Why Tilman Fertitta became Wynn Resorts' top shareholder
Board members voted unanimously to recommend Tilman Fertitta suitable as a beneficial shareholder of the company and Brian Gullbrants as an officer.
Final approval of licensing is expected by the Nevada Gaming Commission on June 26.
Fertitta is owner of Landry's Inc., which controls the Golden Nugget casino franchise and has properties in Las Vegas, Laughlin and Lake Tahoe, is owner of the National Basketball Association Houston Rockets and is Wynn's top shareholder.
In April, Fertitta acquired 400,000 shares of Wynn through a company buyback program to bring his total to 13 million, roughly a 12.3 percent stake.
In May, Fertitta said he was forging ahead on a Strip project, an as-yet-unnamed 43-story, 2,420-room resort on 6.2 acres on the southeast corner of Las Vegas Boulevard and Harmon Avenue.
Later that month, he paused the direct oversight of his business portfolio to take a Trump administration appointment as ambassador to Italy and San Marino.
Fertitta, a cousin of Red Rock Resorts executives Frank and Lorenzo Fertitta, was required to resign from his business holdings to comply with federal ethics rules, but is allowed to own shares and collect dividends as a passive investor in Wynn.
Fertitta did not attend Wednesday's meeting, and his attorney, Steven Scheinthal, said that on Wednesday Fertitta was moving his possessions to Italy.
Scheinthal said Fertitta is unhappy with Wynn's recent stock price and with some of the company's recent management decisions, but believes in the company's investment in a resort in the United Arab Emirates, Wynn Al Marjan Island, which will open in 2027.
In the past month, Wynn shares have dipped around $10 a share to Friday's closing price of $84.70 a share.
Gullbrants recommended
Gullbrants, who opened Encore Boston Harbor for the company in 2019, later moved to Las Vegas and became chief operating officer North America, overseeing both Las Vegas resorts and the Boston operation.
Gullbrants, also an officer on the Las Vegas Convention and Visitors Authority board of directors, addressed the many management changes that have occurred at Wynn since former CEO Steve Wynn left the company in 2018. He also stressed the importance of company culture, respect among employees and regulatory compliance.
In May, Wynn Resorts was disciplined by the Nevada Gaming Commission with a $5.5 million fine resulting from the discovery of an illegal scheme to recruit high-rolling gamblers through unlicensed money transmitting businesses.
Wednesday's meeting was the last one for Hendrick, who announced in January that he planned to step down as chairman at the conclusion of Nevada's 2025 legislative session.
In April, it was announced that Mike Dreitzer, former CEO of Gaming Arts LLC, a privately held Las Vegas-based gaming equipment supplier that holds more than 150 gaming licenses, would take the chairman's role in July. Dreitzer also served in the Nevada attorney general's office.
Throughout Wednesday's meeting, Hendrick was applauded by applicants and attorneys for the 2½ years he has served as chairman.
___
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