The owner of Houston-based Fertitta Entertainment, operator of the Landry’s restaurant chain and Golden Nugget-branded casinos, is Wynn’s top shareholder.
Tilman Fertitta continues to be the top shareholder for Wynn Resorts Ltd.
In a Securities and Exchange Commission filing by the company dated Monday, Fertitta, the owner of Houston-based Fertitta Entertainment Co., which operates the Landry’s restaurant chain and Golden Nugget-branded casinos, including the one in downtown Las Vegas, continued to be listed as the owner of 10.9 million shares of Wynn common stock. That’s holdings of more than 10 percent of the company, which triggered the filing.
Fertitta in November surpassed Elaine Wynn, former wife of former Wynn CEO Steve Wynn and the company’s co-founder, as the leading shareholder.
Monday’s filing also said Fertitta is entitled to buy 1.7 million shares at $85.73 a share by May 13.
Fertitta, who also owns the National Basketball Association Houston Rockets, in January was nominated to become ambassador to Italy by President Donald Trump.
In May, Fertitta said he was forging ahead on a Strip project, an as-yet-unnamed 43-story, 2,420-room resort on 6.2 acres on the southeast corner of Las Vegas Boulevard and Harmon Avenue.
While large stakes in companies by insiders can signal a pending takeover bid, analysts have said Fertitta isn’t expected to do that and is a passive investor.
Analysts have said the stock continues to be undervalued and the company’s newest project, Wynn Al Marjan Island in the United Arab Emirates, will likely have no gaming competition in the region for three to five years.
Fertitta, a cousin to Station Casinos executives Frank and Lorenzo Fertitta, has not spoken publicly about his Wynn stake. While the investment is considered passive, some analysts expect Fertitta to become more active in future months.
