Rival Las Vegas Sands also plans offering on Hong Kong stock exchange as both companies seek to increase the value of U.S. operations

Wynn Resorts has submitted an application to list its Macau operations on the Hong Kong stock exchange with an eye to raising between $500 million and $1 billion in an initial public offering.

The move comes as rival Las Vegas Sands is also looking to tap the Hong Kong IPO market, which has experienced a recent revival in activity after being moribund since late last year, according to a Reuters report.

Both companies are hoping to boost valuations in Las Vegas through a spinoff abroad, the goal being to attain valuations for their Macau assets that will boost the valuations of their U.S. operations, bankers and analysts have said.

“They do need some money to pay down their debt in Las Vegas, and they need the proceeds for further expansion in Macau,” said Aaron Fischer, CLSA's head of Asian gaming research. “The valuation multiples will be higher in Hong Kong than Las Vegas. There’s certainly an appetite for their business in Macau. Investors will want to get involved.”

Macau is the world’s largest gaming market, and analysts say it is recovering from the global downturn faster than its U.S. counterpart, although gambling revenue in the Chinese casino enclave was down 12 percent in the second quarter from a year earlier and was down 2.4 percent from the previous quarter, according to official figures.

UBS, Morgan Stanley and JP Morgan are handling the Wynn offering.

LVS has hired Goldman Sachs to run its offering, which is expected to raise more than $3 billion.