Casino mogul Wynn gets OK for Hong Kong IPO
Casino operator Wynn Resorts has received approval for a one billion dollar share offering on the Hong Kong market of its Macau gambling business, according to a Wall Street Journal report.
The road show for the sale of a 20 percent stake in its Macau casino operations will start Sept. 21 while the listing is planned for Oct. 9.
Casino mogul Steve Wynn has been looking for funds to expand his business in the Chinese gaming haven of Macau but was previously deterred by weak stock market conditions, reports have said.
A pick-up in investor confidence has revived appetite for initial public offerings in Hong Kong recently with the benchmark Hang Seng Index closing at its highest level in more than a year on Friday.
In July, rival firm Sociedade de Jogos de Macau Holdings (SJM), the casino firm of Macau tycoon Stanley Ho, also offered a share sale.
Since Ho’s monopoly on gaming in the former Portuguese colony was broken up in 2002, the city has seen a flood of investment from foreign operators, transforming it into the world's largest casino market.
Macau’s casinos saw record monthly results in August, an encouraging sign to some observers after the area’s recent slowdown.