Groundbreaking set for new Wynn project

Monday, Oct. 28, 2002 | 11:49 a.m.

Ground will be broken Thursday for Steve Wynn's $2.4 billion Le Reve project on the Las Vegas Strip.

Company officials confirmed today what Wynn vowed to do months ago -- that he would begin construction as soon as his financing package was in place.

Despite a tough market for initial public offerings, Wynn's company, Wynn Resorts Ltd., became effective and began trading on the Nasdaq exchange Friday, paving the way for the sale of high-yield bonds for the 2,700-room property on the site of the former Desert Inn hotel-casino.

The IPO raised $450 million for the company and the bond sale, $350 million. Wynn also has other credit lines for construction and to equip the property.

Wynn officials are still bound by a Securities and Exchange Commission "quiet period" rule and could not comment on the project.

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