LAS VEGAS (AP) - Casino operator Wynn Resorts Ltd. says it plans to sell 7 million new shares of its common stock to raise cash to pay debt and support operations.
The Las Vegas-based company said Monday that it also plans to give Deutsche Bank Securities Inc. and Merrill Lynch & Co. options to buy an additional 1 million shares. Wynn Resorts says the banks are acting as managers and underwriters for the offering. Merrill Lynch is now part of Bank of America Corp.
Shares of Wynn Resorts were down $1 or 5 percent in aftermarket trading on Monday after closing the day at $19.65, down $1.15. The stock is down more than 83 percent from its 52-week high of $119.74.
Wynn Resorts said last month that it lost $159.6 million in the fourth quarter of 2008.