[Form 4] WYNN RESORTS LTD Insider Trading Activity

Rhea-AI Filing Summary

Tilman J. Fertitta, a director and 10% owner of Wynn Resorts Ltd (WYNN), reported a derivative transaction tied to 300,000 shares of Wynn common stock. The filing shows a call option (obligation to sell) with a strike price of $135, dated 11/18/2025, covering 300,000 underlying shares and expiring on 06/18/2026. The reported price of the derivative security is $7.5721. The options are held indirectly through Hospitality Headquarters, Inc., and Fertitta may be deemed to share beneficial ownership through his control of Fertitta Entertainment, Inc., Hospitality Headquarters, Inc., and Fertitta Entertainment, LLC.

Insights

Equity ownership & insider-transactions analyst

Fertitta reports an indirect call option position on 300K WYNN shares.

The Form 4 shows Tilman J. Fertitta, a director and 10% owner of Wynn Resorts Ltd, entering into or adjusting a call option (obligation to sell) on 11/18/2025. The derivative covers 300,000 shares of Wynn common stock at a strike price of $135, with both the exercisable date and expiration date on 06/18/2026. The reported price of the derivative security is $7.5721, indicating the consideration per unit of the derivative, as disclosed in the form.

The ownership is reported as indirect through Hospitality Headquarters, Inc., with footnotes explaining that Fertitta is the sole shareholder of Fertitta Entertainment, Inc., which in turn controls Hospitality Headquarters, Inc. and Fertitta Entertainment, LLC. This structure means Fertitta may be deemed to share beneficial ownership of the securities held by these entities. The filing documents the mechanics and scale of this options position but does not, by itself, indicate a change in Wynn’s operations or financial performance.

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)
11/18/2025

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)	$135	11/18/2025		S			300,000	06/18/2026	06/18/2026	Common Stock	300,000	$7.5721	300,000	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	11/20/2025
	Fertitta Entertainment, Inc., By: /s/ Paige Fertitta, President	11/20/2025
	Hospitality Headquarters, Inc., By: /s/ Paige Fertitta, President	11/20/2025
	Fertitta Entertainment, LLC, By: /s/ Steve Scheinthal, Vice President	11/20/2025
	** 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 insider transaction did Tilman J. Fertitta report for Wynn Resorts (WYNN)?

Tilman J. Fertitta reported a derivative transaction involving a call option (obligation to sell) tied to 300,000 shares of Wynn Resorts common stock, dated 11/18/2025.

What are the key terms of the call option reported for WYNN?

The call option has a $135 strike price, covers 300,000 underlying Wynn common shares, has a reported derivative price of $7.5721, and is exercisable and expires on 06/18/2026.

How is Tilman J. Fertitta related to Wynn Resorts (WYNN)?

Tilman J. Fertitta is reported as a director and 10% owner of Wynn Resorts Ltd, making him an insider subject to Form 4 reporting requirements.

Is the WYNN options position held directly by Tilman J. Fertitta?

No. The filing states the options are held of record by Hospitality Headquarters, Inc. and are reported as indirect ownership by Tilman J. Fertitta.

Why does Fertitta Entertainment appear in the Wynn Resorts (WYNN) Form 4?

The footnotes explain that Fertitta is the sole shareholder of Fertitta Entertainment, Inc., which controls Hospitality Headquarters, Inc. and Fertitta Entertainment, LLC, so he may be deemed to share beneficial ownership of their WYNN securities.

Does this WYNN Form 4 indicate any change in Wynn Resorts’ business results?

No. The Form 4 records an insider derivative transaction and ownership structure, but it does not provide information about Wynn Resorts’ revenues, earnings, or operations.