The Dividend Daily

Wynn Resorts (WYNN) announced today that its Board of Directors declared a special cash dividend of $4.00 per share on its outstanding common stock, as well as a quarterly dividend payout.

This dividend will be payable on December 3, 2009, to stockholders of record on November 19, 2009. The stock will begin to trade ex-dividend on November 17, 2009.

The Company’s Board of Directors also approved the commencement of a regular cash dividend program, beginning in 2010. It is currently anticipated this regular cash dividend will be $0.20 per share of common stock for the first quarter of 2010, payable in the second quarter of 2010.

The Bottom Line
The dividend yield will be 1.34% based on the $.80 cent annual payout, and the company’s closing stock price on Friday of $59.73. The company has technical support in the $53 price area. If the shares can firm up, we see overhead resistance around the $65 price levels. We would remain on the sidelines for now.

Wynn Resorts (WYNN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.