Wynn shares rise as Houston Rockets owner Fertitta reveals stake
Beach Hotels in Wynn (WYNN) Shares edged higher Monday after Securities and Exchange Commission filings showed billionaire investor and restaurateur Tilman Fertitta built a 6.1 percent stake in the casino operator.
Fertitta, who owns the privately held restaurant group Landy’s as well as the National Basketball Association’s Houston Rockets, has amassed about 6.9 million shares in Wynn, according to a published 13-G filing. in Monday.
Hospitality Headquarters Inc., a Houston-based conglomerate controlled by Fertitta, as well as Fertitta Entertainment, which owns the Golden Nugget casino, are also included in the acquisition.
Last year, Fertitta scrapped plans to take its casino and restaurant businesses public through a merger with Fast Acquisition Corp., a so-called white check company that trades on the Stock Exchange New York.
Wynn stock was marked 7% higher in pre-session Monday trading showing an opening price of $64.40 per share, a move that will still keep the stock down for about six months. 10.2%.
Wynn, which generates about 70% of its total revenue from Macau, the world’s largest game hub and Special Administrative Region of the People’s Republic of China, grew last month as officials agreed. allowing tour groups from mainland China for the first time in nearly three years.
Visitors from five provinces – Guangdong, Shanghai, Zhejiang, Jiangsu and Fujian – will no longer have to go through a complicated e-visa process to visit Macau, the only city under its control Beijing allowed gambling to be legalized, on the first terms. phase of its new regulations.
Macau’s gaming market generated about $37 billion in annual revenue before the pandemic, about five times the overall income of the Las Vegas strip.
Fertitta bought the Houston Rockets in 2017 from former bond trader and investment banker Leslie Alexander for a record $2.2 billion, topping the previous franchise’s peak price of $2 billion that the former Microsoft CEO Steve Ballmer paid in a forced sale of the Los Angeles Clippers in 2014.