LONDON - Casino operator Wynn Resorts' $1.6 billion Initial Public Offering of its Macau unit in Hong Kong is more than 10 times covered, a source familiar with the deal said on Friday.
Chairman Steve Wynn and management are meeting investors in London before heading to a next stop in New York.
The source said the bulk of the interest for the unit has been from Asia and the company wants to allocate some 50 percent of the share offering to Asian investors.
Over 90 percent of its customers come from Hong Kong and China. It's natural that the company wants to make sure most investors are from Asia. Although it also wants long term global investors, the source said.
The retail part of the offering was some 50 times covered in the first few hours.
(Reporting by Daisy Ku, Editing by Douwe Miedema)