Wynn Resorts Raises $1.63 Billion In Asian IPO For Wynn Macau Unit
Wynn Resorts has raised $1.63 million through their initial public offering for their Wynn Macau unit. That is according to a source that is familiar with the situation, but wishes to remain anonymous.
Wynn applied last month for a listing on the Hong Kong Stock Exchange. The company was trying to raise money and felt like investors would jump at the opportunity to own a piece of the gaming company.
The results of the initial public offering were not expected to be released until Thursday, but they have leaked out. Wynn Macau sold 1.25 billion shares at a price of 10.08 Hong Kong dollars. That equates to $1.63 billion US dollars.
Even though the IPO was strong, many analysts believe that once the company begins trading on the Hong Kong Market, that the results will not be as strong. Asian investors have been picky as of late in their stock choices.
"The valuations are really high, and market sentiment is not that good now," said Conita Hung, Head of Equity Research for Delta Asia Financial Group, as reported by Reuters, "I don't expect this to be a good one."
October 9th is the expected date that Wynn will begin publicly trading on the Hong Kong Market. Until then, analyst will debate whether or not the company will come out of the gates strong, or if there will be a letdown from the IPO.
September 30, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
Previous Casino Gambling News Articles
Atlantic City Casino Smoking Ban Could Help Increase Business
National Gambling Task Force Focuses On College Students
Fourteen Casino Protesters Arrested In Pennsylvania
Atlantic City Casino Gambling Safe After Deal With Labor Union
Ohio Casino Gambling Initiative Looking Strong Heading To Election