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Hedge fund HG Vora seeks seats on Penn Entertainment’s board

By
Reuters
Published Dec. 28, 2023, 1:03 p.m. ET

HG ⛎Vora Capital Management, one of the top shareholders in Penn Entertainment, has requested rights to appoint directors to the board of the casino operator, the hedge fund said in a filing on Thursday.

HG Vora, run by former Goldman Sachs banker Parag Vora🃏, currently holds an economic interest of 18.5% including꧃ swaps in Penn Entertainment.

Penn’s stock is significantly undervalued, HG Vora said, adding it has had discussions with the company’s management on a range of topics focused on enhancing shareholder value.

Shares of Penn Entertainment have lost about 16% of their value in 2023.
Shares of Penn Entertainment have lost about 16% of their value in 2023. AP

Penn Entertainment did not immediately respond to a ⛎Reuters request for comment.

Shares of Penn Entertainment have lost abðŸ—đout 16% of their value in 2023 and were up 4.8% in early trading.