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Wynn Resorts Ltd WYNN shares are trading higher Thursday after billionaire Tilman Fertitta disclosed a 9.9% passive stake <a href="https://www.benzinga.com/quote/WYNN">in the company</a>.



What Happened: Fertitta, CEO of Landry&#8217;s and owner of the Houston Rockets, filed an amended 13-G with the U.S. Securities and Exchange Commission late Wednesday, showing the billionaire increased his stake in the casino and resorts company from 6.2% to 9.9%. 



Fertitta <a href="https://www.benzinga.com/real-estate/22/12/29952022/what-real-estate-themes-are-billionaires-investing-in-heres-two">revealed in late 2022</a> that he had acquired more than a 6% stake in Wynn Resorts. 



CNBC&#8217;s David Faber reported Thursday morning that Fertitta&#8217;s increased stake in the company is &#8220;likely not going to be passive for long.&#8221;



Check This Out: <a href="https://www.benzinga.com/tech/24/11/41973572/ray-dalios-bridgewater-cuts-stake-in-microsoft-stock-by-20-is-big-tech-losing-its-shine">Ray Dalio&#8217;s Bridgewater Cuts Stake In Microsoft Stock By 20% – Is Big Tech Losing Its Shine?</a>



Wynn Resorts reported <a href="https://www.benzinga.com/news/earnings/24/11/41749371/wynn-resorts-q3-performance-misses-expectations-amid-strategic-investments">third-quarter financial results</a> at the beginning of the month. The company missed estimates on the top and bottom lines as Las Vegas operations slowed. 



Wynn ended the quarter with $2.41 billion in cash and cash equivalents, and $11.79 billion in outstanding debt.



WYNN Price Action: <a href="http://benzinga.com/quote/wynn">Wynn Resorts shares</a> were up 8.56% at $93.14 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. With Thursday&#8217;s gains, Wynn shares have now turned positive for the year.



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Wynn Resorts Ltd (NASDAQ:WYNN) shares are trading higher Thursday after billionaire Tilman Fertitta disclosed a 9.9% passive stake in the company.

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