Tilman Fertitta has significantly increased his ownership stake in Wynn Resorts (NASDAQ: WYNN) to 9.9%, according to a recent SEC filing. This represents 10.9 million shares, up from his initial 6.1% stake (6.91 million shares) acquired two years ago.

The news caused Wynn's stock to surge nearly 9% in midday trading, with volume exceeding twice the daily average.

While Fertitta's investment started as passive, industry experts, including CNBC's David Faber, suggest this could change to an activist position. A shift from a 13G (passive) to a 13D (activist) filing might indicate future involvement in company operations, though Fertitta hasn't publicly stated any specific plans for change.

The increased stake has reignited speculation about potential takeover possibilities. Fertitta, who owns the Golden Nugget casinos and the NBA's Houston Rockets, has long expressed interest in acquiring a Las Vegas Strip property. However, with Wynn's current market capitalization at $9.34 billion, any acquisition would likely require an offer of at least $11.5 billion.

Fertitta's investment has proved profitable, with Wynn's stock price rising from under $70 when he initially invested in Q3 2022 to approximately $94 currently. He remains the second-largest noninstitutional investor in Wynn Resorts, behind only Elaine Wynn.

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