Top-tier casino operator Wynn has always bet on VIP gamblers. Now it is adopting the same approach with its stock market flotation. Wynn is trying to trump half a dozen recent poor Hong Kong market debuts by shunning fickle retail investors and handpicking money managers who are likely to stay the distance. It remains to be seen whether this strategy can help justify its valuation premium.
London, once one of the world’s most expensive cities, now ranks in the middle of the pack of European cities in terms of the cost of living. The sharp drop in the value of British pound largely is to blame for the decline of London’s ranking from the second priciest city three years ago to No. 22, according to a study of comparative purchasing power by UBS of 73 cities around the globe.