This is the second time in the past four months that Wynn has sold shares. In November, one month before it opened its $2.3-billion Encore resort next to Wynn Las Vegas, the company announced a five-million-share offering, citing expected demand from its addition to the S&P 500, and then a few hours later upped the offering to eight million shares and priced it at $43.50 per share. This time around, the company initially said it would sell 7 million shares and on Tuesday upped that total to 9.6 million shares (not including the over allotment set-aside, which was increased to 1.4 million shares from 1 million).

Along with the November offering, Wynn amended its credit agreement, permitting it to from time to time to purchase loans outstanding under the credit agreement. The repurchases are limited to $650 million and all repurchases need to close on or before March 31, 2009, according to the agreement. In December, it purchased at a 4.6% discount some $625 million of loans previously made to the company.

Underwriting the current offering are Deutsche Bank Securities Inc., Merrill Lynch & Co., J.P. Morgan Securities Inc., Moelis & Co. and Wachovia Capital Markets. The November offering was underwritten by Deutsche Bank Securities Inc. and Banc of America Securities LLC.

Wynn Resorts had 103.75 million shares outstanding prior to the November offering. If all shares currently being offered are sold, the number of outstanding shares will stand at 123 million, which would amount to a 20% increase in the number of outstanding shares in the past four months. The company's share price stood at $19.78 in afternoon trading Tuesday, up $0.15 on the day on double the normal trading activity. The shares have traded between $14.50 and $119.74 over the 52 weeks.