Wynn could be first casino firm to list in Hong Kong
Posted by Gavin Smith on 22 Jul 2009 at 09:07
Casino firm Wynn Resorts now looks odds-on to become the first international casino company to list in Hong Kong as investors once again warm to Macau.
The Financial Times said the Vegas-based firm is set to float at least a 25 per cent interest in its empire in the Chinese enclave in an initial public offering.
The move could raise the firm, owned by Steve Wynn, as much as $1 billion to $2 billion by the end of 2009.
Wynn has got the wheels turning by issuing a preliminary filing to the Hong Kong Stock Exchange. The application now has to be examined before going to a committee for a final green light.
The move comes despite Macau going through some of its toughest times since it was opened up to international firms. The Financial Times reports recent figures show first-half gaming revenues slumped by 12 per cent year-on-year.
The enclave has been battling falling customer numbers since the Chinese government tightened visa restrictions for citizens looking to visit the gambling haven.
Macau's revenues have eclipsed even the likes of Las Vegas to become the biggest casino destination in the world in terms of cash spent by visitors.
The Financial Times quoted one unnamed person as saying: "This is not controlled by the company but by the Chinese government – the government can increase the visa numbers."
"But no one doubts the dogged determination of the Chinese gambler."
