Wynn Resorts Ltd. shares rose sharply Wednesday after the casino operator declared a $5 special dividend.

The company led by billionaire CEO Steve Wynn issued an $8 special dividend last year but it disappointed investors last month when it said issuing another special dividend was uncertain.

Wynn Resorts said that the $5 dividend will be paid Dec. 21 to shareholders of record as of Nov. 23.

The company operates casinos in Las Vegas and Macau, China.

Shares of the company were up $7.08, more than 5.5 percent, to $135.69 by late morning.