Wynn Casinos could be listed on the Hong Kong market

According to a report in the South China Morning Post, gambling tycoon Steve Wynn is consulting financial agencies for a secondary listing for his casino and hotel group in Hong Kong. The paper, citing unnamed sources, claims that Wynn has already hired USB, Deutsche Bank and Morgan Stanley to advise on a possible secondary listing on the Hong Kong market of Wynn Resorts Ltd. (NYSE:WYNN). The move is rumored to bring in about $3 billion in fresh cash to the casino company, which in turn will be used to finance further developments in Macau, the world's hottest gambling market. Macau's casinos generated US$3.71 billion in gambling revenue in the first three months of this year, more than their counterparts in the Las Vegas Strip and Atlantic City, New Jersey, combined.

Published on 07/10/2008