Casino giant Wynn to float on Hong Kong market
Wynn Resorts, the casino operators, have received approval for a billion dollar share offering on the Hong Kong stock exchange of its Macau Hotel and Gambling resort. The US based casino billionaire, Steve Wynn has been looking to expand his business within the gambling haven of Asia, but was discouraged by weak stock market conditions.
Investor confidence has increased in Hong Kong as the benchmark Hang Seng Index closed at it’s highest point for over a year last week. Wynn resort’s listing trails rival firm Sociedade de Jogos de Macau Holdings (SJM) in July, which is the company of casino tycoon of Macau, Stanley Ho.
Ho’s monopoly on gambling in Macau, a former Portuguese colony was broken up in 2002, since then foreign operators have been flooding into the city, which has seen it grow into the world’s largest casino market.
August saw a record in monthly takings at the Macau’s casinos, thus has prompted hopes of a recovery after the recent slowdown. A 20 percent stake of the Wynn’s Macau casino operations will be offered during a roadshow that’s due to start on September 21, while the listing on the stock exchange is planned for October 9.