Wynn Resorts expects to raise around $630.6m as it launches an underwritten public offering of 5.5m shares of its common stock, with an option to purchase a further 825,000 shares.
The expected proceeds of $630.6m are based on a public offering price of $116.99 per share, Wynn’s closing share price at the end of trading on the Nasdaq exchange on Friday (February 5), and also takes into account underwriting discounts and offering expenses.
If the additional 825,000 shares are also purchased, Wynn could raise as much as $725.2m.
Wynn said the funds raised will be used for “general corporate purposes”, which may include capital expenditures, acquisitions, investment in the business’s subsidiaries and repayments of debt.
