Wynn Resorts plans to raise $859.6 million from a public sale of 6.5 million shares of common stock.
The shares are priced at $115 each in an offering that’s been increased by 18 percent since the sale was announced and includes an increase in the allotment available to underwriters from 825,000 shares to 955,000.
The stock (Nasdaq: WYNN) was trading at around $116 at the end of last week.
Deutsche Bank Securities, Goldman Sachs and Bank of America Securities are acting as lead book-running managers for the offering, whose proceeds are earmarked for “general corporate purposes,” the Las Vegas-based gaming giant said.
The sale was announced in the wake of the company’s 2020 earnings call in which an operating loss for the year of $1.2 billion was announced as the Covid crisis continues to ravage its principal markets on the Las Vegas Strip and in Macau.
Wynn posted a $878.3 million profit in 2019.
