Wynn planning IPO in Hong Kong
Las Vegas-based Wynn Resorts plans to spin off shares in its Wynn Macau casino into a separate initial public offering that will be traded on the Hong Kong Stock Exchange, several wire services reported late Monday.
According to un-named sources quoted by Dow Jones News Service, the IPO would take place in fourth quarter and Wynn hopes to raise between $1 billion and $2 billion.
The moves comes as word leaked out Monday that Las Vegas Sands Corp. plans to spin off shares of its Macau casinos into an IPO in Hong Kong next month with hopes of raising between $2 billion and $4 billion.
Wynn has submitted an application to the Hong Kong Stock Exchange and a hearing may be held within three months, Reuters reported, citing an account in the Hong Kong Economic Times.
Wynn Macau is the Chinese gambling enclave’s busiest resort, according to Macau’s gambling regulator. The resort is undergoing a $700 million expansion to add Encore at Wynn Macau, an all-suite hotel that is expected to open next year.
In Las Vegas, Wynn Resorts operates Wynn Las Vegas and Encore. Shares of the company are currently traded on the Nasdaq National Market.
Wynn’s listing in Hong Kong may come ahead of the planned Las Vegas Sands listing.
Shares of Las Vegas Sands, traded on the New York Stock Exchange, surged nearly 15 percent on Monday on optimism an initial public offering of its Macau assets would take place in Hong Kong as early as next month.