Tags: Wynn | Retracts | Filing

Wynn Retracts Filing Saying Cotai Plan Advances; Shares Rise

Friday, 02 March 2012 12:45 PM

Wynn Resorts Ltd. retracted a filing suggesting the company completed a land concession contract on its proposed resort and casino in the Cotai area of Macau. The shares advanced.

Wynn Resorts rose 6.7 percent to $130.18 at 12:12 p.m. in New York after gaining as much as 8.6 percent. Trading was halted at 10:18 a.m. New York time and resumed at 11:55 a.m.

The 8-K filing by Wynn, the Las Vegas-based operator of its namesake and Encore casinos, incorrectly said a land concession contract first reported in September was published in the official Gazette of Macau last month, which would mark the official start of the agreement.

“The filing was not authorized by the company,” Wynn said in an amended statement. “The purpose of this filing is to retract the Land Concession 8-K in its entirety.”

Macau is the world’s largest gambling market, and the only place in China where casinos are permitted. The Cotai area has become the focus of recent expansion. Las Vegas Sands Corp. will open its third casino-hotel on Cotai in April. Hong Kong tycoon Francis Lui’s Galaxy Resorts opened there in May.

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Friday, 02 March 2012 12:45 PM
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