Carolina Panthers Owner Tepper Boosts Caesars Stake
Appaloosa Management, the fudge fund controlled by Carolinas Panthers possessor Jacques Louis David Tepper, increased its wager in Caesars Entertainment (NASDAQ: CZR) inwards the fourth quarter.
The Harrah’s operator was ane of several antecedently held positions inwards which Appaloosa boosted its exposure during the in conclusion three months of 2024. At the remnant of lastly year, the money manager held 2.25 meg shares of the gambling casino operator, upward from 1.53 jillion at the ending of the thirdly quarter, according to a Form 13F filing with the Securities and Exchange Commission (SEC) on Wednesday.
Form 13F is the filing required by the SEC from money managers who experience $100 million inward assets or more on the last trading twenty-four hour period of any month of the year. Those investors must single file 13Fs 45 days next the cobbler's last twenty-four hour period of the year, and 45 days after the remnant of the first, second, and third quarters.
As of the cease of 2023, Caesars is the only casino stock among Appaloosa’s equity investments.
Interesting, Coincidental Timing
As noted above, Appaloosa added to its Caesars investment during the 4th quarter, but that increment wasn’t revealed until today.
In what amounts to interesting, though likely no more to a greater extent than coincidental timing, the dodge fund’s 13F arrived almost a week after reports surfaced that the NFL is permitting owners to have upwards to 5% of sportsbook operators — intelligence that was widely criticized past some zealous fans who believe the league has allowed games to turn written while doing nix about subpar officiating.
Caesars runs a slew of retail sportsbooks and it’s 1 of the more prominent names inwards the mobile wagering arena, but sports betting’s contributions to the company’s top side and merchant ship lines are dwarfed past its land-based gambling casino operations.
Additionally, with Appaloosa holding just 2.25 zillion shares of the Flamingo operator, it’s unlikely Tepper and his elude fund will moderate 5% of the gaming manipulator anytime soon. Fellow NFL owners Jerry Bobby Jones (Dallas Cowboys) and Henry Martyn Robert Kraft (New England Patriots) were too soon investors inward DraftKings (NASDAQ: DKNG), but not to the extent of 5%.
Caesars Still Hedge Fund Favorite
Hedge funds have long been engaged with gaming stocks, and Caesars has ofttimes been a favorite of those professional person market participants.
Based on recent data furnished by Hedge Follow, Tepper’s Appaloosa Management is the eighth-largest fudge monetary fund possessor of Caesars equity. Other well-known names on that listing include Steve Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.
Cohen, who’s also the owner of the New York Mets, wants to take a gambling casino hotel to Queens, NY piece Griffin opposes similar efforts in South Florida. He moved his unfluctuating to Miami from Chicago and believes casinos could live detrimental to South Florida’s thriving economy.
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