LAS VEGAS— Wynn Resorts Ltd., which is building a $2.4 billion luxury casino hotel, plans to sell more shares in an initial public offering but at a lower price, according to a Reuters report. It plans to sell 23.7 million common shares, up from a prior 20.5 million shares, the company said in an amended filing with the Securities and Exchange Commission. The stock is expected to go for $18-$20 apiece, down from $21-$23 a share. Under the new terms, Wynn Resorts could reap $426 million to $474 million. It previously expected to make $430 million to $470 million, the report said. Wynn Resorts plans to use the net proceeds from the IPO and existing cash to build Le Reve, which will have about 2,700 guestrooms, 2,000 slot machines, 18 dining areas, a Ferrari and Masserati dealership and a golf course. It is expected to open in April 2005. In addition to the stock sale, $340 million in second mortgage notes are being offered by subsidiaries Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp. The latter is entering into credit facilities for up to $1 billion and a $188.5 million loan facility to buy FF&E, the report said. Wynn Resorts is expected to debut this month on Nasdaq under the symbol “WYNN.” It will have a potential market value of $1.1 million to $1.3 million based on the new price range and 63.7 million shares outstanding, said the report. The previous market capitalization could have been $1.3 million to $1.4 million under the old range and 60.5 million shares outstanding. The IPO is being handled by Deutsche Banc, Bear Stearns, Banc of America Securities, J.P. Morgan, Dresdner Kleinwort and other firms. The underwriters have an option to buy about 3.6 million extra shares to cover any over-allotments. SOURCE: Reuters
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