CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!

Gaming News

 

Aruze Investment in Wynn Resorts Detailed

5 November 2002

TOKYO -- Aruze Corp., Japan's biggest maker of pachinko and slot machines, today detailed plans to invest $75 million in Wynn Resorts Ltd., a Las Vegas-based casino developer that last month raised $450 million in a public offering.

Aruze will buy 5.6 million shares in Wynn Resorts to raise its stake in the U.S. company to 32.9 percent from 25.4 percent, it said in a statement.

The company will pay $72.5 million for the shares and invest $2.5 million to purchase a bond issued by Wynn Resorts, which is building the Le Reve resort on the Las Vegas Strip and a second casino in the Chinese island city of Macau.

Developer Steve Wynn will invest the same amount as Aruze, the Japanese company said.

It wasn't clear today if the $75 million is part of, or on top of, the $260 million committed to Le Reve by Aruze chief and Wynn partner Kazuo Okada. The $260 million investment was announced by Okada in 2000.

< Gaming News