Tilman Fertitta Buys 6% Stake In Wynn ResortsGolden Nugget Owner Invests In Rival |
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Casino owner Tilman Fertitta, who is behind the Golden Nugget gambling brand, has invested heavily in Wynn Resorts.
Fertitta disclosed a 6% stake in Wynn Resorts, making him the second-largest individual shareholder, the Wall Street Journal reported.
“The position, disclosed Monday in a filing with the Securities and Exchange Commission, adds to the billionaire’s myriad holdings across entertainment and leisure. He also owns the National Basketball Association’s Houston Rockets, Golden Nugget Hotel & Casinos and restaurant chains such as Del Frisco’s and Bubba Gump Shrimp Co.,” according to the report.
Fertitta now owns a reported $403 million in Wynn stock, thanks to his nearly seven million shares. Elaine Wynn, the former wife of disgraced casino mogul Steve Wynn, remains the largest shareholder. Steve Wynn doesn’t have a stack in the company he co-founded.
As of September 2022, Fertitta’s net worth was estimated at $7.6 billion. He was placed at No. 260 on the Forbes Billionaires List. Forbes has called him the “world’s richest restaurateur.”
Wynn Resorts has casinos in Nevada, Massachusetts, and Macau, a special administrative region in China.
Shares of Wynn jumped on the news of Fertitta’s stake.
Wynn Resorts announced that it will release the company’s financial results for the third quarter that ended September 30, 2022, after the market close on Wednesday, November 9, 2022, followed by a conference call.
Wynn was a late entry into the U.S. online sports betting industry and has been winding down operations.
“The [online gambling] market is really not sustainable right now,” Wynn CEO Matt Maddox said on earnings call about a year ago. “Competitors are spending too much to get customers. And the economics are just not something that we’re going to participate in.”
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