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Wynn raises $1.6 billion in Macau IPO

1 Oct 2009

HONG KONG -- As reported by the Wall Street Journal: "Wynn Macau Ltd. raised US$1.6 billion in the world's fourth-largest initial public offering this year, after pricing the shares at the top end of its indicative price range, people familiar with the situation said.

"The top-end pricing, at a time when several new Hong Kong listings have either priced low or performed badly once the shares began trading, reflects investor confidence in a strong rebound in Macau's gambling industry. The pricing is likely to boost valuations for the casino operator's rival, Las Vegas Sands Corp., which is seeking to list its Macau assets later this year.

"The unit of Las Vegas-based Wynn Resorts Ltd. sold 1.25 billion new shares, or a 25% stake, at 10.08 Hong Kong dollars (US$1.30) each, the people said. It earlier set an indicative range of HK$8.52 to HK$10.08 a share for the IPO. Wynn Resorts will retain the remaining 75% interest. Trading is to begin Oct. 9 on the Hong Kong Stock Exchange.

"China State Construction Engineering Corp.'s US$7.34 billion Shanghai offering in July is the world's largest IPO so far this year, according to Dealogic. Metallurgical Corp. of China Ltd.'s US$5.13 billion dual share sale in Shanghai and Hong Kong and the US$4.26 billion raised by the Brazilian unit of Visa Inc. are second and third, respectively..."

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