UPDATE 1-Wynn to raise up to $682 mln in offering

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NEW YORK, Sept 28 (Reuters) - Wynn Resorts Ltd WYNN.O, which operates casinos in Las Vegas and Macau, said on Friday that it planned to issue new shares, raising up to $682 million to help finance new projects.

The company created by casino mogul Steve Wynn said a public offering of 3.75 million new shares priced at $158 per share, which would raise $592.5 million.

As part of the offering, Wynn granted underwriter Deutsche Bank an option to purchase an additional 562,500 shares to cover over-allotments, which could tack an additional $89.3 million to the proceeds.

The offering, which represents about 3.3 percent of Wynn’s diluted shares outstanding at the end of the second quarter, was expected to close on Oct. 3.

The company, which is constructing the $2.2 billion Encore casino resort on the Las Vegas Strip, said it plans to use the proceeds for general corporate purposes and to enhance financial flexibility for future projects.

Wynn shares, which have risen 87 percent over the last three months, closed on Thursday at $166.98 on Nasdaq. (Reporting by Chris Reiter)