Billionaire casino owner Tilman Fertitta increased his stake in Wynn Resorts, which now exceeds 10%. The casino stock rose Tuesday in trading, while other gaming operators recorded declines.
Wynn released the SEC filing Tuesday of Fertitta acquiring an additional 1.68 million shares, bringing his total to 12.58 million.
Fertitta, who was already the largest shareholder at 9.9%, previously filed his intent to purchase the shares by May 13.
Exceeding a 10% threshold is a key marker with publicly traded companies. It positions Fertitta to have greater influence on the company if he decides to file a SEC 13D form. He has yet to do so and has given no indication of his intent, though a Bloomberg report in November suggested he was unhappy with the casino operator’s performance and stock price.
The SEC said the 1.68 million shares were acquired for $85.73.
Fertitta is the CEO of Houston-based Fertitta Entertainment, with its Golden Nugget casino brand, restaurants, and the NBA’s Houston Rockets. He announced plans to resign from his post at Fertitta Entertainment if he’s confirmed as ambassador to Italy and San Marino.
Fertitta’s shares in Wynn Resorts are held by him personally, Fertitta Entertainment, and Hospitality Headquarters Inc. The latter had listed the intent to buy the 1.68 million shares.
Wynn’s shares rose 1.37% or $1.10 Tuesday to $86.03 and were up 41 cents in after-hours trading. Its 52-week high is $110.38 on April 4, while the low is $71.63. It’s 22% below its high.
Other casino stocks fell Tuesday, including MGM Resorts International by 1.2% to $32.04, now 33.6% below its 52-week high on April 1.
Caesars Entertainment fell 59 cents or 2.1% to $27.54. It’s 40% below its 52-week high of $45.93 on Oct. 15.
