Casino gaming operator Wynn Resorts has received the go signal on September 14th, 2009 for a $1 billion stock offering on Hong Kong market of its gaming business in Macau.
The roadshow for the sale of a twenty percent share in its Macau casino gaming operation will be on September 21st, 2009 while the listing is planned on October 9th, 2009.
US casino gaming billionaire Steve Wynn has been looking for additional funds to expand his gaming business in the Chinese gambling enclave of Macau but was previously deterred by the weak conditions of the stock market.
A change in investor confidence has revived interest for initial public offerings in Hong Kong recently with the benchmark Hang Seng Index closing at its highest mark in more than a year on September 11th, 2009. More than ten initial public offerings are due by the end of October 2009.
Wynn’s listing follows a stock sale in July 2009 of rival gaming organization Sociedade de Jogos de Macau Holdings (SJM), the casino company of Macau gaming tycoon Stanley Ho. Since Ho’s hold on gambling in Macau ended in 2002, Macau has seen a rush of investments from foreign gaming operators, transforming it into the world’s biggest casino gaming market.