Billionaire, Golden Nugget owner, and current US ambassador to Italy, Tilman Fertitta, is now the biggest individual shareholder of Wynn Resorts. The Houston Rockets owner hit the threshold of owning at least 10% of the casino company, surpassing the number of shares held by Elaine Wynn.
Passing a 10% stake means he needs to adhere to further rules, such as reporting transactions involving the company to the SEC within two days. It remains unclear if Fertitta will be a passive investor or attempt to take over the company.
now controls 10.9 million shares worth $984m
This week’s SEC filing outlines how Fertitta now controls 10.9 million shares worth $984m based on Wednesday’s opening price of $90.23. He also has the option to purchase another 1.7 million shares in May at $85.73 per share.
As the owner of Golden Nugget casinos, the 67-year-old already has plenty of experience in the gambling industry. The Texas native plans to build an unnamed resort on the Las Vegas Strip in the near future.