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Wynn Macau 6.9 percent higher in Hong Kong debut

09/10/2009 09:10:00
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Wynn Macau, the casino business of Las Vegas mogul Steve Wynn, closed 6.9 percent higher on its Hong Kong stock market debut yesterday buoyed by expectations for growth in the Chinese gaming industry.
Shares in the firm finished at 10.78 Hong Kong dollars (1.39 US), up from its initial public offering (IPO) price of 10.08 dollars and outperforming the Hang Seng Index, which finished flat.
Wynn has raised 1.6 billion US dollars in share sales to expand gaming operations in Macau.
The former Portuguese colony, the only city in China where casino gambling is legal, has now leapfrogged Las Vegas in terms of gaming revenue after opening up its market to overseas operators in 2002.
“Wynn Macau has a unique quality because its customers are from China and the surrounding region,” said Jackson Wong, vice president of Tanrich Securities.
“That is a huge market compared to Las Vegas so there is potential for huge growth.”
He said the company had also benefited from strong brand recognition, an important factor for Chinese investors, as well as gains in the Hong Kong stock market this week.

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