Casino giant Wynn gets go-ahead for Hong Kong IPO

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AFP Casino operator Wynn Resorts has received approval for a one billion dollar share offering on the Hong Kong market of its Macau gambling business, a source familiar with the matter said Monday. The roadshow for the sale of a 20 percent stake in its Macau casino operations will start September 21 while the listing is planned for October 9, the source said. US casino billionaire Steve Wynn has been looking for funds to expand his business in the Chinese gaming haven of Macau but was previously deterred by weak stock market conditions, reports have said. A pick-up in investor confidence has revived appetite for initial public offerings in Hong Kong recently with the benchmark Hang Seng Index closing at its highest level in more than a year on Friday. More than 10 IPOs are due by the end of October. Wynn's listing follows a share sale in July of rival firm Sociedade de Jogos de Macau Holdings (SJM), the casino firm of Macau tycoon Stanley Ho. Since Ho's monopoly on gaming in the former Portuguese colony was broken up in 2002, the city has seen a flood of investment from foreign operators, transforming it into the world's largest casino market. Record monthly takings at Macau's casinos in August have prompted hopes of a recovery after a recent slowdown.