Oct. 22--In a last-minute move, Strip developer Steve Wynn has changed his IPO's terms, a move insiders see as a concession to ensure the planned public sale of $450 million in Wynn Resorts stock. 

Instead of an initial public offering of 20.45 million shares at $21 to $23 a share, the company is now prepared to sell 23.68 million shares at $18 to $20 apiece, Deutsche Bank Securities told Dow Jones on Monday. 

"You only reduce the price if you have to, so there was obviously resistance at $22," said a Wall Street source who spoke on condition of anonymity. "But even at $18, this is a triumph for Wynn in this crummy IPO market." 

The change would increase the equity stake of IPO buyers and reduce the equity stake of Wynn and his Japanese investor, Kazuo Okada. 

Wynn, Okada and other Wynn Resorts insiders collectively own all 40 million shares of the company, with Wynn and Okada each owning just less than 19 million each. 

The IPO was originally structured so that the Wynn and Okada would each end up with 31.4 percent of Wynn Resorts stock. After adding the extra shares to be sold in the IPO, the duo would each control only 29.8 percent. 

The IPO would sell 37.2 percent of the company's shares, up from 33.8 percent. 

Underwriters are hoping to bring the offering after the close of trading today, with initial trading on the Nasdaq Stock Market expected Wednesday under the symbol "WYNN." 

Wall Street sources have said Wynn's received a good response from institutional investors who have heard his pitch during the company's IPO road show, but also say there is a lot of skepticism about the value of the stock. 

"A lot of people can say whatever they want, but he's going to sell the stock and there will be plenty of people willing to take a chance on Steve Wynn," said a knowledgable casino-industry executive who spoke on condition of anonymity. "Anyone who's bet against Steve Wynn isn't worth a nickel." 

About $374 million of the $450 million raised by the public offering would be spent to build the $1.85 billion Le Reve; another $40 million would go toward development of a casino resort in Macau. 

The $374 million would be augmented by a $340 million second mortgage on Le Reve's Desert Inn site, and would provide a significant part of the money Wynn Resorts would use to build Le Reve. The company also plans to borrow $1 billion from a financing consortium that includes: Deutsche Bank Securities; Bear, Stearns & Co.; Dresdner Kleinwort Wasserstein and Banc of America Securities. 

The $1 billion includes a $750 million revolving loan and a $250 million secondary revolving loan, money Wynn Resorts doesn't expect to begin borrowing until late 2003. 

-- Dow Jones contributed to this report. 

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