Fertitta-linked entity writes calls on 275,000 Wynn (WYNN) shares

Rhea-AI Filing Summary

Hospitality Headquarters, Inc., an entity indirectly controlled by Tilman J. Fertitta, sold call options on 275,000 shares of Wynn Resorts Ltd common stock. These options carry a $121.00 strike price, an expiration date of October 16, 2026, and generated a premium of about $4.6831 per share. The transaction was reported as an open-market sale of derivative securities, creating an obligation to sell the underlying shares if the options are exercised.

Insights

Equity derivatives and insider-trading analyst

Fertitta entity writes call options on a sizable Wynn stake, a structured but non-core transaction.

The filing shows Hospitality Headquarters, Inc., tied to Tilman J. Fertitta, selling call options over 275,000 Wynn Resorts shares. This is a derivative transaction, not a direct sale of common stock. It commits the entity to deliver shares at $121.00 if exercised by October 16, 2026.

The options were sold at an average premium of $4.6831 per share, generating upfront option income while capping upside above the strike price on the covered shares. The filing does not state Fertitta’s total Wynn position, so the proportional impact of this overlay on his overall exposure cannot be determined from this data alone.

Because this is a single call-writing trade and not a disposal of common shares, it generally reads as portfolio structuring rather than a fundamental shift in ownership. Subsequent company filings may provide additional context on any further derivatives or share transactions that adjust this exposure.

Insider Trade Summary

Net Seller: 275,000 shares ($1,287,853)

Net Sell 1 txn

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

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

Sold 275,000 shs ($1.29M)

Type	Security	Shares	Price	Value
Sale	Call Option (obligation to sell)	275,000	$4.6831	$1.29M

Holdings After Transaction: Call Option (obligation to sell) — 275,000 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: 275,000 options Option premium: $4.6831 per share Strike price: $121.00 per share +2 more

5 metrics

Call options sold 275,000 options Open-market sale of call options tied to common stock

Option premium $4.6831 per share Average price received per call option sold

Strike price $121.00 per share Exercise price of sold call options

Expiration date October 16, 2026 Expiration of the call options obligation

Net insider direction Net sell of 275,000 derivative shares transactionSummary netBuySellShares

Key Terms

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

4 terms

Call Option (obligation to sell) financial

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

beneficial ownership financial

"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.

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.

indirect owner financial

"sole indirect owner of Fertitta Entertainment, LLC"

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)
04/14/2026

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)	$121	04/14/2026		S			275,000	10/16/2026	10/16/2026	Common Stock	275,000	$4.6831	275,000	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	04/16/2026
	Fertitta Entertainment, Inc., By: /s/ Paige Fertitta, President	04/16/2026
	Hospitality Headquarters, Inc., By: /s/ Paige Fertitta, President	04/16/2026
	Fertitta Entertainment, LLC, By: /s/ Steve Scheinthal, Vice President	04/16/2026
	** 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 Tilman Fertitta’s affiliated entity do in this Wynn (WYNN) Form 4 filing?

An entity associated with Tilman Fertitta, Hospitality Headquarters, Inc., sold call options over 275,000 Wynn Resorts common shares. This derivative transaction creates an obligation to deliver shares at a set price if the options are exercised before their October 16, 2026 expiration.

How large is the call option position reported for Wynn (WYNN) shares?

The filing reports call options on 275,000 shares of Wynn Resorts common stock. Each option covers one share, meaning the derivative position is tied to 275,000 underlying shares, a meaningful but unquantified portion of the reporting group’s overall Wynn-related exposure.

What are the key terms of the Wynn (WYNN) call options sold by the Fertitta entity?

The call options have a strike price of $121.00 per share and expire on October 16, 2026. The options were sold at an average price of $4.6831 per share, providing upfront premium income in exchange for a potential obligation to sell the underlying shares.

Who is the actual holder of the Wynn (WYNN) call options mentioned in the Form 4?

According to the footnotes, the options are held of record by Hospitality Headquarters, Inc. Tilman J. Fertitta is the sole shareholder of Fertitta Entertainment, Inc., which indirectly owns Hospitality Headquarters, so he may be deemed to share beneficial ownership of these derivative securities.

Does this Wynn (WYNN) Form 4 show Tilman Fertitta selling common stock?

The Form 4 does not show a sale of Wynn common shares. It reports an open-market sale of call options, a derivative position that can obligate the entity to sell shares later if exercised, rather than an immediate reduction of common stock holdings.

What does selling call options on Wynn (WYNN) shares imply for the Fertitta entity’s position?

Selling call options brings in option premium but limits upside above the $121 strike price on the covered shares. The entity remains exposed to downside in the stock while potentially being required to sell the underlying shares if Wynn trades above the strike and options are exercised.