Billionaire Tilman Fertitta will have a hearing Wednesday before the Nevada Gaming Control Board on a finding of suitability as a beneficial shareholder of Wynn Resorts. Fertitta is expected to be represented by legal counsel at the hearing and won’t attend, either in person or via video. That isn’t considered necessary, since Fertitta already has a gaming license in Nevada.
The Board and the Nevada Gaming Commission previously asked Fertitta’s representatives about his intentions vis-à-vis his ownership of Wynn stock; the suitability hearing is required with a stake of more than 10%.
In February, Fertitta, who stepped down in his role as CEO of Houston-based Fertitta Entertainment in order to accept an ambassadorship to Italy, exceeded the 10% ownership stake in Wynn Resorts. It positioned him to have greater influence on the company, though he has yet to do so. Last month, the legal counsel for Fertitta Entertainment dismissed any suggestions that Fertitta will change course and look to play an active role at this time in the operation of Wynn Resorts. Steven Scheinthal made the comments to the Nevada Gaming Commission as it approved the license of Fertitta’s ex-wife Paige, who is now serving in his leading role position.
Fertitta Entertainment operates three casinos in Nevada, the Golden Nugget in downtown Las Vegas, Golden Nugget Laughlin and more recently the Golden Nugget in Lake Tahoe.
Fertitta owns 12.58 million shares of Wynn stock. He increased his stake in the company to 9.9% in November, up from 6.1% in October 2022. A report in November from Bloomberg suggested he was unhappy with the casino operator’s performance and stock price.
Wynn stock closed Friday at $83.20, which is down about $14 over the past three weeks. Its 52-week high is $107.81.
The second largest shareholder in Wynn stock was Elaine Wynn, who died in April. It’s not known what her heirs will do with her stock holdings. They’ve put a luxury condo she owned up for sale in Las Vegas.
