Wynn Reportedly Gets OK for Hong Kong IPO
HONG KONG (
) --
Wynn Resorts
(WYNN) - Get Report
has been given the green light in Hong Kong for a $1 billion initial public offering of its Macau casino operations, a report says.
Wynn, the Las Vegas casino operator, plans to sell a 20% stake in the Macau operations in the IPO, the
Wall Street Journal
reports, citing people familiar with the situation. Wynn will begin marketing the IPO later this month, with the listing in Hong Kong scheduled for Oct. 9.
Wynn will use part of the proceeds from the IPO to fund a $650 million expansion of Wynn Macau by adding a second casino, Encore, in Macau, one person said, the
Journal
reports.
Las Vegas Sands
(LVS) - Get Report
, a rival to Wynn, also will launch a $1 billion IPO later this year for its Macau operations, with a hearing for the listing scheduled in about two weeks, according to the newspaper.
-- Reported by Joseph Woelfel in New York
.
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