Monica Schipper/Getty Images Entertainment
Wynn Resorts (NASDAQ:WYNN) stock soared on Monday following the disclosure of a 6.1% passive stake taken by Landry’s owner Tilman Fertitta.
A 9.61% jump for the stock on Monday marked the strongest one-day gain for the casino operator since late September. A loosening of health restrictions in Macau prompted a double-digit percentage gain at that time.
Fertitta is the owner of the Golden Nugget Casinos and earlier this month was granted permission to develop a 43-story hotel casino on the Las Vegas Strip. While the date of the stake is cited as October 19, coinciding with the green light from Clark County for the new hotel project, there is no clear connection between the two events. A 13-G filing, as opposed to a 13-D filing, also precludes Fertitta from activist activity.
Read more on Elon Musk’s issues with misfiling a 13-G in his Twitter takeover.
