Wynn Resorts Ltd. plans to raise as much as US$1.63% in a Hong Kong initial public offering of its Macau casino assets. The US gambling company founded by Stephen Wynn plans to sell 1.25B shares for between HK$8.52 and HK$10.08 apiece. The sale would represent about 25% of the Macau business, they said. Wynn’s profit has fallen for the past two years as a global economic slowdown hurt travel and spending at its Las Vegas casinos and hotels. In contrast, net income at Wynn’s Macau operations rose 48% last year as gambling revenue in the only Chinese region where casinos are legal climbed. Global investors are likely to be drawn to the IPO, as it’s the first foreign casino operator to be listed in Hong Kong. JPMorgan Chase & Co., Morgan Stanley and UBS AG were hired to manage the sale, and will begin offering the stock from tomorrow. The price is due to be fixed on Oct. 2. Shares of Macau casino operators listed in Hong Kong have jumped this year. Read more
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