International edition
September 18, 2020

It could raise as much as us$ 1.87 billion from his Hong Kong IPO

Wynn Macau plans casino for lucrative Cotai district

(Macau).- Casino magnate Steve Wynn said that his Wynn Macau had spent seven months planning a new project in Macau's potentially lucrative Cotai area, and could "take the next step" on a new project there as early as the northern spring.

W

ynn, who was in Hong Kong to promote the October 9 listing of Wynn Resorts' Macau assets, also confirmed reports that officials in the southern Chinese province of Guangdong had recently relaxed restrictions on the number of times its residents could travel to Macau.

Macau's operators were hit hard last September after mainland Chinese officials limited Guangdong residents to one trip every three months, instead of the prior one trip per month. Mr Wynn said that the original limits had been restored. "There's a lot of common sense evident in the Chinese government," Wynn said at a media briefing. "They cooled off the economy when it was time to cool off the economy in Macau."

Wynn could raise as much as us$ 1.87 billion from his Hong Kong IPO, if an over-allotment option is exercised in full. In April, the company will open a us$ 737 million expansion of its flagship project, known as Encore at Wynn Macau.

But Wynn's larger ambitions are set on Cotai, which he described as "the most extraordinary opportunity in the world." "We have been at the design of Cotai for seven months, and we believe we have a breakaway completely unique idea that's never been done anywhere before," Wynn said.

Wynn, which relies heavily on revenue from high-rolling VIP gamblers, many of whom are from south-east Asia, said he wasn't concerned about the threat of new casino openings in Singapore, scheduled for the first half of next year. "People from all over will go to Singapore to check it out, and if they have a good experience they'll go there more than once, but as far as the day in, day out, month in, month out business, proximity is the most powerful factor," he said.

In 2008, Wynn had a 16.4 % market share of Macau's table revenues, and a daily gross win per gaming table of about us$ 15,354 - nearly double the average rate in Macau, according to its prospectus. With its IPO, Wynn is hoping to become what Wynn called the first US company to list on Hong Kong's exchange. "We want to become more of a Chinese company," Wynn said. "With this IPO, we're a Chinese company with Chinese ownership."

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