Litt’s Land & Buildings Adds Caesars, Dumps Boyd Gaming
Jonathan Litt’s Din Land & Buildings Investment Management, LLC (L&B) tinkered with its gaming industry exposure inward the 4th quarter. It added shares of Caesars Entertainment (NASDAQ:CZR) to its portfolio.
In the last threesome months of 2021, L&B bought 130,780 shares of Caesars valued at $12.32 million, according to a Form 13 filing with the Securities and Exchange Commission (SEC). This is, at a minimum, the firm’s second coming upon with shares of the gambling casino operator, as L&B owned Caesars’ stock inwards 2020, only to liquidate that position in the firstly quarter of 2021.
L&B’s fourth-quarter ledger entry into shares of the Harrah’s operator puts the investor behind the octet ball, because gaming equities, including Caesars, slumped inwards the October through and through December geological period amid fears of the omicron variant of the coronavirus crimping travel. The stockpile is sliding to go 2022, down feather 13.15 percent year-to-date. It currently represents nearly II percent of L&B’s portfolio.
However, analysts remain bullish on the stock. They cite the operator’s rising footprints in iGaming and sports wagering, strength on the Las Vegas Strip, and the looming sales agreement of a Sin City plus that some analysts believe could bring upwardly to $3 billion.
What L&B Could Be Eyeing with Caesars
Litt’s unfluctuating is an activist investor with a penchant for accentuation real demesne assets, and L&B has antecedently pushed for existent landed estate vary in the gaming industry.
In 2020, Litt pushed Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) to merge with rival VICI Properties (NYSE:VICI). But that business deal didn’t materialize.
Previously, Litt was the architect of the “Restore MGM Resorts” campaign. That pushed the gaming troupe to unlock time value for investors by selling its meridian tangible landed estate assets. Following the MGM Growth Properties (NYSE:MGP) spin-off inward 2016, Litt said further time value could be created past bringing all of the gaming company’s properties under the curb of the REIT.
L&B hasn’t publicly revealed plans to pushing for such spectacular alter at Caesars. It’s in reality unlikely, but the investment unfluctuating reentered the gillyflower as the operator is readying to sell a Las Vegas Strip asset – a dealing the companionship said could occur “early” this year.
Bye-Bye Boyd
In the fourth quarter, L&B eliminated its stakes inwards Boyd Gaming (NYSE:BYD), which previously represented fin percent of the investment firm’s portfolio. The money manager bought shares of the regional casino manipulator in the number one quarter of 2021.
During the last tercet months of 2021, L&B also reduced its wager inward VICI, merchandising almost 77,000 shares of the casino landlord. The investment funds manager noneffervescent owns 591,580 shares of the real estate company.
Caesars and VICI are the only when gaming equities currently held by New York-based L&B.