Tilman Fertitta, who reported a 9.9% stake in Wynn Resorts Ltd. this week, is unhappy with the casino operator's performance and share price, according to people familiar with his thinking.

Wynn management isn't doing an adequate job communicating Wynn's performance to investors, and Fertitta thinks there are opportunities to expand the Wynn brand, particularly in the US, according to the people, who asked not to be identified discussing the investor's thinking.

Profit at Wynn has surged in recent years, rebounding following the Covid-19 pandemic.

The shares are up sharply since Fertitta first reported a 6.1% stake in Wynn in ...