Fertitta remains a passive investor in Wynn Resorts, attorney says

Tilman Fertitta, now serving as the U.S. ambassador to Italy, maintains an ongoing interest in Wynn Resorts, according to his attorney.

Just prior to Wynn Resorts’ recent hearing in Las Vegas, Paige Farwell Fertitta, Tilman Fertitta’s ex-wife, participated in a remote session before the Nevada Gaming Commission (NGC) via Zoom.

During this session, the NGC approved a license for Paige Farwell Fertitta, following her former husband’s confirmation as U.S. ambassador. As part of his transition, Tilman Fertitta pledged to step down as president and director of Fertitta Entertainment, which prompted the NGC to elevate his ex-wife to these positions within the company.

The NGC also addressed Fertitta’s financial involvement with Wynn Resorts, coinciding with the approval of a $5.5 million fine against the casino. Notably, last November, Fertitta expanded his stake in Wynn to 9.9%, positioning himself as the company’s primary shareholder.

No Updates on a Key SEC Filing

Fertitta’s company, Fertitta Entertainment, operates a vast portfolio that includes the Houston Rockets and several renowned restaurant brands like Landry’s Inc., Rainforest Cafe, and Del Frisco’s. In the gaming sector, his holdings encompass three casinos in Nevada, including the prestigious Golden Nugget in Downtown Las Vegas.

In February, Wynn Resorts submitted a Form 3 filing with the U.S. Securities and Exchange Commission (SEC), outlining Fertitta’s ownership. This filing indicated that he owned approximately 10.9 million shares, alongside an option to purchase an additional 1,683,500 shares at $85.73 each.

Tilman Fertitta, Wynn Resorts’ largest single shareholder, has further augmented his stake by acquiring $27.87 million worth of shares. Read more— Asia Gaming Brief (@agbrief) April 9, 2025

The previously mentioned option expired on May 13, and subsequent filings indicated that as of March 25, Fertitta had increased his holdings to 12,600,000 shares, representing an 11.8% stake in Wynn. During the recent NGC session, Commissioner Brian Krolicki inquired about the company’s obligation to file a Schedule 13D regarding its investment in Wynn.

A Schedule 13D is a filing used to disclose substantial stock purchases by an investor, typically signaling intentions beyond passive investment. “Nothing has changed,” Scheinthal, Fertitta Entertainment’s general counsel, remarked with a lighthearted demeanor. “Fertitta Entertainment and Tilman remain passive investors.”

Billings on UAE: A Substantial Market Opportunity

This month, Wynn Resorts withdrew from consideration for a Downstate New York casino license. This strategic decision may allow the company to focus more on its ambitions in the United Arab Emirates, particularly with the Wynn Al Marjan Island casino resort project. Craig Billings, the CEO of Wynn, emphasized in a CNBC interview that the UAE gaming market could ultimately yield between $5 billion to $8 billion in annual gross gaming revenue, aligning with figures observed on the Las Vegas Strip.

Analyst John DeCree of CBRE, in a research note released following Fertitta’s stake announcement in Wynn, speculated on the potential for Fertitta to pursue a controlling interest. However, he cautioned that acquiring Wynns would entail a complex and costly endeavor, especially given its considerable enterprise value and international growth initiatives. He specifically referenced the UAE project to highlight the challenges Fertitta might face.

On a political note, the Senate confirmed Fertitta’s ambassadorial nomination with a vote of 83-14. Just days later, on May 6, he submitted his credentials to Italian President Sergio Mattarella. As of now, Fertitta boasts an estimated net worth of $10.9 billion, placing him at No. 241 on Forbes’ global billionaires list.

Wynn’s stock closed at around $92 per share on Wednesday, reflecting a slight decrease for the session. While Wynn shares have appreciated approximately 11% over the past month, they have also experienced a decline of about 2% over the previous year.