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LAS VEGAS-Wynn Resorts is apparently looking to stay ahead of the game. Despite not having liquidity issues like some of its peers the upscale casino company announced a five-million-share offering Thursday afternoon, citing expected demand from its addition to the S&P 500. A few hours later, it upped the offer to eight million shares and priced it at $43.50 per share.

The offering is expected to close on Nov. 18, 2008. Including 1.2 million shares meant to cover over-allotments, up from 750,000 earlier in the day, the company stands to generate $400 million in gross revenue. Wynn Resorts intends to use the proceeds for general corporate purposes, including repayment of debt. The company said in another SEC filing that it had revised its agreement with Deutsche Bank so it can purchase up to $650 million of its own debt.

The company stated in the prospectus it filed in conjunction with the initial five-million-share offering that “index funds whose portfolios are primarily based on stocks included in the S&P 500 may be required to purchase shares of our common stock.” Even prior to the 60% increase in the size of the offering, analysts were speculating that company chairman Steve Wynn was being opportunistic in terms of raising capital, using its strong market position to better its balance sheet.

Wynn Resorts CFO Matt Maddox told analysts earlier this month that the company is in an “enviable position” financially, with $1.7 billion of cash on hand and an additional $500 million available on a revolving credit facility, providing total liquidity of $2.2 billion. Later in the call, Steve Wynn was asked if the devalued state of his competitors would make acquisitions more interesting to him; the chairman didn’t mince words.

“No, we don’t want to buy anything; there is nothing we see that we want to own,” he said. “We do better building our own stuff. We will have plenty to keep us busy. We have a hotel opening in a few weeks [Encore at Wynn Las Vegas] and another one opening up 12 months from now in Macau. That is all we are going to do for now. I don’t have any plans to rush into anything else.”

Wynn Resorts had 103.75 million shares outstanding prior to the offering. Deutsche Bank Securities Inc. and Banc of America Securities LLC are the joint book running managers and underwriters.

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