HG Vora Amends PENN Entertainment Stake, Signals Continued Interest

Ticker: PENN · Form: SC 13D/A · Filed: 2024-01-16T00:00:00.000Z

Sentiment: neutral

Topics: insider-ownership, amendment, institutional-investor, activist-investing

TL;DR

**HG Vora updated their PENN stake, still a key player.**

AI Summary

HG Vora Capital Management, LLC, an investment firm, filed an Amendment No. 1 to its Schedule 13D on January 12, 2024, regarding its ownership in PENN Entertainment, Inc. This filing updates their previous disclosure, indicating a continued significant stake in the casino and entertainment company. For investors, this matters because HG Vora is a substantial shareholder, and their actions or stated intentions could influence PENN's stock price or strategic direction, especially given their history as an activist investor.

Why It Matters

This filing shows a major institutional investor, HG Vora Capital Management, is still actively involved with PENN Entertainment, which could signal confidence or potential future strategic moves.

Risk Assessment

Risk Level: medium — The risk is medium because while HG Vora's involvement could be positive, their past activism suggests they might push for changes, creating uncertainty.

Analyst Insight

An investor should monitor future filings from HG Vora Capital Management for any changes in their ownership percentage or stated intentions, as this could signal potential strategic shifts or activist pressure on PENN Entertainment.

Key Players & Entities

Forward-Looking Statements

FAQ

What is the purpose of this specific filing, SC 13D/A?

This is an Amendment No. 1 to a Schedule 13D, meaning HG Vora Capital Management, LLC is updating previously disclosed information regarding their beneficial ownership of PENN Entertainment, Inc. common stock, as required by the Securities Exchange Act of 1934.

Who is the subject company of this filing?

The subject company is PENN Entertainment, Inc., identified by CIK 0000921738 and CUSIP Number 707569109 for its Common Stock, par value $0.01 per share.

Who is the entity filing this Schedule 13D/A?

The entity filing this amendment is HG Vora Capital Management, LLC, located at 330 Madison Avenue, 21st Floor, New York, NY 10017.

What is the date of the event that triggered this amendment filing?

The date of the event which required the filing of this statement is January 12, 2024.

What type of securities are involved in this filing?

The securities involved are Common Stock, par value $0.01 per share, of PENN Entertainment, Inc.

From the Filing

0001214659-24-000733.txt : 20240116 0001214659-24-000733.hdr.sgml : 20240116 20240116110025 ACCESSION NUMBER: 0001214659-24-000733 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 20240116 DATE AS OF CHANGE: 20240116 GROUP MEMBERS: PARAG VORA SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PENN Entertainment, Inc. CENTRAL INDEX KEY: 0000921738 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 232234473 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-45655 FILM NUMBER: 24534119 BUSINESS ADDRESS: STREET 1: 825 BERKSHIRE BLVD STE 200 STREET 2: WYOMISSING PROFESSIONAL CENTER CITY: WYOMISSING STATE: PA ZIP: 19610 BUSINESS PHONE: 6103732400 MAIL ADDRESS: STREET 1: 825 BERKSHIRE BLVD STREET 2: SUITE 200 CITY: WYOMISSING STATE: PA ZIP: 19610 FORMER COMPANY: FORMER CONFORMED NAME: PENN NATIONAL GAMING INC DATE OF NAME CHANGE: 19940415 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HG Vora Capital Management, LLC CENTRAL INDEX KEY: 0001525362 ORGANIZATION NAME: IRS NUMBER: 264369896 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 330 MADISON AVENUE STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: (212) 707-4300 MAIL ADDRESS: STREET 1: 330 MADISON AVENUE STREET 2: 21ST FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 g115240sc13da1.htm AMENDMENT NO. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* PENN Entertainment, Inc. (Name of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securities) 707569109 (CUSIP Number) Christopher M. McLean HG Vora Capital Management, LLC 330 Madison Avenue, 21st Floor New York, NY 10017 (212) 707-4300 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) Copy to: Jeffrey Katz Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199 (617) 951-7072 January 12, 2024 (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨ 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). CUSIP NO.: 707569109 (1) NAME OF REPORTING PERSON: HG Vora Capital Management, LLC (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) o (b) o (3) SEC USE ONLY (4) SOURCE OF FUNDS: AF (See Item 3) (5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) o (6) CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: (7) SOLE VOTING POWER: 0 (8) SHARED VOTING POWER: 14,500,000 (9) SOLE DISPOSITIVE POWER: 0 (10) SHARED DISPOSITIVE POWER: 14,500,000 (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 14,500,000 (12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN

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