Wynn Resorts stocks soar after Tilman Fertitta buys 6.1% stake

Tilman Fertitta

Wynn Resorts has seen its stocks soar after billionaire Tilman Fertitta acquired a 6.1% stake in the hotel and casino operator, increasing his voting power to 25%.

Fertitta, whose investments have grown to 6.9 million shares of Wynn since he bought them up for himself and sister company Elaine’s holding in 2018 following an initial purchase just last year – is now the 2nd largest individual investor after Co-Founder Elaine!

The shares in the operator rose 11% to $64.64 at 11:10am on Monday, establishing a new high for this day’s trading session!

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Wynn’s Macau properties have been a key source of revenue for the company, but recent events in that region such as Covid-19 and its resulting pandemic restrictions has led to an underperformance.

The Macau Government announced a new round of testing this week after an alleged dealer tested positive for Covid. Three more people subsequently returned similar results, leading them to believe that there is no longer any danger in their region and they can reopen sales again!

The Chinese government has announced that it will be opening up the smart visa facility again on 1 November for visitors from mainland China. Despite this virus outbreak, which could potentially hurt tourism in Oregon and other western states where most cases were detected so far among US residents , leaders are still committed to pursuing their plans of re-opening these facilities as soon possible once they’re fully cleaned off whatever’s causing all these problems – even if just temporarily until things get back under control once more!

Visitors can now apply for visas on the mainland individually or in groups. This is great news!

In a recent interview, Fertitta revealed that he has plans to build an all-new 43 story hotel and casino on previously purchased land. The Houston based billionaire originally spent $270 million for the purchase but says his new project will cost less than half of this amount due in large part because it won’t require as many renovations or construction materials needed during initial stages when building traditional hotels/casinos from scratch which can be expensive depending upon location etcetera.
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