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Elliott Management Wagers on Boyd Gaming Corp. (BYD)

In a 13D filing with the SEC, activist investor Paul Singer‘s Elliott Associates disclosed holding 5.4 million shares of Boyd Gaming Corp. (NYSE:BYD). This is a new position, and amounts to just less than a 5% stake (4.99%, to be exact) in the gaming company.


Other ‘hedgies’, increasing their holdings in Boyd Gaming Corp. (NYSE:BYD), during the fourth quarter of 2013, include Paul Reeder and Edward Shapiro of PAR Capital Management, Rehan Jaffer of H Partners Management, David Shaw of D E Shaw and Mario Gabelli of GAMCO Investors. In addition, Daniel Och of OZ Management and Andrew Feldstein / Stephen Siderow of Blue Mountain Capital reported new positions in the company.

Boyd Gaming Corp. (NYSE:BYD) is a $1.3 billion market cap company that operates gaming entertainment properties in Nevada, Illinois, Louisianan, Mississippi, Indiana and New Jersey. It has been a strong stock, appreciating 62% over the past 12 months before today’s disclosure. Despite headwinds from the severe winter weather affecting its casino operations in New Jersey, prospects for the company have improved following New Jersey’s move to allow online gambling last year, which could open the door for other states to follow suit. Two of Boyd Gaming Corp. (NYSE:BYD)’s websites have received approval from the New Jersey Division of Gaming Enforcement to accept wagers in the state.

The largest position in Elliot Management’s equity portfolio is energy company Hess Corp. (NYSE:HES), in which it owns 17.1 million shares worth $1.4 billion. Second on the list is 10.8 million shares of technology firm NetApp, Inc. (NASDAQ:NTAP) valued at $442.3 million, followed by Twenty-First Century Fox, Inc. (NASDAQ:FOX), in which Elliot owns 11.4 million shares worth $394.4 million.

Disclosures: none

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