Tilman Fertitta Becomes Second-Largest Investor In Wynn Resorts

Written By Nicholaus Garcia on November 1, 2022
hotels casinos wynn resorts gaming entertainment

Houston billionaire Tilman Fertitta is now the second-largest investor in Wynn Resorts ($WYNN).

Through a filing with the Securities and Exchange Commission, Fertitta, owner of Golden Nugget, bought over 6.9 million shares of $WYNN stock, or about 6.1% of the company. 

According to Bloomberg, the purchase makes him the second-largest individual investor behind Elaine Wynn. 

Fertitta expands portfolio with Wynn Resorts stock

Wynn Resorts owns the Wynn and Encore on the Las Vegas Strip in addition to casinos in Massachusetts and Macau.

As of writing, shares of $WYNN were trading at $66.85 per share.

In addition to Wynn, Fertitta is also a stakeholder in DraftKings. 

In May, DraftKings acquired Golden Nugget Online Gaming from Fertitta in a $365 million all-stock deal. 

As mentioned, Fertitta owns Golden Nugget Hotel & Casinos across the US, including one in downtown Las Vegas. In October, Fertitta submitted plans for a new casino resort on the Las Vegas Strip.

Fertitta, who is also the owner of the Houston Rockets (NBA), spent $270 million on a six-acre plot of land on the corner of Las Vegas Boulevard and Harmon Avenue. Clark County commissioners approved the plans on Oct. 19, the same day Fertitta purchased the Wynn shares. 

Multiple casinos are in the works

Plans at the Las Vegas location include a 43-story, 2,420-room hotel and Las Vegas casino complete with several amenities. 

Jeff Cantwell, executive vice president of development for Fertitta Entertainment said:

“We have acquired a truly unique piece of real estate and are actively exploring this development opportunity. While we continue to go through the review and planning process, no firm decision has yet been made concerning our future plans.”

Other projects include a new Golden Nugget casino in Danville, Illinois. The new Illinois property will feature 41,500 square feet of gaming space with 500 slot machines, 14 table games, and two restaurants. The casino is expected to open in early 2023. 

Photo by AP Photo/David J. Phillip
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Nicholaus Garcia

Nick Garcia is a senior reporter for PlayUSA. Garcia provides analysis and in-depth coverage of the gambling industry with a key focus on online casinos, sports betting and financial markets. Garcia has been covering the US gambling market since 2017. He attended Texas Tech University as an undergrad and received a Master of Arts in Journalism from Columbia College Chicago.

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