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***GambLux EDITOR ARTICLES*** |
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Wynn Stock Rises after Sale of Macau Casino License
[Tuesday, March 07, 2006]
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The Wynn company's stock value increased by 13 percent Monday after Steve Wynn announced a sale of his license to build a casino in Macau to the Australian Publishing and Broadcasting Ltd. (PBL) Casino firm.
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Shares in Wynn Resorts rose by $8.34 to $72.75 on the Nasdaq Stock Market as a result of the announcement of the sale. PBL purchased the Wynn license for $900 million, which is several hundred million dollars more than even the most liberal analysts had predicted. According to William Lerner of the Prudential Equity Group, the casino license had been expected to sell for $350- $500 million.
The sale of the casino license to PBL does not affect Steve Wynn's plans to build his own casino in Macau, since Wynn holds an additional license. He is in fact currently building a $1.2 billion casino and resort in Macau, which is to open on September 5th, as previously planned.
Wynn told reporters that the deal with PBL had been on the table for months before its finalization. The deal had, he said, been thoroughly discussed with Macau government officials. The Las Vegas- based casino mogul also said that he expects that the Macau government will issue its final approval of the deal within the next few weeks.
Macau, a former Portuguese colony controlled by China since 1999, has acquired a reputation as the "Asian Las Vegas" since the government decided open a competitive bid for world casino operators several years ago. Macau's location makes it a prime spot for an Asian gambling hub; it is close to the high- rollers of both Hong Kong and the Chinese mainland.
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