|
|
|
 |
Wynn Resorts Featuring Macau Casino IPO
MACAU, CHINA --
Wynn Resorts received regulatory permission to include its gambling operations in Macau in an initial public offering on the Hong Kong exchange, reports the Wall Street Journal. The casino operator's IPO is expected to raise a billion dollars.
Wynn will use a portion of the money generated by the sale to expand the Wynn Macau to include a second casino, named Encore like the second Wynn property in Las Vegas. The casino development is estimated to cost $650 million.
The offering will beat an IPO by Las Vegas Sands to the marketplace, as Sands also looks for capital to develop further properties in Macau. Sands will face regulators regarding its IPO in about two weeks.
Macau has become the primary source for Wynn revenue, as the company reported over 50 percent of second-quarter earnings came from Macau. Although Chinese government visa restrictions and recessionary effects have stopped the massive growth Macau had experienced until recently, government figures still show a growth rate of 18 percent in gambling revenue in August.
Wynn's IPO should be listed by October 9th. The offering represents 20 percent of Wynn holdings in Macau.
Previous World Casino News Articles
Post A Comment
|
 |
|
|
|
