getting there close and closer
i dont think we will have much of a sell off...
the market is too good right now for it to break below 100
105 is buy
old news, but I think this is what you're talking about?
here it is
rading of Wynn Resorts Ltd. shares is halted after the company mistakenly reported that it made progress on a new resort in the Chinese gaming hub of Macau.
Shares jumped 6 percent after Wynn filed a regulatory report saying it made progress on a lease for the resort. The company later said the filing was a mistake. Wynn says there was no agreement and the filing was submitted by accident.
In the erroneous report, Wynn Resorts said its subsidiary in Macau had reached an agreement with the government there that would open the door to developing a five-star hotel, and casino.
Macau is a major resort and gambling destination that draws visitors from around Asia.
Shares had jumped $7.70, or 6.3 percent, to $129.76 before trading was stopped.
Waddell & Reed Financial Inc. (WDR), a U.S. mutual fund company, is selling shares in two Macau, China- based casinos, Sands China Ltd. (1928) and Wynn Macau Ltd. (1128), raising about $250 million, according to terms obtained by Bloomberg News.
A total of 41 million shares in Sands China are being offered for HK$24.18 to HK$24.68 each, representing a discount of as much as 5 percent to today’s closing price, the terms show. Waddell & Reed is also offering 55.5 million Wynn Macau shares for HK$17.53 to HK$17.90 apiece. UBS AG (UBSN) is managing both processes, according to the terms.
Waddell & Reed is selling stock in the casino operators as revenue growth slows and the companies expand in Macau, a former Portuguese colony and the only city in China with legalized casino betting. Macau has become a global gambling hub, with $34 billion in gaming revenue last year.
Macau’s casino revenue grew 7.3 percent in May from the same period a year earlier, the slowest rate since the collapse of Lehman Brothers Holdings Inc. in 2008. That compares with growth of 22 percent for April and 24 percent for March.
Wynn Macau, the Asian unit of Steve Wynn’s Las Vegas company, plans to invest $4 billion in a new resort in the Chinese city. Sheldon Adelson, chairman of Las Vegas Sands Corp. (LVS), which controls Sands China, opened the $5 billion Sands Cotai Central in April.
Shares of Hong Kong-listed Wynn Macau have fallen 5 percent this year, while Sands China shares have risen 16 percent.
Waddell & Reed bought a stake in Formula One from CVC Capital Partners Ltd. for $1.1 billion this year, a person with knowledge of the matter said in May.