Strong Asian backing for Wynn's Macau IPO

Sep 21, 2009 8:07 PM
by Ray Poirier | Major Asian investors have tabbed Steve Wynn a winner and have already committed to his Hong Kong initial public offering of 25 percent of Wynn Macau ltd.

The Las Vegas-based company had barely finished filing a Form 8-K for Wynn Resorts Ltd. with the Securities & Exchange Commission in which it explained its filing of a Web Proof Information Pak (WPIP), required by The Stock Exchange of Hong Kong, when Tom Mitchell, a Hong Kong writer for Financial Times, reported on strong backing for the WYNN move.

According to Mitchell, Wynn Resorts had received the commitment of $250 million from Hong Kong tycoons Walter Kwok and Thomas Lau.

Also providing support, according to Financial Times, is Malaysian billionaire Quek Leng Chan.

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In the SEC filing Monday, Wynn Resorts said that on Sept. 19, Wynn Macau Ltd. had proposed offering 1.25 billion shares, representing some 25 percent of the Macau company, at an offer price not to exceed HK$10.08 (US$1.30) per share and not to be less than HK$8.52 (US$1.10) per share.

It was previously reported that barring last minute complications, shares of the Macau subsidiary would begin trading on the Hong Kong Exchange on Oct. 9.

The move comes as reports from Beijing indicated that mainland authorities had eased travel restrictions to Macau from Guangdong Province, raising the expectation that Macau casinos would prosper during the coming months.

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