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STEVE WYNN: The stock market has never been a more volatile and stupid 'gambling game'

Steve Wynn, chairman and CEO of Wynn Resorts (REUTERS/Fred Prouser)

This post has been updated to reflect that the comments came from the first-quarter earnings call in May.

Billionaire casino and hotel magnate Steve Wynn, the chairman and CEO of Wynn Resorts (WYNN), has described the stock market has become “more volatile, more stupid as a gambling game than ever before.”

During an earnings call with analysts and investors, Wynn went off on short-sellers, particularly the high-frequency traders.

This rant was prompted after Wynn was asked by JPMorgan analyst Joseph Greff about the board’s authorization of share repurchases.

“Can you talk about how you are thinking about buybacks right now and actually why did you up the authorization?” Greff asked, according to a first-quarter transcript posted by SeekingAlpha.

Wynn responded: “Well, we never know what the Street is going to do with the funky trading. And we all feel that, both as individuals and as a Company, that we should be prepared to take advantage of real opportunity when it occurs. And my Board feels that way and so do I. So we just wanted to make sure that we are properly armed in...