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Exhibit 99.1
Wynn Resorts, Limited
to enter into strategic alliance with Société des Bains de Mer of
Monaco.
Société des Bains de Mer to purchase $45 million of Wynn Resorts
common stock.
June 12, 2003 — Wynn Resorts,
Limited (Nasdaq:WYNN) and Société des Bains de Mer (Paris:BAIN.PA)
today announced that they have agreed to enter into a strategic business alliance
including the sale of 3,000,000 shares of Wynn Resorts common stock to SBM for US$45.0
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, 2003. There can be no assurance that such
approvals will be obtained.
The strategic alliance includes an
exchange of management expertise and the development of cross-marketing initiatives
between Wynn Resorts and SBM. As part of the arrangement, Société des Bains
de Mer will purchase 3,000,000 shares of Wynn Resorts, Limited common stock in a privately
negotiated, all cash transaction for US$15.00 per share, resulting in an aggregate
transaction price of US$45,000,000. 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 A. Wynn, Chairman and CEO of Wynn
Resorts.
“Société des
Bains de Mer is pleased to have the opportunity to create a global marketing alliance with
Wynn Resorts as well as investing alongside Steve Wynn, the leading developer and operator
of luxury casinos, hotels, and resorts, in his new company,” said Jean-Luc Biamonti,
Chairman of the Board of Société des Bains de Mer.
Société 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.
Wynn Resorts is a developer of casino
hotel resorts. Currently, Wynn Resorts is developing Le Rêve, intended to be the
preeminent luxury hotel casino in Las Vegas. The 2,701-room facility is anticipated to
open in April 2005. Wynn Resorts, through its 82.5 percent ownership of Wynn Macau, also
has been granted a concession to operate casino gaming properties in Macau, a special
administrative region of the People’s Republic of China and an established gaming
market for over 40 years. Macau is located 37 miles southwest of Hong Kong. Wynn Resorts
is traded on the NASDAQ National Market under the symbol WYNN.
This press release contains
“forward-looking statements” within the meaning of the U.S. federal securities
law. The forward-looking statements in this press release involve risks and uncertainties
that could cause actual results to differ from those expressed in or implied by the
statements herein. Additional information concerning potential factors that could affect
Wynn Resorts’ future results is included under the caption “Risk Factors”
in Item 1 of Wynn Resorts’ annual report on Form 10-K for the year ended December 31,
2002.
Contact: Wynn Resorts, Limited
Samanta Hegedus
VP Investor Relations
Phone #: (702) 733-4520
investorrelations@wynnresorts.com
Contact: S.B.M.
Yves de Toytot
Chief Financial Officer
Phone #: + 377 92 16 62 26
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