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December 3, 2009

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Extra shares sold for resort development

Monday, Nov. 11, 2002 | 11:01 a.m.

Wynn Resorts Ltd., the Las Vegas casino resort company led by Steve Wynn, today said underwriters of its $450 million initial public offering exercised their option to buy 3.2 million additional shares.

Wynn Resorts will receive $38.9 million in proceeds from the additional sale, the Las Vegas-based company said. Deutsche Bank AG, Bear Stearns Cos. and Bank of America Corp. managed last month's IPO.

IPO underwriters typically have the option to buy more shares from the issuer, then sell them to investors to meet demand and help stabilize the share price. The company raised $450 million in an offering after cutting the share price about 40 percent.

Wynn Resorts shares rose 1 cent to $12.94 at 9:31 a.m. in Nasdaq Stock Market trading today and are six cents below the Oct. 24 initial offering price.

Wynn Resorts sold shares as part of a financing plan to build Le Reve, a $2.4 billion casino resort in Las Vegas that will open in 2005 on the Las Vegas Strip. The company also plans to build casinos in the Chinese island city of Macau, a former Portuguese colony near Hong Kong. Wynn was formerly chairman of Mirage Resorts Inc.

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