Macau gaming revenue more than doubled in September
Las Vegas Sands and Wynn are also in the process of initial public offerings of their Macau assets on the Hong Kong exchange. On Wednesday, Wynn announced that it raised us$ 1.6 billion in its offering after it was priced at us$ 1.30 a share, the top of the expected range for the offering. Macau is the only place in China where gambling is legal.
But despite Macau's success, investors are still weary of the sector. Shares of Wynn sank 7 % to close at us$ 65.60, Las Vegas Sands tanked 8% to us$ 15.45, MGM plunged 11 % to us$ 10.71 and Isle of Capri Casinos was off 5% to end the day at us$ 11.22, continuing the sector's overall decline of the past few weeks.
Separately, on Thursday MGM said it terminated its debt exchange offer because not enough debt-holders accepted the deal. The offer gave holders the opportunity to exchange up to us$ 782 million in 8.5% senior notes due in 2010 for up to us$ 500 million in 10 % senior notes due in 2016.
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