NGCB to Once Again Assess Tilman Fertitta’s Participation in Wynn Resorts

Tilman Fertitta is set to be under more scrutiny at the upcoming Wednesday meeting of the Nevada Gaming Control Board, although all of this will happen in his absence.

The exact nature of this scrutiny is not immediately clear or detailed, but Wynn Resorts’ largest shareholder may be prodded about his intentions regarding the company, in which he has been systematically increasing his holdings.

The NGCB Set to Examine Fertitta’s Positions in Wynn Resorts

However, the man himself will not be attending the meeting, as he has been shipped off as ambassador to Italy, sending in his stead Steven Scheinthal, Fertitta Entertainment Inc.’s chief attorney.  

Tilman Fertitta holds 12.58% shares in Wynn Resorts, although the number has been inching up ever so slightly. He is unlikely to face any serious challenge, and the meeting is seen as a pro-forma event rather than anything that will entail major consequences for Fertitta as a stakeholder in the prominent hospitality and gaming brand.

The Board may be keen to explore how Fertitta feels about the declining value of the Wynn Resorts share price, which is down by 10.30% over the past 12 months.

There has been no apparent public rift between the Board of Directors, high-ranking executives, and Fertitta at the moment, but the NGCB may be keen to see if there are any issues that have not been brought to public attention.

At the same time, the NGCB may be interested in finding out if there is any substance to rumors and claims that Wynn Resorts may be willing to sell or whether Fertitta is attempting to take over the company. Both of these rumors have mostly died down since either would take a colossal amount of finance to pull off.

More of Protocol Than Sensation

Wynn Resorts is now pushing ahead with its Middle East casino project in the United Arab Emirates, the world’s first, which is set to have the first-mover advantage and remain unchallenged by MGM Resorts International (the second closest bidder) for years to come.

The idea that Fertitta would pursue a takeover is also far-fetched precisely because of the extraordinary capital he would need to muster in order to accomplish this. However, he has already increased his interest in the company to twice what it was just a few years ago.