Wynn Resorts has raised the size of the initial public share offer in Hong Kong for its Macau unit by around 25 percent, according to Reuters, seeking to raise up to US$1.6 billion.

Wynn Macau previously sought to raise up to US$1 billion, but after positive feedback from investors it has raised the offer and the company now plans to sell 25 percent of the division, up from the 20 percent it originally expected to sell.

Wynn Resorts Tree of Prosperity

The price range of the offer is expected to be HK$8.52-10.08 per share, the agency says, with at least 1.25 billion shares being sold.

The IPO has attracted a combined $250 million from several so-called cornerstone investors, or investors who take a substantial stake in the company before the offering, one of the sources said.

Wynn’s second resort in Macau, called Encore at Wynn Macau, is scheduled to open in the first half of 2010, the company said in the IPO prospectus.

The total construction budget is about US$650 million and so far build costs have totalled about half that amount.

The company is funding the construction through existing cash balances and cash flow from operations, it said in the filing.

Wynn’s rival, Las Vegas Sands, which has filed an application for a possible listing on the Hong Kong stock exchange, aims to raise US$1 billion to US$2 billion through the sale of a minority stake in its Macau operations at the end of November or early December.

US casino operators, grappling with high debt levels and a recovering economy, are hoping to boost valuations through spinoffs in Macau, which now hosts the world’s biggest gaming market that raked in record bets in August.

Source. Macau Business

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