This billionaire is now the largest shareholder of Wynn Resorts

Shares of Wynn Resorts Ltd. soared by more than 8.6 percent Thursday after Houston billionaire Tilman Fertitta increased his stake in the company to 9.9 percent and became the company’s biggest shareholder.

In a Wednesday Securities and Exchange Commission filing by Wynn, it was disclosed that Fertitta and three company subsidiaries he controls now own around 10.9 million shares, surpassing Elaine Wynn as the company’s largest shareholder.

Analysts have yet to weigh in on the transaction by the chairman, CEO and owner of the Landry’s Inc. restaurant chain, the Golden Nugget casino franchise and the National Basketball Association’s Houston Rockets.

Wynn stock on Thursday opened at $87.40 a share and rose to a closing price of $93.22 a share. Late Thursday, it was still rising in afterhours trading after trade volume of more than three times the daily average.

After the Wynn share price hit the $100 mark in early October, it fell after the release of third-quarter earnings that showed Wynn’s Macao properties didn’t perform as well as some of its peers and the company’s fourth-quarter outlook was moderate.

But analysts have said the stock continues to be undervalued and the company’s newest project, Wynn Al Marjan Island in the United Arab Emirates, will likely have no gaming competition in the region for three to five years.

Fertitta, a cousin to Station Casinos executives Frank and Lorenzo Fertitta, has not spoken publicly about his Wynn stake, which is considered a passive investment. However, some analysts expect Fertitta will become more active in future months.

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.

Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on X.