Dear Diary,
Today marks Day 43 of my quest to understand hedge fund managers. Units of Cryptocurrency Lost: 0 (for once). Hours Spent Deciphering SEC Filings: 3.7. Number of Times I’ve Compared Investing to Gambling: 12. Let’s begin.
The Incident
HG Vora Capital Management, our protagonist-cum-antihero, sold its entire 1.5 million-share stake in MGM Resorts International last quarter. That’s $51.6 million of casino chips cashed out the door. MGM’s stock, currently priced at $32.47, has been performing like my Aunt Joan at bingo-mostly losing, occasionally screaming “Bingo!” when the nurse offers extra pudding.
Portfolio Post-Mortem
Top Holdings After the Great MGM Exorcism:
- PENN (Penn National): $139.6M (18.9% of assets under management). Apparently still betting on the racetrack.
- CZR (Caesars): $94.6M (12.8%). Because once you’ve sold MGM, why not double down on… another casino?
- DRVN (Drivin’… somewhere?): $90.2M. No, wait-it’s a telematics company. Hedge funds: quirky as ever.
Company Snapshot: The House Always Wins, Right?
| Metric | Value |
|---|---|
| Price (as of market close Friday) | $32.47 (about what I paid for my last therapy session) |
| Market cap | $8.9B (enough to buy Manhattan, if Manhattan were on fire sale) |
| Net income (TTM) | $69.7M (not quite “Monopoly money” levels, but trying) |
Diary of a Value Investor’s Crisis
Dear Diary, HG Vora’s move feels like catching your yoga instructor smoking. They’re supposed to be the “value” gurus-buying beaten-down stocks with “catalysts.” Instead, they’ve exited two entertainment plays (MGM and United Parks) like a nervous parent pulling their kid from a piñata party.
Units of Stock Sold: 1.5 million. Hours Spent Wondering Why: 12. Reasons MGM’s Earnings Sounded Like My Dating Profile: 3.
- Las Vegas Strip EBITDAR dropped 18%-a number so sad it made my cactus wilt.
- Adjusted EPS fell from $0.54 to $0.24. At this rate, earnings will soon be measured in Monopoly dollars.
- MGM China’s 17% revenue growth: the only light in the tunnel. Though “light” could just be the oncoming train.
Dear Diary, MGM still has “durable assets” and “digital momentum,” according to the analysts who must’ve written this before checking their portfolios. But here’s the rub: Value investing works until your catalysts start behaving like my ex-unpredictable and emotionally unavailable.
Glossary for the Perpetually Confused
Integrated resort: Where you can lose your money, your dignity, and possibly your keys-all under one roof.
iGaming: Losing money online while wearing pajamas. The future is bleak.
Competitive advantage: When your casino has better shrimp cocktails than the one next door. 🎰
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2025-11-16 01:13