Billionaire Tilman Fertitta has further increased his stake in Wynn Resorts, consistent with an earlier announcement. In February, Wynn confirmed that Fertitta intends to bolster his shareholding by May 13.

Fertitta Can Play a Role in Wynn’s Decision-Making

On Tuesday, Fertitta acted on his plan, purchasing the extra shares he was interested in. According to the casino company’s latest SEC filing, his stake now officially exceeds 10%, positioning him to have a role in decision-making.

As per an earlier letter of intent, Fertitta purchased a total of 1,683,500 shares of common stock at a price of $85.73.

As a result, his shareholding increased from 10.9 million to 12.58 million.

For reference, Fertitta’s shares in Wynn Resorts are held by Fertitta Entertainment, Hospitality Headquarters, and him personally.

Fertitta Remains Wynn’s Largest Shareholder

Prior to this purchase, Fertitta was already Wynn’s largest shareholder. He singlehandedly owned 9.9% of the company stock – just below the threshold that would allow him to become an insider.

While some analysts previously suggested that the billionaire wasn’t interested in becoming something more than an investor, his latest actions may contradict that. Should he decide to increase his role at Wynn, Fertitta must file an SEC 13D form. While the billionaire has not yet indicated that he is going to do that, some believe that he might do it in order to bolster Wynn’s share price.  

Speaking of the price of Wynn’s stock, it recorded an instant spike shortly after the announcement, reaching a peak price of $89.03. The share price has since normalized and is standing at $86.03 as of the time of this writing. The latter price still represents a slight increase from the company’s share price prior to the transaction.

In any case, Wynn’s higher stock valuation is something few of its competitors can brag about. Both Caesars and MGM are currently experiencing unfavorable trading as their shares remain far below their top results for the past year.

Wynn Faces Pushback in New York

In other news, Wynn Resorts faces pushback against its latest casino plans in New York. The proposed $12 billion casino and resort project by the operator and Related Companies at Hudson Yards sparked heated debates in the city where many claimed that it would the economy.

While the developers highlighted what they called substantial economic opportunities, smaller businesses were not convinced, instead fearing that the massive casino would impact their livelihoods and dramatically change the character of Manhattan’s West Side.

In any case, the battle for New York continues to heat up as operators continue their battle for one of the three downstate casino licenses.