Tag: UFA

Wynn details $2.5 billion plan for Le Reve in IPO

Wynn details $2.5 billion plan for Le Reve in IPO

Steve Wynn, the builder of the Mirage Resorts empire and owner of the Desert Inn hotel-casino on the Strip, today filed for an initial public stock offering with the Securities and Exchange Commission to partially fund Le Reve, a $2.5 billion luxury resort he hopes to open in March 2005 at the Desert Inn site.

The IPO, filed this morning by Wynn Resorts Ltd., Las Vegas, is underwritten by Deutsche Bank Securities (formerly Deutsche Banc Alex. Brown), New York, Bear Stearns & Co., New York, and Banc of America Securities, San Francisco, and Dresdner Kleinwort Wasserstein, New York.

The timing of the initial stock sale and the initial stock price were not listed. The filing projects proceeds of $355 million from the offering.

In addition, Wynn Resorts and its subsidiaries, Wynn Las Vegas LLC and Wynn Las Vegas Capital Corp., will jointly offer $350 million in second mortgage notes.

The …

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