HG Vora pushes Caesars Entertainment to the Brink
Hedge Fund HG Vora are pushing Caesars Entertainment Corporation to divest their assets or make an outright sale after HG Vora built a 4.9 % stake in the Las Vegas casino and entertainment behemoth.
Founded in 2009, The New York hedge fund HG Vora has, over the last 9 years, built assets worth about $4 billion with an achievement of 14% annualised return since it got established.
This is not the first time the hedge fund invested in the gaming industry as it bought shares in Penn National Gaming and Pinnacle Entertainment before the merger last year. In early 2018, HG Vora supported the trade of LaSalle Hotel Properties to Pebblebrook Hotel Trust. It is to be said that at the time, the New York hedge fund was the hotel chain’s third biggest stakeholder.
On the other hand, Caesars has been slowly rising from the difficult and intricate Chapter 11 bankruptcy that it ended up in last autumn and is attempting to keep up with major competitors, MGM Resorts International and Wynn Resorts, as it is slowly repaying its debt and seeking ways to increase profitability.
Its post-bankruptcy strategy is to increase diversification of markets and find ways for expansion. Its focus has revolved around investment in sports betting as more and more states are looking to legalise wagering after the lifting of the PASPA ban last May.
Last winter the company announced it was going to acquire the gaming and horse-racing organisation Centaur Holdings for a total amount of $1.7 billion. This step allowed Caesars to extend its operations in Indiana. HG Vora might be pushing the company to get more involved in further consolidation negotiations or to dispossess itself from some of its current assets.
With nearly 50 properties across the US, the UK, Canada, and Africa amongst others, Caesars’ market capitalisation stands at $7.2 billion and its current debts amount to around $9 billion. The company is also looking out for new markets to invest in including gaming casinos in Japan, once the licenses are issued.
Mr Green gets punished with a heavy fine from Dutch Gambling Regulator
Following punitive actions against Betsson’s subsidiary company, Corona, it is now Mr Green’s turn to be imposed a $312,500 fine by the Netherlands Gaming Authority for unregulated gambling operations. The online gambling company MRG, which was recently rebranded from Mr Green, claimed this week that its Malta-based subsidiary, Mr Green Ltd, was given a hefty fine by Dutch gambling regulators. The latter stated that the company had targeted Dutch gambling customers without having the authority to do so.
Mr Green states that its subsidiary has done everything by the book and followed closely the guidelines for the running of online gambling services in the Netherlands issued by Kansspelautoriteit, the local regulator. However, it had glossed over one important issue – it had not applied IP blocking for Dutch customers. This was the reason why it was fined. Mr Green has taken the matter to court to try to reverse the regulator’s decision. The Gaming Authority revealed that the court had sided with them, yet MRG has said that it will take the matter further and re-appeal.
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