Business

HEADLINES:

Wynn Macau flotation hits the jackpot in Hong Kong

09.10.09

Steve Wynn, the American casino billionaire, has broken Hong Kong's run of misfiring flotations with his Macau gambling house hitting the jackpot on debut.

Shares in Wynn Macau leapt 13% on first day dealings in Hong Kong.

Wynn, the Las Vegas casino legend and the man behind the Golden Nugget in the desert home of gambling, raised $1.6 billion (�999 million) selling a stake in Wynn Macau � one of the biggest casinos in the Chinese gambling mecca down the coast from Hong Kong. The success of Wynn Macau's flotation comes hot on the heels of five other flotations in the past fortnight when the shares collapsed on debut.

This flotation of Wynn Macau � which is now valued at around $7 billion � is likely to be followed by the Hong Kong debut of another Macau casino operator, Las Vegas Sands, run by another Vegas legend Sheldon Adelson.

Gambling in Macau has exploded after Beijing lifted restrictions on Chinese mainlanders visiting the island which is a former Portuguese colony.

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