStreet’s Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC’s “Mad Dash” segment. This is a man whose name should be spelled “Win” because that’s what he does.
The CEO of Wynn Resorts (WYNN – Get Report) bought some $100 million worth of stock over the past few months. Why? Because clearly the stock was too cheap, Cramer said. With shares up big from those levels, and up another 10.5% on Thursday, it certainly appears the chief exec was right.
But much as he loves Wynn, he isn’t going to be chasing Wynn Resorts stock after such a huge rally.
Why are shares jumping? The company’s Las Vegas expansion plans, Cramer said. Wynn is focusing on entertainment as well as gambling. If that isn’t enough, there’s the improvement in Macau’s gambling climate and even a successful integrated casino/resort in Boston.
Wynn is “having a good time” and this a “remarkable turn,” Cramer stated.