Tilman Fertitta has increased his stake in Wynn Resorts to 9.9%, up from 6.1% two years ago, but analysts suggest he's likely to remain a passive investor rather than pursue a takeover.

CBRE analyst John DeCree notes that while Fertitta has a history of acquisitions that began with 13G filings, including Morton's Restaurant Group and McCormick & Schmick's, the situation with Wynn appears different. The recent 13G filing, rather than a 13D, indicates passive investment intentions rather than activist shareholder plans.

The investment has proven profitable for Fertitta, with Wynn's stock up 70% since his initial position. DeCree suggests Fertitta views this as "an attractive value investment that could become strategic if a unique situation arises."

Several complexities make a potential Wynn takeover challenging, including:

• Maintaining gaming licenses in Macau
• Managing the planned UAE casino hotel project
• Limited US market presence (currently only Las Vegas Strip and Encore Boston Harbor)

Recent speculation suggests Fertitta believes Wynn's management could better communicate the company's strong performance to shareholders, as the stock has outperformed peers for over a year. There's also interest in expanding Wynn's brand presence in the US market, with the company currently pursuing a New York City gaming permit.

This investment strategy appears more focused on value appreciation and potential strategic influence rather than an outright acquisition attempt.

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