Land & Buildings Investment Management, LLC (L&B) was busy with cassino equities inward the number 1 quarter, adding young positions inwards Boyd Gaming (NYSE:BYD) and MGM Growth Properties (NYSE:MGP).
Jonathan Litt’s firmly is considered an activist investor with a knack for focusing on real demesne assets. Boyd and MGP are II of Little Joe stakes added past the money manager inward the for the first time troika months of the year, and the only two gaming names among that quartet. L&B liquidated a bet in Caesars Entertainment (NASDAQ:CZR) — ace of ternary names it dropped inwards the January through and through March period.
L&B bought 341,787 shares of regional casino manipulator Boyd in the quarter, precious at $20.15 zillion at the last of March, according to a Form 13F filing with the Securities and Exchange Commission (SEC). The activist investor also purchased 344,771 shares of MGP, worth $11.24 million as of March 31.
Boyd is away 7.82 percent over the yesteryear month. But there’s an first-class chance L&B is inwards the putting green on that position, as the shares are higher today than they were at any point in time in January, February, and the 1st half of March.
Some analysts similar the operator because it plays on renewed consumer confidence, increasing levels of coronavirus vaccinations, and strength in cay demographics, such as those 55-years-old and upwardly and Las Vegas locals.
Future Plans Uncertain for Litt and Boyd
Boyd runs 28 gaming venues crossways 10 states, including 11 in Nevada. The fellowship owns nearly all of the tangible acres on which its casinos reside.
It’s non instantly crystalise if L&B is preparation to push Boyd to monetise its dimension assets. Such a declaration isn’t made in 13F filings. However, that is the type of scenario Litt is well-versed in. He took a wager in MGM Resorts International (NYSE:MGM) inwards 2015 and pushed the cassino heavyweight to the spin-off of MGP. L&B maintains a portion of MGM Resorts.
His plans for the gambling casino tangible land investiture trustingness (REIT) aren’t public knowledge at this point, either. Last week, the companion bought MGM Springfield from its former parent for $400 million.
By buying MGP shares inward the foremost quarter, non only when is Litt’s unfluctuating posing on a noticeable gain, but it was inwards the stock up before the MGM Springfield deal was announced, and that’s a positive because the REIT said the transaction testament add to familiarised pecuniary resource from trading operations (AFFO) per share.
Gaming REITs and VICI Properties
While L&B added MGP to its roster in the first off quarter, it pared its place in another gaming REIT, taking its post inwards VICI Properties (NYSE:VICI) to 776,537 shares from around 1.01 million.
Last year, Litt pushed Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) — the other publically traded gaming REIT — to merge with VICI. That sell didn’t amount to fruition, and L&B at last liquidated its position inward GLPI.