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US – Melvin Capital Management buys up shares in Wynn

Melvin Capital Management, a New York-based hedge fund, has bought a 5.13 per cent share in Wynn Resorts but will only take a passive role in the business.

Melvin Capital said in a filing with the Securities and Exchange Commission that it has it increased its ownership of Wynn, up from 0.5 per cent at the end of June. It now holds more than 5.77m shares.

Melvin Capital Management, fronted by Gabe Plotkin, formerly with SAC Capital, said: “The securities referred to were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.”