Landry's CEO Fertitta becomes Wynn Resorts' largest individual shareholder with nearly 10% stake

Core Insights - Wynn Resorts' stock price increased by 9% following news of billionaire Tilman Fertitta increasing his ownership stake to 9.9% [1][2] - Over the past 20 years, Wynn's stock has seen a 57% increase, significantly lower than Marriott's 950% gain during the same period [2] - Wynn's third-quarter earnings fell short of expectations for revenue and adjusted property EBITDA in both Macao and Las Vegas, indicating a potential softening in performance [4] Company Developments - Tilman Fertitta, CEO of Landry's and owner of the Houston Rockets, is planning a new 43-story casino resort on the Las Vegas Strip [3] - Wynn Resorts has a 40% stake in a new integrated casino-resort being developed in Ras Al Khaimah, UAE, with a projected cost of $5.1 billion [6] - Fertitta's increased stake positions him as the second-largest individual shareholder in Wynn, surpassing cofounder Elaine Wynn [7] Land and Development Concerns - Analysts have raised questions regarding Wynn's plans for 162 acres of land in Las Vegas, which includes a 128-acre golf course and a 38-acre parcel [5] - Jefferies analyst David Katz estimated the land's value at slightly over $2 billion, but noted a lack of evident plans for development or sale [5] - Some investors have expressed concerns that Wynn is diluting its luxury brand and hospitality status while focusing on new gaming markets in the Middle East [5]