Wynn Resorts Stock Rises as Billionaire Investor Tilman Fertitta Increases Stake

Wynn Resorts (WYNN) shares gained Tuesday as the hotel and casino operator’s largest shareholder, billionaire Tilman Fertitta, expanded his stake in the company.

A securities filing showed Fertitta purchased 16,500 shares of Wynn on March 21 and March 24, with a price range of $80.99 to $84.93 per share, totaling approximately $1.38 million.

In addition, Hospitality Headquarters, part of Fertitta’s Fertitta Entertainment conglomerate, bought 1.68 million shares for $85.73 each on March 24, valued at about $143.3 million, in a share option transaction.

Fertitta Owns Several Golden Nugget Casinos, NBA’s Houston Rockets

Fertitta, whose wide-ranging investments under the Fertitta Entertainment umbrella include several Golden Nugget casinos, reportedly became Wynn’s top shareholder last November, when he increased his ownership to 9.9%. Fertitta also owns Landry’s, Del Frisco’s, and several other restaurants, as well as the National Basketball Association’s (NBA) Houston Rockets. 

Shares of Wynn Resorts pared earlier gains and were up 2% in recent trading. They have lost about 13% of their value over the past year.