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Shares of Wynn Resorts Ltd (NASDAQ:WYNN) surged 10% higher in early trading Monday after billionaire Tilman Fertitta disclosed owning a 6.1% stake in the casino operator.
Fertitta owned 6,917,551 shares of Wynn as of October 19, 2022, a 13G with the SEC showed on Monday morning. As of the time of this writing, that stake is worth about $440 million.
Through his restaurant and hospitality company Landry’s, Fertitta owns more than 600 properties in 36 states and in over 15 countries. He also owns and operates numerous gaming, hospitality and entertainment venues, including the iconic Golden Nugget Casino and Hotel brand, with five locations throughout the United States. Fertitta also launched GoldenNuggetCasino.com in addition to the Houston Rockets NBA team.
In 2018, Fertitta unsuccessfully tried to buy Caesars Entertainment (NASDAQ:CZR) which ended up merging with Eldorado Resorts.
Today’s disclosure sparked rumors that Fertitta may attempt to merge his casino assets with Wynn.
Neither Wynn nor Mr. Fertitta has responded to a request to comment.
