OOPS: Wynn Mistakenly Claims Approval In Cotai

steve wynn

Photo: AP

ORIGINAL:

Wynn Resorts shares have been halted pending an announcement.

More to come.

Recently Wynn has made headlines over an ongoing dispute within its board, and the company ousted company co-founder Kazuo Okada.

UPDATE:

Shares in Wynn Resorts have surged six per cent following strong results out of its Macau division and news that it had made progress on plans to develop a second resort on the island.

The company’s subsidiary Palo Real Estate Co. Ltd. was granted an initial 25-year lease to construct operations on the Cotai strip, a newly reclaimed area between Coloane and Taipa islands in Macau. 

Wynn Macau, a second Wynn subsidiary, will manage gaming operations there.

Macau’s Gaming Inspection and Coordination Bureau also announced that revenues in the region soared 22 per cent in February, even as a calendar shift put the Chinese New Year in January. Sales topped MOP24.29 billion, or $3.04 billion, during the month, with year-to-date results up 28 per cent. 

Wynn shares were halted at 10:18 a.m. before the announcement.

SECOND UPDATE:

Wynn Resorts has said that it incorrectly filed a claim with the SEC regarding approval of a land deal in Cotai, that sent shares surging higher this morning.

Earlier today, the company said in an 8-K filing with the SEC it had won a 25-year lease for land in Cotai, a strip sitting between Coloane and Taipa islands in Macau.

However, in an amended filing, the company said it had mistakenly filed the claim.

“On March 2, 2012, a Current Report regarding the gazetting of the Cotai Land Concession Contract on Form 8-K (the “Land Concession 8-K”) was filed by mistake by the Company’s agent. The filing was not authorised by the Company. The Cotai Land Concession Contract has not been gazetted. The purpose of this filing is to retract the Land Concession 8-K in its entirety,” the company said in a report.

Wynn shares have been halted on the news.

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