Tilman Fertitta acquires big Wynn Resorts stake

Tilman Fertitta has acquired a big ownership stake in Wynn Resorts Ltd., giving him an immediate foothold in the Strip’s casino industry as the billionaire sets out to build a towering resort on Las Vegas Boulevard. Fertitta acquired 6.9 million shares in Las Vegas-based Wynn, a 6.1 percent stake, according to a filing Monday with the Securities and Exchange Commission. According to the filing, the “date of event” was Oct. 19 — the same day Fertitta secured approvals to develop a 43-story hotel-casino on the Strip. Fertitta is now one of the largest shareholders in Wynn, whose stock soared on the news. Shares of Wynn closed Monday at $63.90, up $5.60, or 9.61 percent. The securities filing did not disclose how much Fertitta paid for his ownership stake, but Wynn’s stock price has tumbled over the past year. It closed Friday at $58.30, down from $90.78 a year earlier.

Wynn spokesman Michael Weaver said the company is aware of Fertitta’s ownership disclosure. A representative for Fertitta declined to comment. Fertitta, owner and CEO of Houston-based Fertitta Entertainment, oversees a corporate empire that includes dozens of restaurant brands, the NBA’s Houston Rockets and Golden Nugget casinos in Nevada and other states. He also acquired a chunk of Las Vegas’ famed casino corridor this year, buying 6 acres at the southeast corner of Las Vegas Boulevard and Harmon Avenue in June for $270 million. The sale included a restaurant building, a cluster of souvenir shops and a 1960s-era Travelodge motel property that had closed by July. Fertitta is looking to build an upscale resort on the site. According to Clark County documents, the 2,420-room project would include restaurants, convention space, a spa, wedding chapel, auto showroom and a roughly 2,500-seat theater.