Wynn Resorts Stock Increases as Billionaire Tilman Fertitta Expands His Stake

Takeaways

• Shares of Wynn Resorts rose Tuesday after billionaire and top shareholder Tilman Fertitta bought more shares.
• A security filing revealed that Fertitta purchased 16,500 shares this week, while one company 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 shares (WYNN), which are owned by billionaire Tilman Ferritta, rose on Tuesday after he increased his stake.

A securities filing revealed that Fertitta had purchased 16,500 Wynn shares between March 21 and 24, at a price ranging from $80.99 to $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. 

Wynn Resorts shares have pared their gains from earlier trading and are up 2% at the moment. They have lost around 13% of the value they had over the last year.