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Wynn Macau shares rise in Hong Kong

9 October 2009

HONG KONG, China -- As reported by Bloomberg: "Wynn Macau Ltd. rose 6.9 percent on its first day of trading in Hong Kong, underscoring demand for Macau casino stocks as Sheldon Adelson'sLas Vegas Sands Corp. prepares to raise at least $2 billion.

"Wynn Macau, which raised $1.63 billion in Hong Kong's second-largest initial public offering this year, closed at HK$10.78 today from the offer price of HK$10.08. The stock earlier gained as much as 13 percent. The city's benchmark Hang Seng Index rose 0.03 percent.

"Wynn's debut 'may be good for Las Vegas Sands but they have to move soon,' said Binay Chandgothia, who manages about $2 billion as Chief Investment Officer at Principal Global Investors (Hong Kong). 'The sooner one comes to the market, the better they'll do because there's a saturation point.'

"Casino revenue in Macau, where billionaire Stephen Wynn's company is the fourth-largest operator, is rebounding as China's economy recovers and curbs on mainland visitors are loosened. Vegas Sands plans to raise funds in Hong Kong as the company seeks to restart construction of a Macau resort.

"Wynn, 67, sold the stake in his assets in Macau, the world's biggest gambling hub, as he grapples with falling revenue at Wynn Resorts Ltd.'s Las Vegas operations..."

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