(RTTNews) - Wynn Resorts, Ltd. (WYNN: News ), on Monday said its board declared a special cash dividend on its common stock, as well as approved the commencement of a regular quarterly dividend program, beginning 2010.

The dividend of $4.00 per share is payable on December 3 to stockholders of record as of the close of business on November 19, 2009. Wynn currently expects the dividend to be $0.20 per share for the first quarter of 2010, payable in the second quarter of 2010.

The stock will begin to trade ex-dividend on November 17, 2009.

Announcing its quarterly results on October 27, the Las Vegas-based company reported a decline in third-quarter profit, reflecting higher other expenses and lower income tax benefit compared with last year. Revenue edged up in the quarter despite lower casino revenues, driven by growth in revenues from rooms, food and beverage, and entertainment. Net casino revenues were flat with last year.
On October 30, brokerage KeyBanc Capital had downgraded Wynn Resorts shares to 'Underweight' from 'Hold' with a mean target of $45.

WYNN is currently trading at $62.67, up $2.94 or 4.92%, on a volume of 3.43 million shares on the Nasdaq. In the past 52 weeks, the stock trended in a broad range of $ 14.50 - 74.90, with a three-month average volume of 5.04 million shares.

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by RTT Staff Writer

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