Wynn Macau Ltd. IPO Generates $1.6B

LAS VEGAS-Wynn Macau Ltd. on Wednesday priced its 1.25-billion-share IPO on the Hong Kong Stock Exchange at US$1.30 apiece—the top of its previously announced range–and quickly sold out, generating $1.625 billion. The offering represented 25% of the company’s post-issuance capital base.

Wynn Resorts Ltd. revealed the IPO pricing for its wholly owned subsidiary in an SEC filing Wednesday. Bloomberg, citing “two people familiar with the matter.” reported Wednesday afternoon that the offering had sold out and that the pricing represents 14.5 times next year’s EBITDA as estimated by the banks involved in the sale. The offering officially closes Oct. 9, 2009. The proceeds will be used in part to continue developing its properties in Macau.