Tilman Fertitta has significantly increased his stake in Wynn Resorts (NASDAQ: WYNN) to 9.9%, causing the casino operator's shares to surge nearly 9% in midday trading. According to an SEC Schedule 13G filing, Fertitta now owns 10.9 million shares, up from his initial 6.91 million shares (6.1%) acquired two years ago.

The Golden Nugget owner and Houston Rockets proprietor initially entered as a passive investor, but market analysts, including CNBC's David Faber, suggest this stance might change. A potential shift from a 13G (passive) to a 13D (activist) filing could signal Fertitta's intention to pursue strategic changes at Wynn Resorts.

Fertitta's investment has proven profitable, with his initial stake purchased when shares traded below $70 in the third quarter of 2022. The stock now trades near $94, demonstrating significant appreciation.

The increased stake has reignited speculation about potential takeover attempts, particularly given Fertitta's known interest in acquiring a Las Vegas Strip property. With Wynn's current market capitalization at $9.34 billion, any acquisition attempt would likely require an offer of approximately $11.5 billion or more.

Currently, Fertitta stands as Wynn's second-largest noninstitutional investor, trailing only Elaine Wynn. While he hasn't publicly disclosed plans for activist involvement or specific changes he might pursue, including potential board seats, his increased position has captured significant market attention.

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