WYNN PLAYS CHINESE CARD ON EVE OF IPO LAUNCH scmp.com
Speaking at the launch of Wynn Macau’s initial public offering in Hong Kong, Steve Wynn said, “With this IPO, we’re a Chinese company with Chinese ownership.” The IPO seeks to raise up to HK$12.6 billion by selling a 25% stake in the Macau business. Wynn’s Macau business significantly outperformed its Wynn’s Las Vegas resorts during the second quarter, bringing in 32% more revenue and 56% more pre-tax earnings than the US operations.
Local tycoons and a fund have already committed to buy US$250 million worth of the Wynn Macau shares. These cornerstone investors include former Sun Hung Kai Properties chairman Walter Kwok Ping-sheung, Sogo department store owner Thomas Lau Luen-hung, Malaysian billionaire Quek Leng Chan and mainland-focused local fund management company Keywise Capital Management.
WYNN MACAU TO START A NEW PROJECT IN THE SPRING OF 2010 macaunews.com.mo
Steve Wynn has indicated that Wynn Macau had spent seven months planning a new project to be completed on the Cotai strip and could “take the next step” as early as the spring of 2010. In April, the company will open an expansion of its flagship project, known as Encore at Wynn Macau. However, Wynn sees Cotai as an “extraordinary” opportunity and believes that, in their plans for a new project there, Wynn Resorts has a “completely unique idea that’s never been done before”.
MACAU VISITOR ARRIVALS RISE IN AUGUST rttnews.com
Visitor arrivals into Macau rose 6.4% in August from a year earlier to 2.62 million, according to figures released by the Statistics and Census Service today. 50.9% of arrivals were from mainland China, an 8.9% year-over-year increase. Visitation from Hong Kong rose by 2.9%, from Taiwan by 12.6%, and from Japan by 27.1%. Arrivals from South Korea and Malaysia slowed by 15.4% and 13.9%, respectively. For the first eight months of the year, visitor arrivals decreased by 9.6% from the previous year to 14.2 million.