Ownership of Wynn Las Vegas splits across three groups. The land and buildings belong to VICI Properties Inc., a real estate investment trust that bought the real estate in 2022 and leases it back. The casino and hotel business itself is run by Wynn Resorts, Limited, a publicly traded company whose stock trades on the Nasdaq under the ticker WYNN. And because Wynn Resorts is public, its ultimate owners are its shareholders, with billionaire hospitality executive Tilman Fertitta now holding the largest individual stake at roughly 12.3%.1Wynn Resorts. Stock Quote
The Operator: Wynn Resorts, Limited
Wynn Resorts, Limited is the parent corporation that runs Wynn Las Vegas and the connected Encore tower. The same company operates properties in Macau and the Boston area, so Wynn Las Vegas is one asset in a global luxury resort portfolio rather than a standalone business. Its shares trade on the Nasdaq Global Select Market, which means its financial disclosures, executive pay, and material transactions are filed publicly with the SEC.1Wynn Resorts. Stock Quote
Running a casino adds a layer of oversight most public companies never see. Nevada’s Gaming Control Act requires any entity operating a casino to hold a state gaming license, subject to extensive background investigations and ongoing financial audits by the Nevada Gaming Control Board. The Board can revoke, suspend, or condition a license, and the statute does not cap fines at a fixed dollar amount.2Nevada Legislature. Nevada Revised Statutes Chapter 463 – Licensing and Control of Gaming
The Landlord: VICI Properties
The physical real estate under Wynn Las Vegas and Encore is owned by someone else. In 2022, Wynn Resorts sold the land and buildings to VICI Properties Inc. for approximately $1.72 billion in cash. VICI is a real estate investment trust that specializes in gaming and entertainment properties.3VICI Properties. About Us
After the sale closed, Wynn Resorts leased the property back from VICI under a triple-net lease. Wynn still pays property taxes, insurance, and all maintenance on top of the rent. The initial term runs 30 years with renewal options, and the initial annual rent is roughly $119 million, subject to periodic increases tied to economic benchmarks.4U.S. Securities and Exchange Commission. Wynn Resorts Limited 10-K A parent company guarantee backs the rent, so VICI gets paid even if a given quarter at the Las Vegas property is weak.
The practical result for anyone standing on the Strip: the Wynn name stays on the building for decades, the Wynn organization still runs everything inside it, but the dirt and the structures belong to a REIT.
The Largest Shareholders
Because Wynn Resorts is publicly traded, the real question of who owns the company is a question of who holds the stock. The picture has shifted in recent years, and the largest individual name on the register is no longer a Wynn.
Tilman Fertitta
Tilman Fertitta, CEO of Landry’s Inc. and owner of the Houston Rockets, became the largest individual shareholder of Wynn Resorts in late 2024. By spring 2025 he had accumulated approximately 13 million shares through open market purchases and the company’s buyback program, a stake of roughly 12.3%. Crossing 10% triggered a mandatory suitability review by the Nevada Gaming Control Board, which the state requires of anyone reaching that threshold in a publicly traded gaming company.2Nevada Legislature. Nevada Revised Statutes Chapter 463 – Licensing and Control of Gaming
Elaine Wynn
Elaine Wynn co-founded the company with Steve Wynn and spent years as its largest individual shareholder.5Wynn Resorts. Statement on Behalf of Wynn Resorts She still holds roughly 9% but no longer sits in the top individual spot.
Institutional Investors
The single largest block of WYNN stock sits with The Vanguard Group, which holds approximately 9.7% of shares outstanding. BlackRock and various mutual fund families hold large positions as well. Collectively, institutional investors own the majority of Wynn Resorts, which is typical for a large-cap public company. In practical terms, the pension funds, index funds, and retirement accounts of ordinary savers around the world own a slice of Wynn Las Vegas.
Steve Wynn
His name is still on the building, but Steve Wynn holds no ownership stake and has no management role. He resigned as CEO and chairman in February 2018 amid misconduct allegations and sold his entire position of roughly 4.1 million shares for about $739 million in open market transactions. No shares retained, no board seat, no consulting arrangement.
Why Nevada Limits Who Can Own Too Much
Nevada treats casino ownership differently from ownership of a typical public company. Anyone who acquires more than a 5% direct interest in a gaming licensee must register with the state and undergo a background investigation. For shareholders of a publicly traded gaming company like Wynn Resorts, 10% is the threshold that triggers a full suitability hearing.2Nevada Legislature. Nevada Revised Statutes Chapter 463 – Licensing and Control of Gaming
The review is not a formality. The Gaming Control Board examines the applicant’s financial history, business associations, and personal background in detail. If the Board finds a shareholder unsuitable, it can force divestiture. So while WYNN trades freely on the Nasdaq, there is a real limit on who can quietly accumulate a controlling position. Fertitta’s recent suitability review is the latest high-profile example. On top of that, federal securities law requires anyone crossing 5% to file a public disclosure with the SEC, which is why Fertitta’s accumulation generated headlines well before it reached the Nevada threshold.
Who Runs the Property Day to Day
Management is a separate question from ownership. Craig Billings has served as CEO of Wynn Resorts since February 2022, overseeing the company’s global portfolio.6Wynn Las Vegas. Craig Billings CEO Brian Gullbrants, previously President of Wynn and Encore Las Vegas, was promoted in 2023 to Chief Operating Officer for North America.7Wynn Resorts. Senior Management Neither the CEO nor any other executive personally owns the casino or the hotel. Their authority comes from corporate governance documents and employment agreements, and their compensation is disclosed through SEC filings. The founder’s name stays on the façade; the company he started is run by professional managers who answer to a board and, through the board, to the shareholders who actually own the stock.