FERTITTA TILMAN J 4

What Happened
Tilman J. Fertitta, reported as a 10% owner of Wynn Resorts Ltd (WYNN), disposed of 600,000 shares on February 11, 2026 via derivative-related sales. The trades were reported as open market or private sales (transaction code S) of derivative securities at multiple prices: 200,000 @ $8.10 ($1,620,700), 100,000 @ $5.02 ($501,840), 100,000 @ $7.05 ($705,300), 100,000 @ $5.63 ($563,200), and 100,000 @ $4.43 ($443,000), totaling approximately $3.83 million. These are sales (not purchases), which are generally considered routine dispositions rather than a bullish signal.

Key Details

• Transaction date: February 11, 2026 (reported on Form 4 filed Feb 13, 2026).
• Prices and amounts: 200,000 @ $8.10; 100,000 @ $5.02; 100,000 @ $7.05; 100,000 @ $5.63; 100,000 @ $4.43. Total proceeds ≈ $3,834,040.
• Type: Dispositions of derivative securities (reported as "Derivative"). Transaction code S = sale.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Footnotes of note:
  • F1: Fertitta is sole shareholder of Fertitta Entertainment, Inc., which is the sole shareholder of Hospitality Headquarters, Inc. and sole indirect owner of Fertitta Entertainment, LLC — he may be deemed to share beneficial ownership of securities held by those entities.
  • F2: Some options are held of record by Hospitality Headquarters, Inc.
  • F3: Some options are held of record by Fertitta Entertainment, LLC.
• Filing timeliness: Form 4 was filed within the typical 2-business-day window (Period of Report 2026-02-11; filed 2026-02-13).

Context
These transactions are reported by a 10% owner and involve derivative securities held of record by related entities (per footnotes). For retail investors, note that sales by large owners can reflect portfolio or tax planning, and derivative dispositions differ from straightforward open-market purchases. The filing does not indicate a 10b5-1 plan, cashless exercise, or tax-withholding transaction in the provided excerpt.