Feb 09, 2021 Newsdesk Latest News, Macau, Top of the deck, World
Wynn Resorts Ltd has upped by 18.2 percent the number of common-stock shares it intends to offer to the public on an underwritten basis, and by the same percentage the number of additional shares it will proffer as an option for the underwriters.
It would push up the gross amount to be raised by the exercise to US$747.5 million on the public offer, with the possibility of a further US$112.1 million via the option for the underwriters.
The net proceeds from the offering are to be used for “general corporate purposes,” said the group. Wynn Resorts is the parent of Macau casino operator Wynn Macau Ltd.
In a Monday press release, the parent company said it would price the public offer at US$115 per unit, and make available to general investors 6.5 million shares, rather than the 5.5 million it had mentioned in a prior release the same day.
The parent’s shares reached a high of US$117.41 per unit in Monday trading, according to Reuters data.
In Wynn Resorts’ updated notice on its common-stock offer, the group also said it would also make available 955,000 common-stock shares to the underwriters, rather than the 825,000 it had mentioned earlier on Monday.
Deutsche Bank Securities Inc, Goldman Sachs & Co LLC, and BofA Securities Inc are acting as joint lead book-running managers for the offering.
On February 4, Wynn Resorts reported it had finished full-year 2020 with an operating loss of US$1.2 billion – amid disruption in the United States and Macau, linked to the Covid-19 pandemic – compared to a US$878.3-million profit posted in the previous year.
Wynn Macau Ltd reported in a filing to the Hong Kong bourse a US$144.9-million fourth-quarter loss, compared to a US$182.0-million profit in fourth-quarter 2019.
Wynn Macau Ltd had outstanding debt of US$6.35 billion at the end of the year, up from US$5.96 billion three months earlier.
In mid-December, the Macau unit had said it expected to raise US$765.9 million net, from an add-on issuance of senior unsecured notes valued at a principal amount of US$750 million, thanks to being able to charge investors a 3 percent premium on the principal amount.
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”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”
DS Kim and Mufan Shi
Analysts at brokerage JP Morgan Securities