Form 4: Tilman Fertitta Sells WYNN Call Options

Tilman J. Fertitta, a 10% owner and director of Wynn Resorts, reported the sale of call options on 750,000 shares of WYNN stock with strike prices ranging from $150 to $170.

Summary

• Tilman J. Fertitta, a Director and 10% Owner of Wynn Resorts Ltd. (WYNN), reported the disposition of call options.
• The transactions occurred on November 5, 2025.
• Fertitta Entertainment, LLC, an entity indirectly owned by Mr. Fertitta, disposed of three tranches of call options, each for 2,500 contracts.
• Each contract represents 100 shares, totaling 250,000 underlying shares per tranche, or 750,000 shares in total across all tranches.
• The strike prices for these call options are $150, $160, and $170.
• The expiration date for all options is June 18, 2026.
• Premiums received for these options were $8.4435, $6.3508, and $4.7449 per underlying share for the $150, $160, and $170 strike prices, respectively.
• Following these transactions, Fertitta Entertainment, LLC beneficially owns 2,500 call options for each strike price, indirectly.

Sentiment

Score: 5

Explanation: The filing reports a routine insider derivative transaction (sale of call options) which is a common strategy for income generation or hedging. It does not inherently indicate a positive or negative outlook on the company's fundamental performance.

Positives

• The reporting person received premiums totaling $8.4435, $6.3508, and $4.7449 per share for the respective call options, generating immediate income.

Negatives

• The sale of call options caps the potential upside for the reporting person if Wynn Resorts' stock price significantly exceeds the strike prices ($150, $160, $170) before the expiration date of June 18, 2026.

Risks

• If the price of Wynn Resorts Common Stock rises above the strike prices of $150, $160, or $170 before June 18, 2026, the reporting person would be obligated to sell the underlying shares at the strike price, potentially missing out on further market gains.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This filing details an insider derivative transaction and does not provide information directly related to broader industry trends or competitor analysis within the casino and resort sector.

Related Party Transactions

• Tilman J. Fertitta is the sole shareholder of Fertitta Entertainment, Inc., which is the sole shareholder of Hospitality Headquarters, Inc. and the sole indirect owner of Fertitta Entertainment, LLC. As such, Mr. Fertitta may be deemed to share beneficial ownership of the securities held of record by Fertitta Entertainment, Inc., Hospitality Headquarters, Inc., and Fertitta Entertainment, LLC. The call options are held of record by Fertitta Entertainment, LLC.

Stakeholder Impact

• Shareholders: The transaction indicates an insider's view on the potential price movement of WYNN stock, suggesting a strategy to generate income or a belief that the stock may not significantly exceed the strike prices by the expiration date. This is a routine insider disclosure and typically has minimal direct impact on other stakeholders.

Next Steps

• The call options will expire on June 18, 2026, at which point the reporting person's obligation to sell the underlying shares will either be exercised or lapse depending on the stock price relative to the strike prices.

Key Dates

Keywords

WYNN, Tilman Fertitta, Form 4, insider trading, call options, derivative, beneficial ownership, 10% owner, director