Wynn launches public shares offering

Wynn Resorts has launched a public offering in a bid to raise $630.6m for general corporate purposes.

US.- Casino operator Wynn Resorts hopes to raise $630.6m in a public offering of 5.5m shares of common stock at $116.99 per share.

On top of what the initial offer, there is an option to purchase a further 825,000 shares, meaning the company could raise up to $725.2m.

Wynn said the funds obtained will be used for “general corporate purposes”.

Many other companies have used public offerings as a way to boost finances to see operations through the Covid-19 pandemic.

The Encore owner reported negative earnings of $66m for the three month period ending September 30. That compares to a positive $397m in the same period in 2019.

Wynn made it to Fortune’s “World’s Most Admired Companies” list for 2021 in the hotel, casino and resort category.