Wynn Resorts soars in the stock market after billionaire Fertitta acquires 6.1% stake
This comes despite continuance of Wynn Macau setbacks, caused by China’s ‘zero-Covid’ policy.
Wynn Resorts has soared by 11% on the New York Stock Exchange following billionaire Tilman Fertitta’s acquisition of a 6.1% stake in the company. Fertitta has holdings in Golden Nugget and Houston Rockets, Landry’s Seafood chain and has a net worth of around $8bn.
This investment gave him 6.9 million shares in Wynn Resorts, which makes him the second-largest investor in the company. Wynn Resorts rose to $64.11 as of 11:10AM on Monday. Through last week’s close, the company’s stock had actually lost 45% in 2022.
Fertitta has already garnered a deep knowledge of the gambling and hospitality industries – with his experience with Golden Nugget – a foothold in one of the industry’s marquee names. He has strong business acumen, having built up a highly successful internet gambling business in Golden Nugget Gaming Inc. which he sold to DraftKings for $1.56bn in May this year.
Although he sold the online arm of the business, Fertitta remains the owner of Golden Nugget Hotels & Resorts, of which there are five retail outlets. They are based in Nevada, Louisiana, New Jersey and Mississippi.
Wynn Resorts has seen a mixed year of financial results, with Wynn Macau reporting an operating loss of $185.3m in Q2. This comes amidst China’s tough ‘zero-Covid’ policy, with Macau authorities reinstating Covid-19 curbs including locking the MGM Cotai resort over the weekend after a handful of cases were detected.
However, China has announced a loosening of visa rules for tourists to Macau, one of the world’s premium gambling destinations. Macau gaming stocks jumped on Monday as China prepares to restart electronic travel permits in a bid to boost tourism.
So it’s interesting to see whether Fertitta is eyeing a Wynn win in the US, Macau or perhaps focusing more on its future resort in the UAE?
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