Tilman Fertitta reports large WYNN call option sales on Form 4

Rhea-AI Filing Summary

WYNN Resorts Ltd. director Tilman J. Fertitta and affiliated entities reported multiple derivative transactions in WYNN common stock. On 11/24/2025 and 11/25/2025, Hospitality Headquarters, Inc. (indirectly controlled through Fertitta Entertainment, Inc.) sold several blocks of call options, each referencing WYNN common stock.

The reported call options have exercise prices of $135, $140, $145 and $150, with each series covering between 100,000 and 200,000 options, all listed with an exercisable and expiration date of 05/26/2026. Reported option sale prices range from $4.9289 to $9.8333 per option. The form notes that Mr. Fertitta may be deemed to share beneficial ownership of these securities through his control of the related entities.

Insights

Equity Derivatives Analyst

Large insider call option sales create obligations to sell up to 1.15M shares at preset prices by 05/26/2026.

The filing shows multiple sales of cash-settled or physically settled call options, each described as an "obligation to sell" WYNN common stock. The strikes range from $135 to $150, all with the same expiration date of 05/26/2026, and each line item references underlying blocks of 100,000–200,000 shares, for a total underlying exposure of 1,150,000 shares. These derivative positions are reported as indirectly owned, with the options held of record by Hospitality Headquarters, Inc. and beneficial ownership attributed up the chain to Tilman J. Fertitta.

In plain terms, selling these call options means there is now a contractual obligation to deliver or settle against shares if the options are exercised at strikes between $135 and $150 by 05/26/2026. This structure can limit economic participation above those strike levels on the covered shares while providing option premium income at the time of sale, as reflected by option prices between about $4.93 and $9.83. The positions are reported as indirect, so the economic effect depends on the wider holdings of Fertitta-related entities.

What matters going forward is the size and terms of these obligations relative to the total equity exposure of Fertitta Entertainment, Inc., Hospitality Headquarters, Inc., and related entities. The filing clarifies that Mr. Fertitta may be deemed to share beneficial ownership of securities held by these entities, so these option sales represent a structured commitment involving up to 1.15 million underlying shares through at least 05/26/2026. Any future Forms 4 updating these derivatives or underlying share positions will be key to understanding how this exposure evolves 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)
11/24/2025

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	11/24/2025		S			150,000	05/26/2026	05/26/2026	Common Stock	150,000	$8.0592	150,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$140	11/24/2025		S			150,000	05/26/2026	05/26/2026	Common Stock	150,000	$6.534	150,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$145	11/24/2025		S			150,000	05/26/2026	05/26/2026	Common Stock	150,000	$5.0396	150,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$135	11/25/2025		S			100,000	05/26/2026	05/26/2026	Common Stock	100,000	$9.8333	100,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$140	11/25/2025		S			200,000	05/26/2026	05/26/2026	Common Stock	200,000	$7.9106	200,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$145	11/25/2025		S			200,000	05/26/2026	05/26/2026	Common Stock	200,000	$6.2516	200,000	I	See footnotes(1)(2)
Call Option (obligation to sell)	$150	11/25/2025		S			200,000	05/26/2026	05/26/2026	Common Stock	200,000	$4.9289	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 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	11/26/2025
	Fertitta Entertainment, Inc., By: /s/ Paige Fertitta, President	11/26/2025
	Hospitality Headquarters, Inc., By: /s/ Paige Fertitta, President	11/26/2025
	Fertitta Entertainment, LLC, By: /s/ Steve Scheinthal, Vice President	11/26/2025
	** Signature of Reporting Person	Date
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FAQ

What did Tilman J. Fertitta report in this WYNN Form 4 filing?

The filing reports that Tilman J. Fertitta and affiliated entities sold multiple series of call options referencing WYNN Resorts Ltd. common stock on 11/24/2025 and 11/25/2025.

Which WYNN derivatives were involved in the Fertitta transactions?

The transactions involved call options (obligations to sell) on WYNN common stock, with each line item covering between 100,000 and 200,000 options and exercisable and expiring on 05/26/2026.

What were the strike prices and sale prices of the WYNN call options?

The call options have strike prices of $135, $140, $145 and $150. Reported sale prices per option include $8.0592, $6.534, $5.0396, $9.8333, $7.9106 and $4.9289.

Who is the reporting person in this WYNN Form 4 and what is their role?

The reporting person is Tilman J. Fertitta, identified as a Director of WYNN Resorts Ltd. The form does not check the 10% Owner box for him.

How are Fertitta Entertainment, Inc. and Hospitality Headquarters, Inc. related to the WYNN options?

The explanation states that Mr. Fertitta is the sole shareholder of Fertitta Entertainment, Inc., which is the sole shareholder of Hospitality Headquarters, Inc.. The options are held of record by Hospitality Headquarters, Inc., and Mr. Fertitta may be deemed to share beneficial ownership through these entities.

What is the expiration date of the WYNN call options reported by Fertitta?

All reported call option series show a date exercisable of 05/26/2026 and an expiration date of 05/26/2026 for the underlying WYNN common stock.