Many people in the gaming industry have begun asking the same question: What is Tilman Fertitta up to, buying an estimated $385 million in Wynn Resorts Ltd. stock?

Local gaming industry analyst John DeCree has a few theories ranging from it’s just a casual investment to maybe it’s the first step toward a corporate takeover. The path to taking the reins of Wynn Resorts would be difficult, according to DeCree.

Fertitta is the sole owner and CEO of Fertitta Entertainment Inc., which owns the Landry’s Restaurants empire and other restaurant brands, the Golden Nugget operations in multiple states including downtown Las Vegas, and the NBA’s Houston Rockets. And he’s a cousin of the Red Rock Resorts-owning Frank Fertitta family.