(Bloomberg)—Wynn Resorts Ltd. surged after billionaire Tilman Fertitta acquired a stake in the hotel and casino company, operator of successful properties in Macau and on the Las Vegas strip.
A filing on Monday showed Fertitta owns 6.9 million shares of Wynn, giving him a 6.1% stake. That makes him the second-largest individual investor in the Las Vegas-based company, after co-founder Elaine Wynn, according to data compiled by Bloomberg.
Wynn shares rose 11% to $64.64 at 11:10 a.m. in New York trading on Monday. Through last week’s close, the company’s stock had lost 45% in 2022.
Fertitta has a deep understanding of the gambling and hospitality industries -- and now a toehold in one of the industry’s marquee names. The Houston-based investor and businessman owns the Golden Nugget casinos, the Landry’s Seafood chain and the NBA’s Houston Rockets. His net worth is estimated at about $8 billion.
After building up an internet gambling business, Fertitta sold Golden Nugget Online Gaming Inc. to DraftKings Inc. for $1.56 billion. He also backed out of a plan to merge the parent company of his restaurants and casinos with a special-purpose acquisition company, resulting in litigation.
Wynn, which once got the lion’s share of its revenue from Macau, has been been hurt by China’s lingering Covid restrictions, which have limited tourism and spending in the gambling hot spot. Macau gaming stocks jumped on Monday as China prepares to restart electronic travel permits -- a move that could boost tourism.
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