Fertitta Wynn Stake to Be Scrutinized by NGCB
Posted on: June 8, 2025, 09:43h.
Last updated on: June 8, 2025, 09:43h.
- NGCB to evaluate Feritta’s suitability as investor in Wynn
- Likely a perfunctory step because he holds a Nevada gaming license
At its Wednesday meeting, the Nevada Gaming Control Board (NGCB) will assess Tilman Fertitta’s suitability as a shareholder in Wynn Resorts (NASDAQ: WYNN), the casino operator in which he’s the largest investor.
It’s an expected step because under Nevada law, investors that own at least 5% of publicly traded gaming company operating in the state must be evaluated by the NGCB and they must hold Nevada gaming permits. Fertitta checks the latter box because three of his Golden Nugget casinos are Nevada gaming properties. Those venues are located in Lake Tahoe, downtown Las Vegas, and Laughlin.
Now the US ambassador to Italy, Fertitta won’t attend the June 11 NGCB meeting and he won’t check in via conference call or internet meeting nor is he legally obligated to do so. It’s likely Steven Scheinthal, the highest-ranking attorney at Fertitta Entetainment Inc., will be at the meeting.
Scheinthal attended recent NGCB and Nevada Gaming Commission (NGC) meetings relating to the licensure of Paige Fertitta — Tilman’s ex-wife — who has taken over as head of the entertainment and leisure conglomerate while her former spouse resides in Italy.
Expect Questions About Fertitta’s Wynn Intentions
It’s been more than two years ago since Fertita took what was then a 6% stake in Wynn, raising eyebrows in the gaming industry and investment community. Since then, his position in the Encore operator has more than doubled to 12.58%, easily making him the largest shareholder in the company.
While there are unlikely to be any issues regarding Fertitta’s suitability as a major investor in Wynn, it’s possible NGCB members won’t be able to resist again prodding Scheinthal, or another Fertitta representative, regarding their former boss’s plans for the Wynn investment.
Such questions were raised at a May NGCB meeting with Schienthal saying that provided Wynn management takes steps to enhance shareholder value, his boss is alright with that, but he added “we’ll see what happens” and that may have opened the door to further inquiry from Commissioner George Assad who pressed the attorney on Fertitta’s displeasure, if any, with Wynn executives over the flailing share price.
The lawyer didn’t fall into that trap, declining to comment on his former boss’s feelings about shares of Wynn being down 10.35% over the past year.
Takeover Rumors Have Died Down
Perhaps due in part to Fertitta’s ambassadorship, speculation regarding the potential of Wynn takeover has died down. Such chatter was rampant soon after it was revealed the Houston Rockets became a Wynn investor in 2023.
While his 12.58% interest in the company is more than enough with which to affect change, Fertitta hasn’t openly signaled that he’s angling for transformative transactions such as asset divestments or an outright sale. Now, his plate may be too full to focus on a complex, expensive takeover.
Some Wall Street analysts previously noted the odds of Fertitta acquiring Wynn were long, adding that his primary interest in the gaming company was to push expansion and better use of the operator’s prestigious brand.
No comments yet