Tilman Fertitta reports WYNN option sales dated Oct 23–24, 2025

Rhea-AI Filing Summary

WYNN Resorts (WYNN) insider activity: Tilman J. Fertitta, reporting as a Director and 10% Owner with affiliated entities, filed a Form 4 detailing sales of call options on WYNN common stock on 10/23/2025 and 10/24/2025. Reported strikes included $150, $160, $170, and $200 with expirations on 06/18/2026 and 05/15/2026.

Examples include: on 10/23/2025, call options at a $150 strike for 183,000 underlying shares at a reported option price of $7.8907, and at a $160 strike for 183,000 underlying shares at $5.3878; a $170 strike for 147,000 underlying shares at $4.3071; and a $200 strike for 37,000 underlying shares at $1.9318. On 10/24/2025, trades included a $150 strike for 117,000 underlying shares at $6.0607; $160 for 67,000 at $4.2666; $170 for 53,000 at $2.9963; and $200 for 13,000 at $1.3978.

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

Insights

Equity Governance Analyst

Director/10% owner reported selling call options on up to 800k WYNN shares, creating obligations through mid-2026.

Tilman J. Fertitta (and affiliated entities) reported multiple sales of call options on WYNN Resorts, Ltd. on 10/23/2025 and 10/24/2025. The options reference an aggregate of 800,000 underlying common shares across strike prices of $150, $160, $170, and $200, with expiration dates on 05/15/2026 and 06/18/2026. Reported transaction code was "S" for each line. Premiums reported include $7.8907, $5.3878, $4.3071, $1.9318 (for the 06/18/2026 series) and $6.0607, $4.2666, $2.9963, $1.3978 (for the 05/15/2026 series).

The filing identifies the ownership as indirect, with the options held of record by Hospitality Headquarters, Inc. and beneficial ownership attributed through Fertitta Entertainment, Inc. and Fertitta Entertainment, LLC, as described in the footnotes. The form indicates it was filed by more than one reporting person and confirms the reporter is both a Director and a 10% Owner.

Key items to watch include the two expiration dates (05/15/2026 and 06/18/2026) and the associated strike levels. Obligations under these contracts extend through those dates. Any subsequent Forms 4 that alter these positions would be relevant for understanding changes in derivative exposure over time.

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

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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)
10/23/2025

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	10/23/2025		S			183,000	06/18/2026	06/18/2026	Common Stock	183,000	$7.8907	183,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$160	10/23/2025		S			183,000	06/18/2026	06/18/2026	Common Stock	183,000	$5.3878	183,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$170	10/23/2025		S			147,000	06/18/2026	06/18/2026	Common Stock	147,000	$4.3071	147,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$200	10/23/2025		S			37,000	06/18/2026	06/18/2026	Common Stock	37,000	$1.9318	37,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$150	10/24/2025		S			117,000	05/15/2026	05/15/2026	Common Stock	117,000	$6.0607	117,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$160	10/24/2025		S			67,000	05/15/2026	05/15/2026	Common Stock	67,000	$4.2666	67,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$170	10/24/2025		S			53,000	05/15/2026	05/15/2026	Common Stock	53,000	$2.9963	53,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$200	10/24/2025		S			13,000	05/15/2026	05/15/2026	Common Stock	13,000	$1.3978	13,000	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	10/27/2025
	Fertitta Entertainment, Inc., By: /s/ Paige Fertitta, President	10/27/2025
	Hospitality Headquarters, Inc., By: /s/ Paige Fertitta, President	10/27/2025
	Fertitta Entertainment, LLC, By: /s/ Steve Scheinthal, Vice President	10/27/2025
	** Signature of Reporting Person	Date
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FAQ

What did WYNN insider Tilman J. Fertitta report on Form 4?

He reported sales of call options on WYNN common stock on 10/23/2025 and 10/24/2025 across $150, $160, $170, and $200 strikes with expirations in 2026.

Which option series and sizes were disclosed for WYNN (WYNN)?

Examples: $150 strike for 183,000 underlying shares at $7.8907 (10/23/2025) and $150 strike for 117,000 at $6.0607 (10/24/2025).

What were additional WYNN option transactions disclosed?

On 10/23/2025: $160 for 183,000 at $5.3878; $170 for 147,000 at $4.3071; $200 for 37,000 at $1.9318. On 10/24/2025: $160 for 67,000 at $4.2666; $170 for 53,000 at $2.9963; $200 for 13,000 at $1.3978.

How is ownership of the WYNN derivative positions reported?

Ownership is indirect (I), with footnotes stating the options are held of record by Hospitality Headquarters, Inc., and that Mr. Fertitta may be deemed to share beneficial ownership.

What are the expiration dates for the reported WYNN call options?

The options reported on 10/23/2025 expire on 06/18/2026, and those on 10/24/2025 expire on 05/15/2026.

What transaction code was used for the WYNN Form 4 entries?

The entries list code S for the derivative transactions in Table II.