The owner of eight Golden Nugget casinos across the U.S. and the CEO of Landry, Tilman Fertitta, has increased his ownership stake in Wynn Resorts to 9.9%, according to a filing with the U.S. Securities and Exchange Commission. That filing describes his role in the company as “passive.”
However, many sources close to Fertitta don’t think he will be too passive in his role. They have told media outlets they expect the businessman to be demanding in his new position.
By taking his stake to 9.9%, he is now the largest shareholder in the gaming company. Fertitta, who owns the Houston Rockets NBA franchise, overtook Elaine Wynn as the majority shareholder. Elaine Wynn co-founded the company with her husband of the time, Steve Wynn, but left the board of directors in 2020.
Fertitta initially bought stocks in Wynn Resorts in 2022, purchasing $6.9 million at around $54 each, providing him with a 6.2% share of the company. Following the purchase announcement, Wynn Resorts stocks increased in value by 9%, hitting $93.22 at closing after starting the day at $87.40.
Fertitta increases stake after positive 2024 for Wynn Resorts
After a positive year for the company, Fertitta has bought more shares in Wynn Resorts. Wynn Resorts increased revenues in Q1 2024 by more than $400 million year-on-year while collecting a record-breaking Adjusted Property EBITDAR of $646.5 million. Most of this growth was boosted by the performance of Wynn properties in Macau, which collected $181 million more in revenues year-on-year.
In its financial reports for Q2 2024, Wynn Resorts revealed it had broken its Adjusted Property EBITDAR for any Q2 in its history at $571.7 million. Overall revenues also increased by 8.1% year-on-year. Once again, Wynn’s Macau properties accounted for most of the growth.
However, it hasn’t been entirely smooth sailing for the company in 2024. Wynn Las Vegas spent $130 million to settle a money laundering lawsuit after using unlicensed money transmitters, which helped gamblers circumvent financial laws.
Who is Fertitta?
Tilman Fertitta is a U.S. businessman who got his start operating restaurants, starting with Landry’s Seafood in 1980. His portfolio under the Landry name has grown to include hospitality, hotels, entertainment, and gaming companies.
Some of the most popular brands Fertitta owns are Morton’s The Steakhouse, Rainforest Cafe, Bubba Gump Shrimp Co, McCormick & Schmick’s Seafood & Steaks, and Saltgrass Steak House, among others.
His most famous holdings are his ownership of the Rockets, which he purchased in 2017 for $2.2 billion, and Golden Nugget Casinos. When Landry first took over Golden Nugget Casinos, the company had three casino locations in Las Vegas and Laughlin. It has since opened casino properties in Atlantic City, Biloxi, and Lake Charles.
The Golden Nugget brand also launched an online sportsbook and casino which was purchased by DraftKings in 2022. DraftKings has a continuing relationship with Golden Nugget’s land-based properties, opening several retail sportsbooks at these locations.
