Wynn Macau 1128

[winston]

Wynn reportedly plans $1 billion Hong Kong IPO for Sept. 25

HONG KONG (MarketWatch) -- Wynn Resorts Ltd. /quotes/comstock/15*!wynn/quotes/nls/wynn (WYNN 52.25, -0.20, -0.38%) plans to raise US$1 billion in an initial public offering of its Macau assets on Sept. 25, ahead of a Hong Kong listing Oct. 8, the Hong Kong Economic Journal reported Wednesday citing an unnamed source.

Wynn plans to start a roadshow for the IPO Sept. 21, after securing approval for a listing from the Hong Kong stock exchange next week, the report added.

Investment banks Morgan Stanley (MS), J.P. Morgan Chase & Co. (JPM) and UBS AG (UBS) have been appointed to handle the IPO, a person familiar with the situation told Dow Jones Newswires earlier

[winston]

The Venetian is more crowded that Wynn. In addition, I also dont quite like the location of Wynn. However, people still go to Wynn for their Water Fountain Show as well as the Magic Tree show. Should be good for a stag if the pricing is not too expensive ..

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Wynn Resorts to raise up to $1 bln in HK IPO on Oct 9 -sources

HONG KONG, Sept 11 (Reuters) - Las Vegas casino operator Wynn Resorts plans to raise up to $1 billion by listing its Macau assets on the Hong Kong stock exchange, two sources with direct knowledge of the deal said on Friday.

The listed unit, Wynn Macau Ltd, will sell 20 percent of its enlarged share capital, said a source who declined to be identified. The tentative listing date for the IPO is set for Oct 9, the source added.

Hong Kong's stock regulator on Thursday approved Wynn's application to launch its initial public offering in Hong Kong, according to a second source.

JP Morgan , UBS AG and Morgan Stanley have been designated to handle Wynn's Hong Kong listing.

(Reporting by Donny Kwok and Fion Li; Writing by Sui-Lee Wee, Editing by Ken Wills) (([email protected]; +852 2843 6314; Reuters Messaging: [email protected]))

[-dol-]

I like the Magic Tree show.

Another sure win? If so, it should be priced at the top of the range. Milk the masses.

[winston]

UPDATE 2-Wynn ups size of Macau IPO to $1.6 bln-sources

* Wynn ups Macau unit IPO based on positive feedback-sources
* Price range of HK$8.52-10.08 per share is set-sources
* HK businessmen Kwok, Lau and Malaysian Guoco family invest (Adds details of Wynn Macau IPO investors, paragraph's 6-8)

By Michael Flaherty

HONG KONG, Sept 20 (Reuters) - Las Vegas casino company Wynn Resorts (WYNN.O) has raised the size of the initial public share offer in Hong Kong for its Macau unit by around 25 percent, according to sources familiar with the matter, seeking to raise up to $1.6 billion.

The IPO has attracted a combined $250 million from several so-called "cornerstone investors," or investors who take a substantial stake in the company before the offering, one of the sources said.

Among them is Thomas Lau, the billionaire managing director of Lifestyle International (1212.HK), the retailer that operates the Sogo department stores in Hong Kong's Causeway Bay and Tsim Sha Tsui districts and the Jiuguang Department Store in Shanghai.

Another is Walter Kwok, of the Kwok family-run Sun Hung Kai Properties, Asia's largest property group by market value. Malaysia's wealthy Guoco family is also investing in the IPO.

Wynn's second resort in Macau, called Encore at Wynn Macau, is scheduled to open in the first half of 2010, the company said in the IPO prospectus. The total budget for the construction is about $650 million and so far construction costs have totalled about half that amount.

Wynn, which had shelved its plans to list its Macau assets late last year amid the stock market plunge, will kick off its roadshow for the deal on September 21. The shares could be priced on October 2.

JP Morgan (JPM.N), UBS AG (UBSN.VX) and Morgan Stanley have been designated to handle Wynn's Hong Kong listing.

http://www.reuters.com/article/rbssCons ... nnel=10522

[winston]

DJ Wynn Macau 1H Net Dn 33%;Sees 09 Net At Least HK$1.47B-Document

HONG KONG (Dow Jones)--Casino operator Wynn Macau Ltd. recorded a 33% decline in first-half net profit as restrictions on Chinese tourists and the global downturn led to a fall in gaming revenue, according to its listing prospectus seen Monday by Dow Jones Newswires.

The unit of Las Vegas-based Wynn Resorts Ltd. (WYNN), which plans to list shares in Hong Kong next month, had a net profit of HK$903.7 million in the six months ended June 30, down from HK$1.35 billion in the same period last year, according to the document.

The company expects its 2009 net profit to be at least HK$1.47 billion, down from a net profit of HK$2.04 billion in 2008, according to the prospectus.

-By Jeffrey Ng, Dow Jones Newswires

[winston]

I heard on CNBC today that Wynn's IPO Price is doubled the PE of Galaxy. Not cheap and the IPO bubble may have burst with today's poor showing by Metallurgical Corp ...

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From Phillips:-

Valuation

As the industry is expected to grow rapidly, SJM, the market leader, is trading at 28.6x P/E. As Wynn Macau's market share is less than SJM's, we set our target P/E for Wynn Macau at 23x, which is 20% lower than SJM's current P/E.

We estimate Wynn's 2010 EPS will increase to HK$0.47 after Encore's open, and we reach our 12-month target price HK$10.8. The upside potential relative to the offer price is 7.1% - 26.8%.


Key Risk
- Change in the Chinese government's policy towards Macau
- Wage and cost inflation
- Encore at Wynn Macau failing to attract players

[eauyong]

Quek and Chua invest US$150mil in HK IPO

08:04 9/25/2009, The Star Online

PETALING JAYA: Tycoons Tan Sri Quek Leng Chan and Tan Sri Chua Ma Yu have agreed to take part in the initial public offering (IPO) of Wynn Macau Ltd on the Hong Kong Stock Exchange by investing US$80mil and US$70mil respectively.

[winston]

UPDATE 1-Wynn Macau unit IPO over 10 times covered-source By Daisy Ku

LONDON, Sept 25 (Reuters) - Casino operator Wynn Resorts' (WYNN.O) $1.6 billion Initial Public Offering of its Macau unit in Hong Kong is more than 10 times covered, a source familiar with the deal said on Friday.

Chairman Steve Wynn and management are meeting investors in London before heading to a next stop in New York.

The source said the bulk of the interest for the unit has been from Asia and the company wants to allocate some 50 percent of the share offering to Asian investors.

"Over 90 percent of its customers come from Hong Kong and China. It's natural that the company wants to make sure most investors are from Asia. Although it also wants long term global investors," the source said.

The retail part of the offering was some 50 times covered in the first few hours.

Source: Reuters

[winston]

DJ MARKET TALK: Wynn Macau Off 7.5%; Expectations Too Lofty

1118 [Dow Jones] Wynn Macau (1128.HK) down 7.5% at HK$9.07, early low of HK$9.01 marks post-listing low, despite company reporting adjusted 3Q property EBITDA of US$128.2 million, actually tad higher than US$125 million tipped by Credit Suisse earlier.

Investors likely reacting more to less-than enthusiastic comments on outlook from parent Wynn Resorts (WYNN), also perhaps due to investors' previous lofty expectations for Macau operation.

"There has been a hype around Macau, and people were expecting August and September numbers to be significantly higher," says KeyBanc Capital Markets' Dennis Forst. Stock fall triggers weakness in other Macau plays, with Melco International (0200.HK), Galaxy Entertainment (0027.HK), Shun Tak (0242.HK) falling 4%-6%.

Wynn Macau volume heavy at HK$135.5 million, already near yesterday's full-day volume.

Source: Dow Jones Newswire

[winston]

not vested

DJ Wynn Macau: To Pay Special Dividend Of HK$1.20 Per Share

HONG KONG (Dow Jones)--Wynn Macau Ltd. (1128.HK) said Friday, it would pay a special dividend of HK$1.20 per share, marking the second time the Hong Kong-listed casino operator has declared such a payout.

Those who hold shares through Dec. 7 will be eligible for the special dividend, which is expected to be paid on Dec. 19, the company said in a statement.

Last November Wynn Macau declared a special dividend of 76 Hong Kong cents per share, and said it would consider paying recurring dividends with a target yield of 1%-3% per year.

SJM Holdings Ltd. (0880.HK) is the only other Macau casino operator to have ever paid dividends, though analysts have said other operators such as Sands China Ltd. (1928.HK) and MGM China Holdings Ltd. (2282.HK) could also start paying dividends in coming years.

Source: Dow Jones Newswires