Steve Wynn Buys his own Stock

Steve Wynn has never lacked self confidence. It should be little surprise that he made a big bet on himself, recently purchasing a little over 1 million shares of Wynn Resorts stock valued at just north of $60 million.

The news of the purchase sent WYNN stock up 13% earlier today, increasing a little over $8 a share to finish just shy of $70 a share.

The one million shares Wynn recently purchased now represent 9% of his total stake in the company. He now directly or indirectly owns 11.07 million shares worth around $775 million.

While many see Wynn's purchase as a strong buy signal, I'm not so sure.  While Las Vegas results are strong because of lower gaming odds, Wynn's results are more centered around Macau.

I think Macau is going to be a strong casino market for the long term, but there are a lot of question marks in the short term. A slew of new resort openings will likely expand the market in the long run, but could put pressure on existing resorts in 2016 and 2017.