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HK investors bet on Wynn Macau


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Old 10-13-2009, 07:26 PM
irahat irahat is offline
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Default HK investors bet on Wynn Macau

Wynn Macau shares jumped 9 percent in their first hour of trading in their Hong Kong debut, defying gloomy forecasts and showing strong appetite for gambling stocks.

Wynn executives celebrated one of Hong Kong's best recent IPO debuts, which director Allan Zeman called a good result considering the current economic climate.

WYNN NON-EXECUTIVE DIRECTOR ALLAN ZEMAN SAYS:

"And those people who want to flip on opening day they are entitled to but they are better off to go to Macau and play in the casinos. Generally we look for long term investors and so with the earnings of the company and the Macau story, hopefully the shares will continue to go up."

Macau, a special administrative region under Chinese rule, is the world's biggest gambling market and the only place in China where gambling is legal.

The global IPO market is heating up, encouraged by a rebound in stock markets worldwide.

Meanwhile, August saw record gambling in Macau, after China eased restrictions on citizens travelling from Guangdong province.

The $1.63 billion IPO, the world's sixth-largest this year, may speed up the listing of the Sands, which plans to raise billions of dollars in a Hong Kong offer for its Asian assets.

Fullbright analyst Francis Lun says U.S. casinos are looking to Macau to turn around their sagging fortunes.

FULLBRIGHT SECURITIES ANALYST, FRANCIS LUN SAYs:

"Why they listed in Hong Kong? Because they need the money, really simple! Wynn in the U.S. is losing money and they need a lot of money to fund their expansion in the U.S."

Asia has led the IPO rebound with many large issues, primarily in Hong Kong and China, but some market-watchers wonder whether new offerings may be a gamble after over 60 percent gains in mainland stocks this year.
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