Wynn Resorts Stock Surges As Tilman Fertitta Increases Stake

Wynn Resorts Ltd (NASDAQ:WYNN) shares are trading higher Thursday after billionaire Tilman Fertitta disclosed a 9.9% passive stake in the company.

What Happened: Fertitta, CEO of Landry’s and owner of the Houston Rockets, filed an amended 13-G with the U.S. Securities and Exchange Commission late Wednesday, showing the billionaire increased his stake in the casino and resorts company from 6.2% to 9.9%.

Fertitta revealed in late 2022 that he had acquired more than a 6% stake in Wynn Resorts.

CNBC’s David Faber reported Thursday morning that Fertitta’s increased stake in the company is “likely not going to be passive for long.”

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Wynn Resorts reported third-quarter financial results at the beginning of the month. The company missed estimates on the top and bottom lines as Las Vegas operations slowed.

Wynn ended the quarter with $2.41 billion in cash and cash equivalents, and $11.79 billion in outstanding debt.

WYNN Price Action: Wynn Resorts shares were up 8.56% at $93.14 at the time of publication, according to Benzinga Pro. With Thursday’s gains, Wynn shares have now turned positive for the year.

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