Wynn Resorts issued a statement Tuesday following an SEC filing that billionaire and casino owner Tilman Fertitta has exceeded or will exceed a 10% ownership stake in the Las Vegas-based resort operator.
Fertitta was already the largest shareholder at 9.9% with 9.9 million shares, but an SEC Form 3 filing released by Wynn Monday night shows Fertitta’s intent to acquire another 1.68 million shares by May 13. It isn’t known if Fertitta has already acquired those shares.
“We enjoy a positive dialogue with Tilman Fertitta, as we do with all of our shareholders, and look forward to continuing to engage with him,” Wynn Resorts said in a statement.
Exceeding a 10% threshold is a key marker with publicly traded companies.
It now positions Fertitta to have greater influence on the company if he decides to file an SEC 13D form. He has yet to do so and has given no indication of his intent, though a news report in November from Bloomberg suggested he was unhappy with the operator’s performance and stock price.
Fertitta increased his stake in the company to 9.9% in November, up from 6.1% in October 2022. The latest Form 3 filing announced late Monday lists Fertitta with 10.9 million shares, but he has a right to buy 1,683,500 shares of common stock at $85.73 with an expiration date of May 13. That amounts to 12.58 million shares in total.
Fertitta is the CEO of Houston-based Fertitta Entertainment with its Golden Nugget casino brand, restaurants, and the NBA’s Houston Rockets. He’s the largest shareholder, owning more than the 8.7% held by Elaine Wynn, ex-wife of founder Steve Wynn.
Fertitta’s shares are held by him personally, Fertitta Entertainment, and Hospitality Headquarters Inc.; the latter listed the intent to buy the 1.68 million shares.
In its latest earnings call, Wynn CEO Craig Billings spent a lot of time discussing the operator’s stock price and trying to tell Wall Street analysts how undervalued it is given its $5.1 billion integrated resort project under construction in the United Arab Emirates. He also said Wynn will continue to buy back its stock, which increases its price.
Wynn shares were up 0.98% Tuesday, closing at $91.03.
