Casino-resort operator Wynn Resorts Limited (WYNN - Free Report) recently announced its decision to hike its quarterly dividend by 25.0% to $1.25 per share next year. This brings the forward annual dividend yield, as of Nov 5, 2013, to 3.03%. The announcement for the current hike comes after about a year.
In addition to this hike, Wynn also decided to distribute a special dividend of $3.00 per share, payable on Dec 6, 2013, to stockholders of record as of Nov 20, 2013. Wynn has a history of repaying shareholders handsomely by means of regular and special dividend payment.
Prior to this, at the end of 2012, the company rewarded its shareholders with a hefty special dividend of $7.50 per share. Wynn also paid special dividends in addition to regular payments in 2010 and 2011.
At the end of the third quarter of 2013, cash and investments balance was $2.7 billion and total debt outstanding was $6.2 billion.
We appreciate WYNN Resorts’ efforts to consistently enhance long-term shareholder value even in times of an economic downturn. We believe that the additional dividend affirms Wynn Resorts’ positive outlook and reflects confidence in its fundamentals.
Wynn Resorts currently carries a Zacks Rank #2 (Buy). Some companies from the casino gaming sector that are worth a look at the current level include Las Vegas Sands Corp. (LVS - Free Report) , MGM Resorts International (MGM - Free Report) , and Melco Crown Entertainment Limited . While Melco Crown holds a Zacks Rank #1 (Strong Buy) Las Vegas Sands and MGM Resorts carry a Zacks Rank #2 (Buy).