(15:12 GMT)
Username   Password  

BankrollMob logo  
Promotions Reviews Bankrolls - Free No Deposit Offers Poker Forum News: Poker, Casino, Betting & Bingo Sport Bets Poker Freerolls & Tournaments Leaderboards Support & FAQ
transparent separator
transparent separator

BankrollMob Casino News


Before Steve Wynn resigned, Moore Capital purchased Wynn Resorts & other casino stocks

Tags: Louis Bacon, Moore Capital, Steve Wynn.
Posted on Monday, February 19, 2018 by "T".

Wynn stocks are down 2.6% at the start of this year right after Steve Wynn resigned since the first week of February as the CEO and chairman of the company.

In late January, the Wall Street Journal published detailed allegations of decades of the casino tycoon's sexual misconduct, to which the ex-CEO denied such accusations, saying he did not commit anything wrong and calling it ‘preposterous'.

Files have shown that Moore Capital, owned by Louis Bacon, bought casino stocks in the 4th quarter of 2017.

Yesterday, according to a required quarterly filing with the U.S. Securities and Exchange Commission, the hedge fund took the following:

- A new 50,000 share stake in Wynn Resorts
- A 1.88 million share stake in Caesars Entertainment
- 100,000 share stake in Boyd Gaming

This information is around 45 days old and possibly does not reflect the fund's current holdings.

This year, shares of Caesars are up around 1.2% whereas Boyd Gaming is up 3.8%.

On the non-gambling category, Moore Capital also took new shares of 375,000 in Abercrombie & Fitch. The casual wear retailer, which struggled last year, raised its 4th quarter guidance in late January to the high single digits. So far this year, shares are up 26.2%.

Also, Moore Capital bought other new shares in the leisure and retail categories, such as Burlington Stores, Deckers Outdoor, Marriott, McDonald's Ralph Lauren, Ross Stores and Starbucks.

The hedge fund also purchased on technology stocks, but significantly dropped on bank shares. Moore Capital increased its holdings on Microsoft and Apple, but decreased its ownership of Amazon.com and Alibaba. It decreased its holdings of Morgan Stanley, Citigroup and Bank of America, while finally dissolving its stake in J.P. Morgan Chase.

According to Forbes.com, Moore Capital was founded by New Yorker Louis Bacon in 1989, using trading profits and a small inheritance. The hedge fund manages $13.4 billion in assets.

Louis Bacon

Steve Wynn



« Casino News   /   Comment on this news » Bookmark and Share

Related Articles:

4 comments for "Before Steve Wynn resigned, Moore Capital purchased Wynn Resorts & other casino stocks"

 CALICUL2/19/2018 1:57:00 PM GMT
another ugly news about this monster who has abused women for decades. I'm curious if he will be punished for what he did or or will reach an agreement with the victims who filed the complaint. From my point of view this man deserves punishment with jail.
 pochui2/19/2018 4:14:06 PM GMT
so where is the problem here- dude sold I think a small amount of his stocks, and that is the end of story here. regarding the previous story about wynn and his babes I reckon that this is not abuse, I ponder that many women just expected a windfall of cash...
 pajalnick2/19/2018 5:33:45 PM GMT
Moore Capital also acquired 375,000 new shares in Abercrombie & Fitch. ... and after that the shares rose in price ... I like the clothes Abercrombie & Fitch but I'm a little confused by the high price of their products .... and now you can not count on the price reduction .. it's sad
 godoy2/20/2018 1:31:19 AM GMT
what to talk about this casino magnate a much more intelligent guy and who commands his business with mastery and just because he is away already generates an immense stability to make the shares fall as soon as it can and this

Write a comment:

You must be logged in, to comment on news...

  Bookmark and Share