Elaine Wynn’s Death Sparks Question About Her Stock

Posted on: April 21, 2025, 05:02h. 

Last updated on: April 21, 2025, 05:04h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • She was the second-largest individual shareholder in Wynn Resorts
  • No clarity as of yet regarding what becomes of her stake in the company

Wynn Resorts (NASDAQ: WYNN) co-founder Elaine Wynn passed away last week at the age of 82 and her death sparked questions about what will become of her sizable equity position in the company.

Elaine Wynn and Wynn Resorts Clash Over John Jay Hagenbuch
Elaine Wynn. Rumors abound regarding what comes of her shares in the gaming company following her death last week. (Image: Gabe Ginsberg/Getty)

At the time of her passing, Wynn controlled about 8% of the casino operator’s shares, making her the second-largest individual investor behind only Tilman Fertitta. When she passed away, her net worth was an estimated, $2 billion, ranking her 1,763 on the 2025 Forbes billionaires list and 16th on the publication’s 2024 list of “America’s Self-Made Women.”

In an April 20 note to clients, Jefferies analyst David Katz acknowledged her death stokes queries about what becomes of her shares.

With the passing of Elaine Wynn, investors’ questions centered on the future of her stake in the company and the standstill agreement put in place following Steve Wynn’s departure from the company,” wrote the analyst.

In what’s likely a coincidence, a Form 4 filing with the Securities and Exchange Commission (SEC) indicates a family trust with ties to Wynn CEO Craig Billings disposed of 96,189 shares of the gaming company on April 15 — the day Elaine Wynn’s death was revealed.

Fertitta Involvement Could Put Spotlight on Elaine’s Wynn Stake

Katz added that Fertitta’s increasing equity stake in Wynn could drive investors to pay closer attention to what becomes of Elaine Wynn’s shares.

When Fertitta initially got involved with Wynn stock in late 2022, he owned 6.1% of the shares of the shares outstanding, but following some recent buying activity, including some just days before Elaine Wynn died, the Houston Rockets owner has more than doubled his stake in the company, making him the largest investor.

“We believe it is fair for investors to contemplate the outcome of Elaine Wynn’s shares, Tillman Fertitta’s strategies, and the overall ownership structure of the company in the long term,” added Katz.

The Jefferies analyst did not speculate on the possibility of Fertitta or any other investor directly absorbing Elaine Wynn’s shares. He did, however, note the stock is inexpensive and possesses multiple potential catalysts.

“We view the set-up with multiple ways to benefit, given the historically low valuation 8.7X EBITDA, the inherent asset value, including the land bank, and the strong operating execution,” he wrote.

Heirs Haven’t Commented on Plans

Elaine Wynn is survived by two daughters — Kevyn and Gillian — and seven grandchildren. Kevyn Wynn and Gillian Wynn Early are also the daughters of Steve Wynn — Elaine’s ex-husband and the co-founder of the gaming company bearing his name.

He sold his entire stake in the corporation in 2018 when he was forced out amid allegations of sexual misconduct. The stock has to yet to return to the highs see prior to his ouster.

It’s not yet clear if Kevyn and Gillian are the only heirs to their mother’s fortune so they haven’t yet commented on plans for her stock in the gaming company. It’s possible some of the shares will be donated to charity owing to their mother’s extensive philanthropic work.

Another possibility is that if the daughters are bequeathed the stock and opt to sell it, Wynn could absorb some of the supply. Las Vegas Sands (NYSE: LVS) did something similar when it bought $250 million worth of the $2 billion in stock Dr. Miriam Adelson sold in November 2023 to fund her purchase of the Dallas Mavericks.