Casino Tycoon Tilman Fertitta Buys 6% of Wynn Resorts
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Tilman Fertitta bought 6.9 million shares in Wynn Resorts on October 19. He is the second-biggest individual investor in the Las Vegas-based company. Elaine Wynns owns 9% of the company, which has increased by 16% since the news of FERTitta's acquisition.
Wynn's Macau business has been struggling since the onset of the COVID-19 pandemic. Wynn is one of six licensed casino operators in the special administrative region of China. Its licenses are up for renewal at the end of 2022. In its most recent quarterly financial results filing, Wynl reported losses of $213m.
Tilman Fertitta is the owner of the Houston Rockets and the Landry's hospitality company. He bought the Golden Nugget chain in 2005 and in May he bought six acres of land for $270m for a new casino on the Las Vegas Strip. It will cost an estimated $3bn to develop the new resort.
