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.
Penn Entertainment did not immediately respond to a Reuters request for comment.
Shares of Penn Entertainment have lost about 16% of their value in 2023 and were up 4.8% in early trading.
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