HG Vora Capital Management’s Stock Picks For 2025

5. Penn Entertainment Inc (NASDAQ:PENN)

Shares held by HG Vora Capital Management: 7.25 million

Value of Position: $143.33 million (estimated)

In Penn Entertainment, Parag Vora’s fund has held shares since the second quarter of 2022. At the end of 2024, the fund held 14.50 million shares of the company worth $287.39 million. However, in a recent 13D filing, the fund disclosed ownership of 7.25 million shares accounting for 4.8% of the outstanding stock. The date of event disclosing the sale was January 13 and the value of the position is calculated based on the closing price on that day. After disclosing reducing its position, HG Vora Capital Management issued a press release stating that the fund nominated three candidates to Penn Entertainment Inc (NASDAQ:PENN)’s board of directors. HG Vora added that they believe there is “significant unrealized value” in Penn’s regional casino portfolio and collection of Interactive assets. The fund also pointed out that the company’s stock has underperformed dramatically both against the broader market and its closest peer, Boyd Gaming Corp (NYSE:BYD).

“PENN’s Board has overseen a misguided Interactive strategy that has resulted in the reckless spending of nearly $4 billion – greater than the Company’s entire market capitalization – on overpriced, poorly negotiated M&A transactions and media partnerships that have resulted in large ongoing operating losses due to an inability to execute. The Company’s Interactive strategy has been an abject failure due to a pattern of overpaying, overpromising, and not delivering,” Parag Vora was quoted as saying.

In a separate statement, Penn Entertainment Inc (NASDAQ:PENN) confirmed the receipt of nominations and said that they are committed to creating “long-term value for all shareholders.”