Billionaire Tilman Fertitta has increased his stake in Wynn Resorts to 9.9%, news which spurred an 8.65% jump in the company’s share price on Thursday. The Texas native’s experience in the casino sector dates back to 2005 when he first took over the Golden Nugget casino brand.
He’s now the company’s largest individual shareholder, surpassing Elaine Wynn. Tilman started building a position in Wynn in 2022, acquiring 6% of the company at the time.
unhappiness with the recent performance and share price
Bloomberg News reported about the Houston Rockets owner’s unhappiness with the recent performance and share price.
Unnamed sources close to Fertitta say he believes significant expansion opportunities exist for the company, especially within the US. He also is dissatisfied with how the Las Vegas-based company communicates financial results to shareholders.
Underwhelming Q3 earnings on November 4 meant Wynn missed its 2% revenue growth estimate, falling well short with a 1.3% year-on-year increase, which led to a 9% share price drop.