LAS VEGAS (KLAS) — The “World’s Richest Restaurateur” has Wynn Resorts stock rising — up more than 10% in trading on Monday.
Tilman Fertitta, who owns Landry’s and a number of other restaurant ventures, was named as the owner of 6% of Wynn stock in a securities disclosure filed on Monday. The disclosure was first reported before markets opened in articles from the Wall Street Journal, Marketwatch and other financial watchdogs.
Fertitta’s association with Wynn — although his “passive” stake in the company means he isn’t actively involved in the company — boosted the market’s feelings about Wynn stock, which had been down by 25% this year as the company’s Macau resorts continue to work under tight COVID-19 restrictions. Macau had fueled enormous growth before the pandemic for Wynn and several other Las Vegas operators.
Fertitta Entertainment Inc. already owns the Golden Nugget in downtown Las Vegas, and has secured approval for a 43-story tower at Harmon Avenue and the Strip for a high-end resort.
Fertitta’s net worth was estimated at $7.6 billion in September. He is a third-cousin to Red Rock Resort executives Lorenzo and Frank Fertitta.
Tilman Fertitta’s presence on the Las Vegas gaming scene started in 2005 when he bought the Golden Nugget resorts in downtown and in Laughlin.
In 2017, he bought the NBA’s Houston Rockets.
He continues to thrive coming out of the pandemic, according to a Forbes 400 profile in 2021.
We will update this story when the market closes at 1:30 p.m. (PDT).
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