MGM Resorts International (MGM): One of AlphaBet Management’s Largest Bets Pays Off; See Fund’s Other Top Picks

Therefore, Alphabet’s largest holding is represented by Wynn Resorts, Limited (NASDAQ:WYNN), in which the fund holds 201,800 shares, valued at $30.03 million. The investor initiated a stake during the third quarter, and doubled it during the following three months. Meanwhile, Wynn Resorts, Limited (NASDAQ:WYNN)’s stock lost more than 45% over the last year on the back of the company’s significant exposure to Macau, whose economy has been struggling lately and affected significantly gaming companies that operate in the region. As the situation still looks bleak, analysts have recently cut their forecast for gaming revenue which is now expected to decline by 25% during 2015, versus a 7% fall estimated previously. Nevertheless, some investors decided to take advantage of Wynn Resorts, Limited (NASDAQ:WYNN)’s low price and have either initiated stakes or increased their holdings. One of these investors is Jim Simons of Renaissance Technologies who initiated a stake with 343,700 shares during the fourth quarter.

In addition, AlphaBet more than doubled its stake in Citigroup Inc (NYSE:C) during the fourth quarter. The fund disclosed ownership of 317,800 shares, the $17.20 million stake being the third largest in the fund’s equity portfolio after MGM Resorts International (NYSE:MGM). AlphaBet has been a long-term shareholder of the banking company. It is easy to see why Mr. Adler is betting on Citigroup Inc (NYSE:C), since its stock gained more than 46% in the last three years and has been one of the favorite companies among the hedge funds that we track. Moreover, Citigroup Inc (NYSE:C) is one of the most popular stocks among billionaire investors with 14 funds reporting long positions in the company with an aggregate value of $3.26 billion. Dan Loeb’s Third Point initiated a stake in the company during the fourth quarter and owns 20.0 million shares as of the end of 2014.

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