Shares of Wynn Resorts Ltd. WYNN, +7.64% fell 3.4% in premarket trading Monday, after the casino operator and gaming company announced a public offering of 5.5 million shares of common stock. Based on Friday’s stock closing price of $116.99, which was the highest close since Feb. 24, 2020, the offering could be worth $643.4 million. The company plans to use the proceeds from the offering for general corporate purposes. Wynn plans to grant the underwriters of the offering options to buy an additional 825,000 shares to cover overallotments. With about 107.9 million shares outstanding, the offering could represents about 5.9% of Wynn’s shares outstanding if the underwriters exercise all of the options to buy additional shares. The offering comes after Wynn’s stock has rallied 46.1% over the past three months, while the SPDR Consumer Discretionary Select Sector ETF XLY, +0.96% has advanced 12.8% and the S&P 500 SPX, +0.39% has gained 10.8%.
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