Wynn Resorts To Sell $45M Of Common Stock To Monaco Group

NEW YORK— Wynn Resorts Ltd. and Monaco-based Societe des Bains de Mer have agreed to enter into a strategic business alliance that includes the sale of three million shares of Wynn Resorts common stock for $45 million, representing approximately 3.6% of the outstanding shares of Wynn Resorts. The transaction remains subject to approval by the Government of the Principality of Monaco, which is expected to happen prior to June 20. The alliance includes an exchange of management expertise and the development of cross-marketing initiatives between Wynn Resorts and SBM. The stock deal will be an all-cash transaction for $15 per share. In return, SBM has agreed, subject to certain exceptions, to refrain from transferring its shares prior to April 1, 2005 and will be entitled to certain registration rights thereafter. “Monaco is one of the most recognized leisure destinations in the world and is well known for its casino operations. This transaction coupled with our Las Vegas and Macau developments enhances our global marketing efforts at Wynn Resorts,” said Stephen Wynn, chairman/CEO. Societe des Bains de Mer, since 1863, has the exclusive rights to operate casinos in the Principality of Monaco. The company owns and operates Le Casino de Monte-Carlo, Le Cafe de Paris, and Sun casinos, the Hotel de Paris, the Hotel Hermitage, the Monte Carlo Beach Hotel, the Centre des Thermes Marins (Spa) and the Monte-Carlo Sporting Club. SBM is majority-owned by the Principality of Monaco and is traded on the Paris Stock Exchange under the symbol BAIN. Currently, Wynn Resorts is developing Le Reve in Las Vegas. The 2,701-room facility is slated to open in April 2005. Wynn Resorts, through its 82.5% ownership of Wynn Macau, also has been granted a concession to operate casino gaming properties in Macau.