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Pinnacle Entertainment Inc. (PNK): HG Vora Capital Management Ups Its Stake

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Parag Vora‘s HG Vora Capital Management has recently raised its exposure to Pinnacle Entertainment Inc. (NASDAQ:PNK), and  currently owns 5.00 million shares, which amass 8.2% of the Pinnacle Entertainment’s outstanding shares, as disclosed in a recent filing with the US Securities and Exchange Commission. This stake compares to 4.75 million shares HG Vora Capital Management disclosed in its latest 13F filing (for the end of March).

Parag Vora - HG Vora Capital

Pinnacle Entertainment is a casino, gaming and hospitality company that owns and runs 15 gaming entertainment properties across the US. Since the company started trading on April 15, its stock gained 6.76%. Recently, Deutsche Bank reiterated its ‘Hold’ rating on Pinnacle Entertainment’s stock with a price target of $12.00, while Telsey Advisory Group upgraded its rating to ‘Outperform’ from ‘Market Perform’ and lowered its price target to $19.00 from $31.00. For the first quarter of 2016, the company reported earnings per share of $0.83 and revenue of $580.03 million, beating both the estimates of earnings per share of $0.64 and revenue of $577.65 million.

 

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Among hedge funds tracked by Insider Monkey, 29 investors were bullish on Pinnacle Entertainment (NYSE:PNK) at the end of March, compared to 26 funds in the previous quarter. The most valuable position was disclosed by HG Vora Capital Management, and the second biggest position was reported by Richard Driehaus’ Driehaus Capital, worth around $80.6 million. Remaining investors long the stock encompass D. E. Shaw’s D. E. Shaw, Mark Kingdon’s Kingdon Capital and Robert Emil Zoellner’s Alpine Associates.

At the end of the quarter, Carson Yet’s Yost Capital Management had $12.3 million invested in Pinnacle Entertainment (NYSE:PNK), and Paul Marshall and Ian Wace’s Marshall Wace LLP also initiated a $8.4 million position during the quarter. The following funds were also among the new PNK investors: Steven Tananbaum’s GoldenTree Asset Management, Phill Gross and Robert Atchinson’s Adage Capital Management, and John Overdeck and David Siegel’s Two Sigma Advisors.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
HG Vora Special Opportunities Master Fund, Ltd 0 5,000,000 0 5,000,000 5,000,000 8.2%
HG Vora Capital Management 0 5,000,000 0 5,000,000 5,000,000 8.2%
Parag Vora 0 5,000,000 0 5,000,000 5,000,000 8.2%

Parag Vora
Parag Vora
HG Vora Capital Management

Page 1 of 10 – SEC Filing



SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Pinnacle Entertainment Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
72348Y105
(CUSIP Number)
June 13, 2016
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
o
Rule 13d-1(b)
x
Rule 13d-1(c)
o
Rule 13d-1(d)
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See §240.13d-7 for other parties to whom copies are to be sent.
*  The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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