Following Tilman Fertitta's increase in Wynn Resorts stake to 9.9%, CBRE analyst John DeCree suggests he's likely to remain a passive investor rather than pursue an acquisition of the casino company.

Despite Fertitta's history of successful acquisitions, including Morton's Restaurant Group and McCormick & Schmick's, his recent 13G filing (rather than a 13D) indicates a passive investment approach rather than activist intentions.

The investment has proven profitable for Fertitta, with the stock up 70% since his initial position two years ago. DeCree believes this stake represents a value investment that could become strategic if market conditions change significantly.

Several complexities make a complete takeover challenging, including:

• Maintaining gaming licenses in Macau
• Managing the planned UAE casino hotel project
• Current US operations (Wynn/Encore Las Vegas and Encore Boston Harbor)

Recent speculation suggests Fertitta believes Wynn management could better communicate the company's strong performance to shareholders. He may also advocate for expanding the Wynn brand further in the US market, particularly as the company pursues a New York City gaming permit.

The 8.65% stock price increase following news of Fertitta's increased stake reflects market optimism, though a full takeover remains unlikely given the regulatory and operational complexities involved.

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