CasinoCityTimes.com

Home
Gaming Strategy
Featured Stories
News
Newsletter
Legal News Financial News Casino Opening and Remodeling News Gaming Industry Executives Search News Subscribe
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
SEARCH NEWS:
Search Our Archive of Gaming Articles 
 

Wynn Resorts Announces Common Stock Offering

7 May 2004

LAS VEGAS -- (PRESS RELEASE) -- Wynn Resorts, Limited (Nasdaq:WYNN) announced today that it is commencing a public offering of 7,000,000 shares of its common stock. Deutsche Bank Securities Inc. will act as sole book-running manager of the offering. In addition, J.P. Morgan Securities Inc., Banc of America Securities LLC and Bear, Stearns & Co. Inc. will act as co-managers of the offering. Wynn Resorts has granted the underwriters an option to purchase up to an additional 1,050,000 shares to cover over-allotments, if any. The sale is expected to close on Wednesday, May 12, 2004, and is subject to customary conditions.

The net proceeds from the sale of the common stock will be approximately $268.1 million, after deducting underwriting discounts and estimated offering expenses payable by Wynn Resorts. Subject to obtaining necessary consents from the lenders under certain of its existing indebtedness, Wynn Resorts intends to use a portion of the proceeds from the offering to redeem a portion of the outstanding 12% Second Mortgage Notes due 2010 of Wynn Resorts' subsidiaries Wynn Las Vegas, LLC and Wynn Las Vegas Capital Corp. Wynn Resorts intends to use the remaining net proceeds from this offering to help finance the first casino resort to be developed in Macau Special Administrative Region of the People's Republic of China by its subsidiary Wynn Resorts (Macau), S.A., and for general corporate purposes, including possibly financing potential future acquisitions or other investments.

This communication shall not constitute an offer to sell or a solicitation of an offer to buy any securities. Copies of the written prospectus meeting the requirements of the Securities Act of 1933, as amended, may be obtained from Deutsche Bank Securities Inc., Attn: Syndicate, 60 Wall Street, 4th Floor, New York, New York 10005.

< Gaming News

Wynn Resorts Announces Common Stock Offering is republished from Online.CasinoCity.com.