Steve Wynn Angry at Casino Stock Market

Billionaire Steve Wynn is growing frustrated at the casino stock market, recently labeling it as “more volatile, more stupid as a gambling game than ever before.”

During an earnings call with Wynn Resorts (WYNN) investors and analysts, the casino magnet angrily discussed short-sellers and high-volume traders.

Wynn started on the rant when JPMorgan analyst Joe Greff asked about the board authorizing share repurchases.

The 74-year-old casino chairman said the following:

“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. As long as the short players fool around for a buck or two that is fine. But when shorts – the exchanges really don’t enforce the rules of make it shorts. So it is an unconscionable manipulation of the stock that occurs. They open up every morning and the high-frequency traders and the shorts have a ball selling shares and then value buyers step in in the afternoon and they cover the shorts.”

The rant didn’t end here, though, because Wynn also blamed a number of short stock sales on China.

“And although I can’t do nothing about it myself I take advantage of it when it gets out of line and buy shares,” he said. “I mean it is fine when they drive the stock down for reasons that are irrelevant and completely disconnected from anything to do with our business operations. So the stock market has got more volatile, more stupid as a gambling game than ever before.”

Another target of Wynn’s earnings call rant was the Securities and Exchange Commission (SEC), which regulates the U.S. stock trading.

“I have very little respect for the integrity of the trading on the exchange in most stocks,” said Wynn. “And I have particular disdain for the fact that the SEC has failed to deal with high-frequency traders who are doing nothing more than taking advantage of inside information, a buy or a sell order, because of technology advantages.”

As Yahoo Finance reports, Wynn said that he’ll execute orders through IEX, an exchange founded by Brad Katsuyama, the central person in Michael Lewis’ book Flash Boys, to avoid being “fronted by the high-frequency traders.”

WYNN shares fell by 6% over the week, which is likely one reason that the company’s long-time chairman is so angry.

WYNN stock has been in a steady fall over the last few months, as the Chinese gambling destination Macau continues to struggle. The 20-story Wynn Macau has also struggled along with the casino mecca.