Form 4: Tilman Fertitta Sells WYNN Call Options

Tilman J. Fertitta, a Director and 10% owner of Wynn Resorts Ltd, reported the disposition of call options on 165,000 shares of WYNN common stock.

Summary

• Tilman J. Fertitta, a Director and 10% owner of Wynn Resorts Ltd (WYNN), reported the disposition of call options.
• The transaction occurred on December 8, 2025, and was made pursuant to a Rule 10b5-1(c) plan.
• A total of 165,000 call options were disposed of, divided into three blocks of 55,000 options each.
• The call options have strike prices of $145, $150, and $155.
• The options are set to expire on June 29, 2026.
• The underlying security for these options is Wynn Resorts Ltd common stock, with each block of 55,000 options corresponding to 55,000 shares.
• The prices received for the derivative securities were $7.5852 for the $145 strike options, $6.1158 for the $150 strike options, and $4.8564 for the $155 strike options.
• The options are held indirectly by Hospitality Headquarters, Inc., which is ultimately controlled by Mr. Fertitta through Fertitta Entertainment, Inc. and Fertitta Entertainment, LLC.

Sentiment

Score: 5

Explanation: The disposition of call options can be a hedging strategy or an income-generating strategy, not necessarily a strong bearish signal. The 10b5-1 plan suggests a pre-planned, non-discretionary action.

Positives

• The reporting person received premiums for selling the call options, generating immediate income.
• The transaction was made pursuant to a Rule 10b5-1 plan, indicating a pre-arranged, non-discretionary trading strategy.

Negatives

• Selling call options implies a belief that the stock price will not significantly exceed the strike prices by the expiration date, or a desire to cap upside potential in exchange for premium income.
• The disposition of a significant number of call options by a 10% owner and director could be interpreted by some investors as a lack of strong conviction in the stock's substantial short-term appreciation.

Future Outlook

This filing reports a past transaction and does not provide any forward-looking statements or guidance.

Industry Context

This transaction is specific to Wynn Resorts and its insider, Tilman J. Fertitta. It does not directly provide broader industry trends, though insider activity can sometimes reflect sentiment within a sector. The gaming and hospitality industry, in which Wynn operates, is subject to various macroeconomic factors and consumer spending trends.

Related Party Transactions

• The filing details the indirect beneficial ownership structure involving Tilman J. Fertitta, Fertitta Entertainment, Inc., Hospitality Headquarters, Inc., and Fertitta Entertainment, LLC. This clarifies the relationship between the reporting person and the entities holding the securities.

Stakeholder Impact

• Shareholders: May interpret the disposition of call options by a significant insider as a signal regarding the stock's future price movement, potentially influencing their investment decisions.

Key Dates

Keywords

Wynn Resorts, WYNN, Tilman Fertitta, insider trading, Form 4, call options, derivative securities, beneficial ownership, 10b5-1 plan, director transaction, 10% owner