Wynn Resorts: Wynn Resorts Stock Rises as Billionaire Investor Tilman Fertitta Increases Stake

In This Article: Aaron M. Sprecher / Getty Images Key Takeaways Shares of Wynn Resorts advanced Tuesday as billionaire and top stakeholder Tilman Fertitta purchased more shares. A security filing showed that this week Fertitta picked up 16,500 shares, while one of the companies he owns, Hospitality Headquarters, added 1.68 million shares. Fertitta's Fertitta Entertainment has a wide-ranging portfolio of firms, as well as the Houston Rockets NBA team. Wynn Resorts ( WYNN ) shares gained Tuesday as the hotel and casino operator's largest shareholder, billionaire Tilman Fertitta, expanded his stake in the company. A securities filing showed Fertitta purchased 16,500 shares of Wynn on March 21 and March 24, with a price range of $80.99 to $84.93 per share, totaling approximately $1.38 million. In addition, Hospitality Headquarters, part of Fertitta's Fertitta Entertainment conglomerate, bought 1.68 million shares for $85.73 each on March 24, valued at about $143.3 million, in a share option transaction. Fertitta Owns Several Golden Nugget Casinos, NBA's Houston Rockets Fertitta, whose wide-ranging investments under the Fertitta Entertainment umbrella include several Golden Nugget casinos, reportedly became Wynn's top shareholder last November, when he increased his ownership to 9.9%. Fertitta also owns Landry's, Del Frisco's, and several other restaurants, as well as the National Basketball Association's (NBA) Houston Rockets. Shares of Wynn Resorts pared earlier gains and were up 2% in recent trading. They have lost about 13% of their value over the past year. TradingView Read the original article on Investopedia Aaron M. Sprecher / Getty Images TradingView