|Steve Wynn, the entrepreneur behind Las Vegas casinos the Mirage and the Bellagio, will begin pitching to investors his plan for a $2.4 billion Las Vegas resort and a new casino on the Chinese island of Macau shortly after Labour Day, according to a source at Deutsche Banc Securities, one of the investment banks managing the initial public offering (IPO).|
The IPO of holding company Wynn Resorts Ltd. is provisionally set for two weeks later during the week of Sept. 16. The proceeds, which could raise as much as $408 million, would help keep construction of the Le Reve resort in Las Vegas on track to open by 2005.
Few property developers have big enough reputations to drum up interest from investors in a project that has yet to begin construction, especially in the current IPO market. Wynn's reputation for making money in the gaming industry, however, is likely to get investors reaching for their checkbooks.
The Le Reve, touted to be Las Vegas's new landmark hotel, is Wynn's answer to casino giant MGM Mirage's properties like Bellagio, The Mirage and Treasure Island, which redefined the Vegas strip. Wynn sold Mirage Resorts to MGM Grand for $6.4 billion in 2000.
Le Reve will include about 5 million square feet of space, making it larger than the Mirage, but smaller than Bellagio. The groundbreaking is scheduled for September and the resort is expected to be completed by March 2005.
Wynn's company also plans to invest at least $500 million in Macau's gaming industry after winning one of three casino licenses earlier this year. Macau may also be issuing online gaming licenses in the near future.