US casino operator Wynn Resorts says it has raised net proceeds of around US$842.5 million from an underwritten public offering of common stock, which closed on Friday.
According to a filing, underwriters purchased all 7,475,000 shares on offer, which comprised a base offering of 6,500,000 shares and the option to secure up to another 975,000, which was quickly snapped up. Wynn had originally planned to offer 5,500,000 million shares of common stock with a 30-day option to purchase up to an additional 825,000 shares before increasing its offer.
The company said Friday it plans to use the net proceeds from the offering for “general corporate purposes.”
The fundraising initiative comes after Wynn Resorts recently reported a net loss of US$269.5 million in 4Q20 on a 58.5% decline in operating revenues. Wynn’s Macau properties reported an operating loss of US$74.3 million but returned to positive EBITDA of US$39.4 million compared with an EBITDA loss of US$112.1 million in 3Q20.