LAS VEGAS-Wynn Resorts Ltd. On Friday priced a public offering of approximately 3.8 million shares at $158 per share. The underwriter, Deutsche Bank Securities Inc., has an option to buy up to an additional 562,500 shares to cover any overallotments. The offering is expected to close on Wednesday.
If all 4.36 million shares are sold at the offering price, it would generate gross proceeds of $682 million. The Las Vegas based casino operator says it intends to use the proceeds “for general corporate purposes and to enhance the company's financial flexibility for future projects and potential new developments.”
Wynn Resorts owns and operates Wynn Las Vegas, which opened in 2005, and Wynn Macau, which opened a few weeks ago. The company is expanding the Las Vegas property with Encore, a 2,034-suite tower that will have its own 75,000-sf casino, additional convention and meeting space, as well as restaurants, a nightclub, swimming pools, a spa and salon and retail outlets. The $2.2-billion expansion is expected to open in early 2009.
The company also is planning to expand Wynn Macau with a second tower. In November 2006, the company said it will add a second resort hotel named “Wynn Diamond Suites” that will have 400 luxury suites and villas, along with restaurants, additional retail space and additional VIP gaming space. The $600-million project is expected to open to the public in the first half of 2010.
Finally, the Company has submitted an application with the government of Macau for a concession of land in Cotai for future development. The Company recently reconfigured its site plans for 52 acres and is awaiting final approval.
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