So if you were sitting at the WYNN stock table, you got a nice little windfall today as they announced a special $4 dividend to holders of record November 19th.
How does it effect options you ask?
Well, the usual guideline is that if they pay out more than 5% of the stock value in some form or another, then they will adjust the options to include the special dividend. In other words, if you own the November or December 60 calls, you get the $4 dividend whenever you exercise them. Likewise, if you own some ITM puts, you owe the dividend. What will likely happen is that after WYNN goes ex-dividend, they'll list a new class of WYNN options that will not include it, in which case you will have two classes of WYNN trading side by side.
Long story short, move along, nothing to see here. There's no "dividend play" in options.
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