Fertitta Maintains Passive Role in Wynn Despite Largest Shareholding

Tilman Fertitta, the billionaire businessman and US Ambassador to Italy, has made it clear that his position as a Wynn Resorts shareholder remains hands-off, at least for the time being. He shared this during a recent Nevada Gaming Control Board (NGCB) meeting where the main attention was on licensing matters for his ex-wife, Paige Fertitta.

Fertitta Stays Passive in Wynn Despite Largest Stake, Says Company Lawyer

Steven Scheinthal, general counsel at Fertitta Entertainment, spoke to the board about this issue. He stressed that the company likes Wynn Resorts’ current path as long as the leaders keep focusing on value for shareholders. Scheinthal did not say yes or no to any dissatisfaction with Wynn’s leadership. He said again that Fertitta has not taken any official steps to get more say in the company, even though he has a considerable stake in the company.

Fertitta now owns about 13% of Wynn Resorts, making him the biggest single shareholder. His stake has grown over the last two years when the stock market was shaky. Still, all his filings have been under the SEC’s Schedule 13G type. This type is for investors who do not want to change what the company leadership does.

Commissioner George Assad asked about Fertitta’s growing stake in Wynn Resorts due to rumours that he might want a bigger role. However, Scheinthal said Tilman and Paige Fertitta are still hands-off investors, with no change to that setup. Even though Fertitta has a history of becoming more involved in other businesses he has invested in, it does not look like that is happening with Wynn Resorts anytime soon.

Paige Fertitta Poised to Lead Fertitta Entertainment as Tilman Shifts to Diplomatic Role

The board’s meeting also tackled the change in leadership at Fertitta Entertainment. As Tilman Fertitta steps away from his executive position to take on diplomatic responsibilities, the board has suggested licensing Paige Fertitta as the new director and president of the company. Though she joked about entering her “golden years,” Paige made it clear she will not be involved in day-to-day operations. Rather, she will offer strategic guidance and be available for board-level choices.

Fertitta Entertainment runs three Golden Nugget venues in Nevada and has thousands of employees across its casino and restaurant sectors. Paige Fertitta said she plans to check in with Tilman Fertitta  on big decisions, especially those related to capital spending. This confirms that he still has a strong influence on the company even after his official departure.

Word has it that a new reality show focusing on the Golden Nugget properties is in the works, keeping up the Fertitta family’s ongoing connection with TV projects. It is still up in the air whether Tilman Fertitta will show up on screen. The Nevada Gaming Commission plans to decide on Paige Fertitta’s licensing on May 22.