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Howard Stutz

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Wynn wants to raise $1.63 billion in Hong Kong

21 Sep 2009

By Howard Stutz

LAS VEGAS, Nevada -- Several news outlets, including Reuters, Bloomberg and the Wall Street Journal, are reporting this morning that Wynn Resorts has upped the size of its planned initial public offering on the Hong Kong Stock Exchange.

The Las Vegas-based casino operator plans to raise $1.63 billion by selling 25 percent of its Macau casino assets, rather than 20 percent as initially planned. Sources told the media outlets the 1.25 billion shares are expected to sell for between $8.52 and $10.08 per share in Hong Kong dollars. Wynn had originally hoped to raise $1 billion.

Hong Kong investors believe the Chinese government is about to lesson a clamp down on trips into Macau by Mainland Chinese residents. Last year, China restricted the number of times a month someone could visit Macau, the only place in China where gaming is legal.

Hong Kong shares of Macau casino operators Galaxy Entertainment Group Ltd., SJM Holdings Ltd. and Melco International Development Ltd. have more than doubled this year.

Wynn operates the Wynn Macau and is building the $650 million Encore at Wynn Macau, which opens next year.

Las Vegas Sands Corp., which has three Macau resorts, is also planning an IPO on the Hong Kong Stock Exchange. The company hopes to raise $2 billion, which would help restart its Cotai Strip development projects that were shelved almost a year ago when credit markets began to dry up.

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