[Form 4] WYNN RESORTS LTD Insider Trading Activity

Rhea-AI Filing Summary

Wynn Resorts (WYNN) insider activity: Director and 10% owner Tilman J. Fertitta, together with affiliated entities, reported selling exchange-listed call options referencing Wynn common stock on 11/10/2025, 11/11/2025, and 11/12/2025. The trades were recorded as code “S”.

Transactions included call options with strike prices such as $150, $155, and $160 on 11/10/2025 covering 137,000, 137,000, and 136,000 underlying shares, respectively, and a $140 strike on 11/12/2025 covering 280,000 shares. Reported option premiums included $8.7352, $6.1752, $4.9452, and $8.1498. The options are shown as exercisable and expiring on 05/15/2026.

Ownership is listed as indirect, with footnotes stating the options are held of record by Hospitality Headquarters, Inc., and that Mr. Fertitta may be deemed to share beneficial ownership through affiliated entities.

Insights

Equity Derivatives Analyst

Large insider call option sales across many strikes and dates; obligation to sell shares through 05/15/2026.

Tilman J. Fertitta and affiliated entities reported selling multiple series of call options on WYNN Resorts Ltd. common stock on 11/10/2025, 11/11/2025, and 11/12/2025. The positions carry strike prices from $140 to $195 and a common expiration on 05/15/2026. Each entry is coded "S" (sale of derivative), shows indirect ownership, and references that the options are held of record by Hospitality Headquarters, Inc.

Selling a call option creates an obligation to deliver shares at the strike price if exercised. The filing lists per‑unit option prices received (for example, $8.7352, $6.1752, $4.9452, and others) for each tranche. Beneficial ownership is reported through a chain of entities, with Mr. Fertitta as the sole shareholder of Fertitta Entertainment, Inc., which in turn owns the reporting entities.

Key dependencies include whether these obligations are covered by existing share positions and any subsequent adjustments before 05/15/2026. Items to watch: additional Form 4s that change the derivative counts, any early terminations or offsets, and share deliveries if options are exercised near expiration.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FERTITTA TILMAN J

(Last) (First) (Middle)

C/O FERTITTA ENTERTAINMENT, INC.

1510 WEST LOOP SOUTH

(Street)

HOUSTON TX 77027

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WYNN RESORTS LTD [ WYNN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/10/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Call Option (obligation to sell)	$150	11/10/2025		S			137,000	05/15/2026	05/15/2026	Common Stock	137,000	$8.7352	137,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$155	11/10/2025		S			137,000	05/15/2026	05/15/2026	Common Stock	137,000	$6.1752	137,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$160	11/10/2025		S			136,000	05/15/2026	05/15/2026	Common Stock	136,000	$4.9452	136,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$150	11/11/2025		S			26,000	05/15/2026	05/15/2026	Common Stock	26,000	$6.3853	26,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$155	11/11/2025		S			26,000	05/15/2026	05/15/2026	Common Stock	26,000	$5.5092	26,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$160	11/11/2025		S			26,000	05/15/2026	05/15/2026	Common Stock	26,000	$4.4815	26,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$140	11/12/2025		S			280,000	05/15/2026	05/15/2026	Common Stock	280,000	$8.1498	280,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$160	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$3.5556	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$165	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$2.9313	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$170	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$2.3506	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$175	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$1.9635	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$180	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$1.5464	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$185	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$1.2892	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$190	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$1.1657	40,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$195	11/12/2025		S			40,000	05/15/2026	05/15/2026	Common Stock	40,000	$1.0421	40,000	I	See footnotes(1)(2)

1. Name and Address of Reporting Person^*

FERTITTA TILMAN J

(Last) (First) (Middle)

C/O FERTITTA ENTERTAINMENT, INC.

1510 WEST LOOP SOUTH

(Street)

HOUSTON TX 77027

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Fertitta Entertainment, Inc.

(Last) (First) (Middle)

1510 WEST LOOP SOUTH

(Street)

HOUSTON TX 77027

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Hospitality Headquarters Inc

(Last) (First) (Middle)

C/O FERTITTA ENTERTAINMENT, INC.

1510 WEST LOOP SOUTH

(Street)

HOUSTON TX 77027

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Fertitta Entertainment, LLC

(Last) (First) (Middle)

C/O FERTITTA ENTERTAINMENT, INC.

1510 WEST LOOP SOUTH

(Street)

HOUSTON TX 77027

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Mr. 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.

2. The options are held of record by Hospitality Headquarters, Inc.

	/s/ Tilman J. Fertitta	11/13/2025
	Fertitta Entertainment, Inc., By: /s/ Paige Fertitta, President	11/13/2025
	Hospitality Headquarters, Inc., By: /s/ Paige Fertitta, President	11/13/2025
	Fertitta Entertainment, LLC, By: /s/ Steve Scheinthal, Vice President	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did WYNN insider Tilman J. Fertitta report?

He reported sales of call options referencing Wynn Resorts common stock on 11/10/2025, 11/11/2025, and 11/12/2025.

Which strike prices were included in the WYNN Form 4?

Examples include $140, $150, $155, $160, $165, $170, $175, $180, $185, $190, and $195.

How many shares did some of the WYNN option blocks cover?

Examples include 137,000 and 136,000 underlying shares on 11/10/2025 and 280,000 on 11/12/2025.

What option premiums were reported in the WYNN filing?

Examples include $8.7352, $6.1752, $4.9452, $6.3853, and $8.1498.

Who holds the reported WYNN options of record?

Footnotes state the options are held of record by Hospitality Headquarters, Inc.

What is the ownership form for the WYNN derivative positions?

They are reported as Indirect (I), with Mr. Fertitta potentially sharing beneficial ownership through affiliated entities.