Wynn Resorts Ltd., the upscale casino company run by billionaire Steve Wynn, said today it will issue 5 million new common shares in conjunction with its inclusion in the S&P 500 index.

The company also says it will allow an over-allotment of 750,000 common shares if there is excess demand. The casino giant with resorts in Las Vegas and Macau says it will use the proceeds for general purposes including paying down debt.

Deutsche Bank Securities Inc. and Banc of America Securities LLC are acting as joint book running managers and underwriters for the offering.

Before the offering, the company had 103.8 million shares outstanding, according to Thomson One. Wynn shares lost $2.76, or 6.2 percent, to $41.85 in aftermarket activity, having shed 49 cents to close the regular session at $44.76.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

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