Report: Wynn boosts size of initial public offering for Macau assets
New York (AP) — Casino operator Wynn Resorts Ltd. will increase the size of its Hong Kong initial public offering for its Macau casino assets, as it looks to raise up to $1.63 billion, The Wall Street Journal reported.
The news comes as the Las Vegas-based company looks to the island of Macau for revenue growth, amid signs that China may lift visa restrictions, which could flood the gambling enclave with customers. Macau, located southwest of Hong Kong, is the only place in China where gambling is legal and is now the world’s top gambling market.
Wynn Resorts, run by billionaire and major stockholder Steve Wynn, has a resort under construction in Macau in addition to its other properties. The $700 million Encore at Wynn Macau, due to open next year, is expected to include 600 rooms and suites along with casino, restaurant, retail and lounge space.
Dubai star developers return to Cityscape property fair
Dubai, United Arab Emirates (AP) — Dubai’s two star developers said they will take part in the emirate’s property expo, reversing an earlier decision to pull out.
Nakheel, and its rival Emaar Properties, unexpectedly pulled out last week from the Cityscape show, long one of the highlights on the Dubai business calendar before property prices began to collapse last year.
In statements to the media, both companies said they will participate in the two-day property fair, set to begin in Dubai Oct. 6.