With billionaire Tilman Fertitta now officially the US ambassador to Italy, questions have emerged about his growing stake in Wynn Resorts — but his legal counsel insists there’s no shift in intent: Fertitta remains a passive investor.
Paige Fertitta Approved as Fertitta Entertainment President
Just ahead of Wynn Resorts’ latest hearing before the Nevada Gaming Commission (NGC), Fertitta’s ex-wife, Paige Farwell Fertitta, appeared via Zoom and was granted licensure. This paves the way for her formal appointment as president and director of Fertitta Entertainment, following Tilman’s departure from the role due to his diplomatic appointment.
Despite the promotion, the spotlight quickly shifted back to Fertitta’s investment in Wynn, which has sparked chatter across the gaming and financial sectors since last year.
A Stake That Raised Eyebrows
Back in November, Fertitta became the largest individual shareholder in Wynn Resorts, acquiring a 9.9% stake. By March, that holding had increased to 11.8%, or 12.6 million shares, according to filings with the US Securities and Exchange Commission (SEC).
This significant increase prompted a pointed exchange during last week’s hearing, where Commissioner Brian Krolicki inquired about the absence of a Schedule 13D — the SEC filing typically required when an investor might be angling for control.
But Fertitta’s general counsel, Steve Scheinthal, was unequivocal:
“Nothing has changed. Fertitta Entertainment and Tilman remain a passive investor.”
Wynn’s Strategic Focus Shifts to UAE
While Fertitta speculation swirled, Wynn Resorts made a quiet but strategic decision: pulling out of the Downstate New York casino license race. The move could signal a broader reallocation of focus — likely toward the Wynn Al Marjan Island project in the United Arab Emirates.
In a March interview with CNBC, Wynn CEO Craig Billings said the UAE project alone could generate $5 billion to $8 billion annually in gross gaming revenue, putting it in the same bracket as Las Vegas Strip earnings.
Analyst View: “Wynn Is Not an Easy Buyout”
Analyst John DeCree of CBRE weighed in following Fertitta’s initial stake announcement. While Fertitta’s history of acquiring large-scale hospitality assets raised eyebrows, DeCree cautioned that Wynn would be a “complicated and expensive endeavour” due to its international portfolio and high valuation.
Wynn Resorts, as of Wednesday, was trading near $92 a share, up 11% month-on-month but slightly down over the past year. Fertitta’s options to purchase an additional 1.68 million shares at $85.73 expired on 13 May, adding a footnote to his complex holding structure.
Diplomatic Duties Begin
Meanwhile, Fertitta’s ambassadorial chapter officially began earlier this month. He presented credentials to President Sergio Mattarella of Italy, completing his transition into public service. The confirmation sailed through the US Senate with an 83-14 vote.
With a real-time net worth of $10.9 billion and a foothold in hospitality, sports, and gaming, Fertitta’s evolving role continues to be one to watch — but for now, at least, a takeover at Wynn doesn’t appear to be on the cards.
