Tilman Fertitta becomes Wynn Resorts’ largest individual shareholder
The Landry CEO increased his ownership stake in Wynn Resorts to 9.9%, according to a filing with the US Securities and Exchange Commission.
Key Points
- Fertitta replaces Co-Founder Elaine Wynn as the company’s largest shareholder
- Wynn’s share price grew by 9% after the news had been announced
Landry Inc. CEO and billionaire businessman Tilman Fertitta has become the largest individual shareholder in Wynn Resorts, replacing Co-Founder Elaine Wynn as the company’s largest shareholder. Fertitta increased his ownership stake to 9.9% according to a filing with the US Securities and Exchange Commission.
After news of Fertitta’s increased shares broke, Wynn Resorts’ share price grew by 9% on November 14.
The filing also indicated a “passive” position from Fertitta, but many familiar with the matter believe he will be demanding as he has a reputation for being outspoken about issues, specifically in Las Vegas.
Fertitta is the owner of the Houston Rockets professional basketball team as well as eight Golden Nugget properties across the country.
On November 4, Wynn reported that its Q3 2024 total revenue managed to increase year-over-year, but the company also reported a decrease in adjusted EBITDAR and a net loss of $32.1m. The company will be expanding its presence to the Middle East with the opening of Wynn Al Marjan Island set for early 2027.
As of November 14, the Wynn Resorts stock trades for around 70% more than when Fertitta first bought 6.9 million shares at nearly $54 per share in 2022.
Good to know: Wynn Resorts is facing a lawsuit filed by Canadian mining company James Bay Resources and its President, Stephen Shefsky, alleging negligence and unjust enrichment
Wynn’s stock has not grown as much over the past 20 years when compared to its competitors, however, as the 57% gain seen during this period is significantly less than both Marriott and Hilton. In the last two decades, Hilton has seen its stock grow by more than 500%, while Marriott has reported 20-year gains of over 950%.
The company currently owns a resort located on the strip in Las Vegas as well as two properties in Macao to go along with the planned destination in the United Arab Emirates.
According to local reports, some investors have “privately grumbled” that Wynn is “blowing its luxury brand power” while it focuses on establishing a new gaming market in the Middle East.
At the time of writing, both Wynn Resorts and Fertitta have declined comment on the news.
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