Billionaire casino owner Tilman Fertitta has taken advantage of a steep drop in the stock market by acquiring more shares of Wynn Resorts at close to its 52-week low.
According to an SEC filing released Tuesday afternoon, Feritta has acquired an additional 400,000 shares. Some 200,000 of the shares were acquired for $70.39; 100,000 shares at $70.30, and 100,000 shares at $67.62.
The date of the acquisition was April 4.
With the additionals, Fertitta owns 13 milion shares to cement himself even further as the largest shareholder. Feritta recently acquired an additional 1.68 milion shares for $85.73.
Wynn stock traded at $66.10 to close Tuesday at its lowest levels over the past year. It’s down $16.22 over the past week and $22.51 in the last month. The 52-week high was $107.81.
Feritta has yet to file a SEC 13D form that would allow him to have a greater influence on the company instead of being a silent shareholder. News reports said he was unhappy with the company’s stock price.
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 Feritta Entertainment if he is confirmed as ambassador to Italy and San Marino.
