Wynn Resorts plans to raise cash in offering
Wynn Resorts Ltd. plans to raise as much as HK$12.6 billion ($1.63 billion) in a Hong Kong initial public offering of its Macau casino assets, two people familiar with the matter said.
Wynn Macau Ltd. plans to sell 1.25 billion shares for between HK$8.52 and HK$10.08 apiece, the two people said, asking not to be identified before a company announcement. The sale represents about 25 percent of the Macau business, they said.
The Las Vegas-based company is selling part of its Macau assets, which contributed 57 percent to second-quarter revenue, as it grapples with declining income at home. Wynn is tapping optimism that China will later this year make it easier for its citizens to travel to Macau, the world’s biggest gambling hub, after a rally that has seen Hong Kong shares of Macau casino operators Galaxy Entertainment Group Ltd., SJM Holdings Ltd. and Melco International Development Ltd. more than double this year.
Wynn Resorts shares fell 48 cents, or 0.69 percent, Monday to close at $68.68 on the Nasdaq National Market.
Pardee Homes highly rated by J.D. Power
Pardee Homes received the highest rankings from J.D. Power and Associates for customer satisfaction and quality among Southern Nevada homebuilders.
Pardee scored 901 in the 2009 new-home quality study. Meritage homes was second with a score of 893, followed by Centex (880), KB Home (871), Pulte (853), Lennar (850) and Ryland (850). The Las Vegas market average was 837.
J.D. Power’s overall satisfaction index showed Pardee at 867, followed by Meritage (866), Del Webb (849), KB Home (841), Lennar (832) and Pulte (832).
According to the report, Pardee performs particularly well in builder’s sales staff, construction manager, workmanship and materials, home readiness, builder’s warranty and customer service, and location.
Pardee has built nearly 40,000 homes in the Las Vegas Valley since 1952.
Lottery-machine issue left to voters in Ohio
The Ohio Supreme Court on Monday ruled that voters must decide if 17,500 video lottery machines can be added to the state’s racetracks.
In a 6-1 ruling, the court agreed with an anti-gaming group that residents must approve the games, which were authorized by Ohio’s governor and state legislators earlier this year.
Lawmakers want to use taxes from slot machine revenues to help balance the state budget.
The VLTs look and operate like slot machines but have an outcome determined by a central server. Nevada slot machine makers had hoped to begin shipping VLTs to Ohio’s seven racetracks next year.
Barring any appeals, the initiative will appear on the November 2010 ballot.
Ohio voters will consider a casino measure in statewide referendum in November. Proponents want to add Las Vegas-style casinos, one each, to Columbus, Cleveland, Cincinnati and Toledo, the state’s largest cities.