Fertitta’s Possible Ambassadorship to Italy May Change His Wynn Resorts Role

Talk grows about Tilman Fertitta becoming the US ambassador to Italy. This could change how he deals with Wynn Resorts. 

Wynn Stakeholder Tilman Fertitta May Shift Focus to Italy Ambassadorship

Billionaire Tilman Fertitta owns almost 10% of Wynn Resorts’ stock. However, reports have indicated that President-elect Donald Trump might pick Fertitta for the Italy ambassador job. Some experts think this would make Fertitta less likely to push for changes at the major gambling company.

Fertitta, the owner of the Golden Nugget casinos and the Houston Rockets, has a history of backing Trump and Republican causes. Financial experts say that if Fertitta becomes an ambassador, he will not push for big changes at Wynn Resorts. CNBC reported that with the possible ambassadorship, Fertitta would turn his attention away from shaking things up in the gambling world.

Throughout history, not every ambassadorial post has wielded equal clout. Yet, Italy stands out as especially important, given its status as a key US ally and a major player in the Eurozone. Although people do not see Fertitta’s possible appointment as controversial, the confirmation process might take a while and be public, requiring him to prepare.

Fertitta’s Growth as Second-Biggest Shareholder in Wynn Fuels Speculation

Fertitta’s connection to Wynn Resorts has caught a lot of eyes after he boosted his share in the company from 6.1% to 9.9% in early November. This step at first led people to wonder if he might be planning to shake things up as an activist investor or even buy out Wynn Resorts. However experts, before the news about the ambassador role came out, saw it more as a confidence vote. They pointed to hurdles linked to Wynn’s operations in Macau and the ongoing building of a casino resort in the UAE. These factors, along with the money needed for a takeover, might stop Fertitta from taking an activist approach, the experts said.

Fertitta‘s current position as the largest individual shareholder at Wynn Resorts makes the situation even more interesting. His known desire to own a property on the Las Vegas Strip, along with his past successes as an activist investor, sets the stage for people to guess what he will do next.

As Fertitta handles the ins and outs of his large business empire — which includes car dealerships, restaurants, and real estate — an ambassadorship might make him more likely to take a hands-off approach to investing. With a possible diplomatic job coming up, it looks like he might focus on his new duties instead of getting too involved with Wynn Resorts.