Tilman Fertitta raises his stake in Wynn casinos

HOUSTON – The Houston Chronicle reports that Tilman Fertitta, who according to Forbes magazine has vaulted to the top spot among Houston’s billionaires, has disclosed an increased stake in Wynn Resorts, the $10 billion Las Vegas gaming enterprise. In a filing with the Securities and Exchange Commission, Fertitta said he controlled 10.9 million shares, about 9.9% of the company. News of the stake sent shares in the casino operator soaring, climbing 9.5% in midday trading Thursday to almost $94. Wynn shares opened Thursday at $86.83, valuing Fertitta’s stake at $946 million. The price spike, at one point greater than $8 a share, boosted the value of Fertitta’s investment by more than $80 million and past $1 billion. The price paid for the shares was not disclosed.

Fertitta’s stake in Wynn in March, when the company’s proxy statement was issued, was 6.9 million shares, or 6.22%. The hospitality, sports and real estate investor’s net worth was estimated by Forbes at $10.1 billion in October, making him the 99th wealthiest person in the country and 12th in Texas. Last year, he had a net worth of $8 billion. Wynn, which has four primary operating businesses, Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor, reported a third-quarter loss of $32 million on revenue of $6.69 billion, less than the $117 million loss on $1.67 billion in revenue the year earlier. Fertitta, who controls the Golden Nugget casinos, has been expanding his stake in Las Vegas. He received approvals in 2022 for a 43-story, 2,420-room hotel/casino in Las Vegas. The Las Vegas Review Journal reported that the project “would include restaurants, convention space, spa, wedding chapel, auto showroom and a roughly 2,500-seat theater.”