Second activist firm takes 5% stake in 888 as battle for power ramps up
HG Vora Capital Management adds to stakes in Bally’s and Caesars with move for 888
A New York-based activist fund has taken a 5.6% stake in 888 as the battle for the future of the London-listed company ramps up.
HG Vora Capital Management has snapped up the stake in the firm, which accounts to 25 million voting rights, and follows in the footsteps of FS Gaming last week.
The two activist firms now hold more than 10% of 888 shares between them as rumours swirl that FS Gaming is hoping to install former GVC CEO Kenny Alexander at the top of 888.
FS Gaming snapped up a 6% stake in 888 earlier this month and is backed by industry heavyweights including Alexander, ex-GVC CEO Shay Segev and former GVC chair Lee Feldman.
888’s share price has soared by 69% since it was revealed FS Gaming had taken the stake in the company.
HG Vora, which was established by Parag Vora in 2009, has already invested in several gambling firms in the past.
The firm holds stakes in Penn Entertainment, Caesars Entertainment, Boyd Gaming, Bally’s and Rush Street Interactive.
The move to snap up 888 shares marks the first time the fund has moved for a London-listed gambling firm.
Speaking to EGR, an 888 spokesperson said: “The board remains highly confident in its long-term strategy to maximise value for shareholders.
“We look forward to updating and engaging with all our shareholders as we continue to deliver against our clear strategic and operational priorities.”