NEW YORK— Steve Wynns Wynn Resorts Ltd. hopes to launch its IPO today, Oct. 24, two days after originally planned, as the casino company tries to overcome concern that La Reve, its $2.4 billion mega-casino project, wont make revenue for three years, according to a Reuters report. The Las Vegas-based company had hoped to complete a $438 million initial public offering late Wednesday after first delaying it on Tuesday, Oct. 22. The company will now try for this evening after following the market close, according to a banking official close to the sale, noted Reuters A sticking point with investors has been price, according to people that have looked at the sale, said the report. Wynn Resorts, trying to sell 23.7 million shares, reduced the price range to between $18 and $20 each from $21 to $23 on Tuesday, and increased the number of shares being sold. But with the market still volatile and valuations low, investors may be trying to drive the price down further. The IPO is being handled by Deutsche Banc securities, Bear Stearns and Banc of America Securities. Wynn plans to use the proceeds to help build Le Reve, a $2.4 billion Las Vegas casino to be completed in 2005, with about 2,700 guest rooms, 2,000 slot machines, 18 dining areas, a Ferrari and Masserati dealership and a golf course, said the report. SOURCE: Reuters
Previous ArticleESA Opens Third Hotel In Connecticut
Next Article NYC’s Hotel Gansevoort Finally Underway