Park West Asset Management LLC, a California-based hedge fund founded by Peter S. Park, has filed a 13G form with the SEC regarding its share ownership of Eldorado Resorts Inc. (NASDAQ:ERI). The investment management firm has disclosed a 5.2% ownership stake in the company of nearly 2.43 million shares. This marks an increase of 2.19 million shares since the fund’s most recent 13F filing.
Park West Asset Management is an employee-owned hedge fund established by Peter S. Park in November 2002. The California-based firm employs a long/short, event-driven and credit/high yield investing approach in managing its capital and focuses on public equity and fixed income markets. Park West Asset Management provides its services to foundations, high-net-worth individuals, institutional investors, and financially complex individuals, among other individuals and entities. Peter S. Park oversees $1.8 billion in assets under management, which subsequently classifies his fund in the category of large investment firms. The fund’s most recent 13F filing reveals that Park West Asset Management manages a public equity portfolio worth $686.04 million, while the value of its positions represent 37% of the fund’s regulatory assets under management. The same filing discloses that the firm’s holdings are diversified among the following sectors: 25.37% in the services sector, 11.93% in the technology sector, and 11.92% and 11.06% in the healthcare and consumer cyclical sectors, respectively.
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Eldorado Resorts Inc. (NASDAQ:ERI) is a casino entertainment company that currently owns and operates six properties in five different states, including the Eldorado Resort Casino and the Silver Legacy Casino in Reno, NV; the Eldorado Resort Casino in Shreveport, LA; the Scioto Downs Cacino in Columbus, OH; the Mountaineer Casino Racetrack & Resort in Chester, WV; and the Presque Isle Downs & Casino in Erie, PA. The shares of Eldorado have been riding a long-lasting uptrend this year, achieving a gain of 118% year-to-date. However, there is more room to run for the stock as the company has continued to report good news in recent days.
