The offering is expected to close on Nov. 18, 2008. Including1.2 million shares meant to cover over-allotments, up from 750,000earlier in the day, the company stands to generate $400 million ingross revenue. Wynn Resorts intends to use the proceeds for generalcorporate purposes, including repayment of debt. The company saidin another SEC filing that it had revised its agreement withDeutsche Bank so it can purchase up to $650 million of its owndebt.

The company stated in the prospectus it filed in conjunctionwith the initial five-million-share offering that "index fundswhose portfolios are primarily based on stocks included in theS&P 500 may be required to purchase shares of our commonstock." Even prior to the 60% increase in the size of the offering,analysts were speculating that company chairman Steve Wynn wasbeing opportunistic in terms of raising capital, using its strongmarket position to better its balance sheet.

Wynn Resorts CFO Matt Maddox told analysts earlier this monththat the company is in an "enviable position" financially, with$1.7 billion of cash on hand and an additional $500 millionavailable on a revolving credit facility, providing total liquidityof $2.2 billion. Later in the call, Steve Wynn was asked if thedevalued state of his competitors would make acquisitions moreinteresting to him; the chairman didn't mince words.