Wynn Plans $1.6 Billion Hong Kong IPO
HONG KONG (
) --
Wynn Resorts
(WYNN) - Get Report
is seeking to raise up to $1.6 billion in its Hong Kong initial public offering, according to published media reports.
That's an increase from the deal's previously expected size of about $1 billion, according to a
Reuters
report that cited sources familiar with the matter.
The offering would be for the casino operator's assets in Macau, the former Portuguese colony near Hong Kong that is now the world's No. 1 gambling market.
The price range of the offer, scheduled for Oct. 9, is expected to be 8.52-10.08 Hong Kong dollars ($1.10-$1.30) per share, according to an anonymous source cited by
The Wall Street Journal
. Wynn plans to offer 1.25 billion shares, equaling 25% of the equity in the company's Macau operations, the newspaper added. The IPO has the support of several Hong Kong tycoons, who plan to invest a total of about $250 million, the
Journal
adds.
Wynn is building its second resort in Macau and expects it to open by the middle of next year.
Its U.S. rival there is
Las Vegas Sands
(LVS) - Get Report
, which is planning an IPO of its Macau assets in late November or early December, according to
Reuters
.
Wynn's U.S.-listed shares ended Friday down 3 cents at $69.16. U.S. shares of Las Vegas Sands closed the session 13 cents lower at $18.86.
-- Written by a member of TheStreet.com staff
.
This article was written by a staff member of TheStreet.com.
