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LAS VEGAS - Casino operator Wynn Resorts Ltd. said Thursday its board approved an increase of up to $500 million to its previously announced $1.2 billion equity repurchase program.
| WYNN | 59.48 |  3.24 |
Wynn had authorized the repurchase of common stock and convertible notes due 2015 last month. The company said it plans to redeem the notes on July 20.
The buyback program may include repurchases from time to time through open market or negotiated transactions, Wynn said.
The company reported 111.8 million shares outstanding in a May 9 Securities and Exchange Commission filing.
Separately, Wynn said it expects to report weaker operating income from its Las Vegas property but much stronger results for its Macau property for the second quarter, compared with last year. The company will post final second-quarter results July 24.
Wynn shares jumped $9.45, or 13.5 percent, to $79.39 in after-hours electronic trading. The stock lost $7.62, or 9.8 percent, to $69.94 during the regular session.
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