Fertitta-linked entity writes calls on 400K Wynn Resorts (WYNN) shares

Rhea-AI Filing Summary

Entities affiliated with Tilman Fertitta, including Hospitality Headquarters, Inc., reported open-market sales of call options referencing a total of 400,000 shares of Wynn Resorts common stock. These call options, which create an obligation to sell shares if exercised, carry strike prices of $120 and $122 and expire on October 2, 2026. The options were sold at premiums of about $4.37 and $3.90 per share. Footnotes state the options are held of record by Hospitality Headquarters, Inc., and Mr. Fertitta may be deemed to share beneficial ownership through his control of related entities.

Insights

Equity derivatives analyst

Fertitta-affiliated entity sold call options on 400,000 Wynn shares, capping upside above $120–$122 while collecting option premiums.

The filing shows indirect open-market sales of call options referencing 400,000 shares of Wynn Resorts common stock. The options have strike prices of $120 and $122 and expire on October 2, 2026. As call writers, the entities receive premiums per share today.

Writing call options creates an obligation to sell the underlying shares at the strike prices if exercised, which can limit economic upside above those levels. Footnotes attribute record ownership to Hospitality Headquarters, Inc. and indicate Tilman Fertitta may share beneficial ownership through controlled entities. The overall scale versus total holdings is not shown here, so this reads as a notable but context-limited hedging or monetization move.

The absence of remaining derivative positions in the summary for this security suggests the reported positions reflect the current written calls. Future company disclosures may clarify how these derivatives interact with any broader equity stake held by Fertitta-affiliated entities.

Insider Trade Summary

Net Seller: 400,000 shares ($1,653,900)

Net Sell 2 txns

Insider FERTITTA TILMAN J, Fertitta Entertainment, Inc., Hospitality Headquarters Inc, Fertitta Entertainment, LLC

Role 10% Owner | 10% Owner | 10% Owner | 10% Owner

Sold 400,000 shs ($1.65M)

Type	Security	Shares	Price	Value
Sale	Call Option (obligation to sell)	200,000	$4.3713	$874K
Sale	Call Option (obligation to sell)	200,000	$3.8982	$780K

Holdings After Transaction: Call Option (obligation to sell) — 200,000 shares (Indirect, See footnotes)

Footnotes (1)

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

Key Figures

Call options sold (strike $120): 200,000 options at $4.3713/share Call options sold (strike $122): 200,000 options at $3.8982/share Total underlying shares: 400,000 shares +2 more

5 metrics

Call options sold (strike $120) 200,000 options at $4.3713/share Open-market sale; underlying 200,000 common shares

Call options sold (strike $122) 200,000 options at $3.8982/share Open-market sale; underlying 200,000 common shares

Total underlying shares 400,000 shares Common stock referenced by reported call options

Option expiration date October 2, 2026 Exercise and expiration date for both call positions

Exercise prices $120 and $122 Conversion/exercise prices for the two call option blocks

Key Terms

Call Option (obligation to sell), beneficial ownership, indirect ownership, open-market sale

4 terms

Call Option (obligation to sell) financial

"security_title: "Call Option (obligation to sell)""

beneficial ownership financial

"Mr. Fertitta may be deemed to share beneficial ownership of the securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

indirect ownership financial

"ownership_type: "indirect" and nature_of_ownership: "See footnotes""

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
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 TEXAS 77027

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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

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

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

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)	$120	04/01/2026		S			200,000	10/02/2026	10/02/2026	Common Stock	200,000	$4.3713	200,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$122	04/01/2026		S			200,000	10/02/2026	10/02/2026	Common Stock	200,000	$3.8982	200,000	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 TEXAS 77027

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 77027

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 77027

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 77027

(City) (State) (Zip)

UNITED STATES

(Country)

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	04/03/2026
	Fertitta Entertainment, Inc., By: /s/ Paige Fertitta, President	04/03/2026
	Hospitality Headquarters, Inc., By: /s/ Paige Fertitta, President	04/03/2026
	Fertitta Entertainment, LLC, By: /s/ Steve Scheinthal, Vice President	04/03/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Fertitta-affiliated entities do in this Wynn (WYNN) Form 4?

Entities linked to Tilman Fertitta reported selling call options on 400,000 Wynn Resorts shares. These derivative sales generate option premium income and create an obligation to sell shares at set prices if exercised before the October 2, 2026 expiration date.

How many Wynn Resorts shares are tied to the reported call options?

The Form 4 shows call options referencing 400,000 shares of Wynn Resorts common stock. Two separate option positions each cover 200,000 underlying shares, together representing a large derivative exposure linked to the company’s equity.

At what strike prices and premiums were the Wynn (WYNN) call options sold?

One block of call options has a strike price of $120 and was sold at an average premium of about $4.3713 per share. The other block has a $122 strike and was sold around $3.8982 per share, both in open-market transactions.

When do the Fertitta-related Wynn Resorts call options expire?

Both sets of call options reported in the Form 4 share an expiration date of October 2, 2026. Until that date, option holders may exercise their right, potentially requiring the Fertitta-affiliated entities to deliver shares at the agreed strike prices.

Who is the record holder of the Wynn Resorts call options in this filing?

Footnotes state the call options are held of record by Hospitality Headquarters, Inc. Another footnote explains Tilman Fertitta controls related entities and therefore may be deemed to share beneficial ownership of securities held by these Fertitta-affiliated companies.

Are Tilman Fertitta’s holdings in Wynn (WYNN) direct or indirect in this disclosure?

The reported transactions are classified as indirect ownership, with the options held by Hospitality Headquarters, Inc. Footnotes explain Fertitta controls Fertitta Entertainment, Inc., which owns Hospitality Headquarters, Inc., leading to potential shared beneficial ownership rather than direct personal holdings.