Key Takeaways

Wynn Resorts ( WYNN ) shares gained Tuesday as the hotel and casino operator's largest shareholder, billionaire Tilman Fertitta, expanded his stake in the company.

A securities filing showed Fertitta purchased 16,500 shares of Wynn on March 21 and March 24, with a price range of $80.99 to $84.93 per share, totaling approximately $1.38 million.

In addition, Hospitality Headquarters, part of Fertitta's Fertitta Entertainment conglomerate, bought 1.68 million shares for $85.73 each on March 24, valued at about $143.3 million, in a share option transaction.

Fertitta Owns Several Golden Nugget Casinos, NBA's Houston Rockets

Fertitta, whose wide-ranging investments under the Fertitta Entertainment umbrella include several Golden Nugget casinos, reportedly became Wynn's top shareholder last November, when he increased his ownership to 9.9%. Fertitta also owns Landry's, Del Frisco's, and several other restaurants, as well as the National Basketball Association's (NBA) Houston Rockets.

Shares of Wynn Resorts pared earlier gains and were up 2% in recent trading. They have lost about 13% of their value over the past year.

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