Wynn Resorts Plans HK IPO of Macau Unit: Reports

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Las Vegas casino company Wynn Resorts has submitted an application to list its Macau unit in Hong Kong and raise between $500 million and $1 billion, according to Reuters in a sourced report on Tuesday.

The Hong Kong Economic Times also reported that Wynn Resorts will likely join Las Vegas Sands by listing its Macau gaming business on the Hong Kong bourse.

Wynn has submitted an application to the Hong Kong Exchange and a hearing is expected to be held within 3 months, with the listing seen taking place in the fourth quarter, the newspaper said but gave no further details.

Wynn has appointed JPMorgan, UBS and Morgan Stanley as sponsors of the share sale, which aims to raise US$1-2 billion, market sources said.

Las Vegas Sands has appointed Goldman Sachs to handle its listing, which aims to raise at least US$2 billion, sources added.

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Shares of Las Vegas Sands surged nearly 15 percent on Monday on optimism an initial public offering of its Macau assets would take place in Hong Kong as early as next month.

Reuters had reported in May that the world's largest casino company had hired Goldman Sachs to look at a potential Hong Kong listing for its Macau assets.