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Media

Wynn Resorts Raises Cash (WYNN)

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By Douglas A. McIntyre Updated Published

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Wynn Resorts, Limited (Nasdaq: WYNN) has priced a public secondary offering 9,600,000 shares, down from the 7 million shares originally  planned.  The secondary offering was priced at $19.00 per share.   Wynn Resorts intends to use the proceeds for general corporate purposes, including repayment of debt.  These shares were also sold under an existing shelf registration.

The net proceeds to Wynn Resorts after discounts, commissions, and expenses is approximately $175 million. Underwriters in the deal are Deutsche Bank and Merrill Lynch as joint book runners, with co-managers listed as JPMorgan Securities, Moelis & Company, and Wachovia Capital Markets.  Wynn Resorts granted an option to purchase up to an additional 1,440,000 shares of common stock over the next 30 days.  Moelis & Company served as financial adviser to the Wynn in connection with this transaction.

As of the end of 2008, Wynn had more than $1.1 billion in cash.    It also had almost $4.3 billion in direct long-term debt.

Wynn was trading north of $21.00 as recently as yesterday and closed at $19.65 yesterday.  Its 52-week trading range is $14.50 to $119.74.  Shares are down 3% right after the open, at $19.00.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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