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Steve Wynn lashes out on ‘unconscionable manipulation’ in the stock market

On Wynn Resorts’ (WYNN) first quarter conference call, Chairman and CEO Steve Wynn was asked about the company’s recent announcement to increase its share repurchase to $1 billion. Wynn responded back with a full-on critique of the stock market, which he says resembles casino activity.

"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,” he said. “So we just wanted to make sure that we are properly armed in case there was something strange that happened on Wall Street and the stock market dropped or our stock went to a level that we thought was grossly oversold, we would jump on it."

Wynn dug into activity by those shorting his stock.

"As long as the short players fool around for $1 or $2, that's fine. But ...the exchanges don't enforce the rules of naked shorts. So, I mean, it's unconscionable manipulation of the stock that occurs. They open up every...