Wynn Resorts Declares Cash Distribution
|
Wynn Resorts Declares Cash Distribution
|
Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2007-11-21
Wynn Resorts, Limited (NASDAQ:WYNN), announced today that its Board of Directors declared a cash distribution of $6.00 per share on its outstanding common stock. This distribution will be payable on December 10, 2007, to stockholders of record on November 30, 2007. The stock will begin to trade ex-dividend on November 28, 2007.
For U.S. federal income tax purposes, the payment of the cash distribution will be subject to tax as ordinary dividend income to the extent that the distribution is paid out of our "earnings and profits" as determined after the close of our 2007 fiscal year on December 31, 2007. Such dividend income will generally be eligible for the maximum 15% U.S. federal income tax rate available to non-corporate U.S. stockholders. The distribution of cash in excess of our earnings and profits for our 2007 fiscal year will be treated as a tax-free return of capital to the extent of the stockholder's adjusted tax basis in our shares, and thereafter as gain from the sale or exchange of a capital asset. Following the close of our 2007 fiscal year and upon completion of an earnings and profits evaluation, we will make appropriate disclosure as to the portion of the cash distribution that was paid out of our earnings and profits for the 2007 fiscal year. Stockholders are urged to consult with their financial and tax advisors regarding the receipt of the cash distribution.
|
|
