Mets Owner Cohen’s Hedge Fund Loads Up on VICI Stock
Gaming tangible land investment funds bank (REIT) VICI Properties (NYSE:VICI) has a devotee inward New York Mets owner Steve Cohen.
Cohen’s hedge in monetary fund — Point72 Asset Management — bought 633,800 shares of the Caesars Palace proprietor inwards the first quarter, according to documents filed with the Securities and Exchange Commission (SEC). The displace came as some other well-known professional investors liquidated stakes in the existent estate company.
As the New York Post reports, Cohen’s VICI fandom is division of Point72’s broader embracement of justificatory stocks with dividend yields inwards surplus of 10-year Treasury obligations yields. The cassino landlord checks those boxes.
Entering Thursday, shares of VICI were knock down just now 1.46% year-to-date, sharply outperforming the S&P 500 and the popular Vanguard Real Estate Index Fund (NYSE:VNQ). With a dividend afford of 4.85%, the gambling casino REIT yields nearly 210 fundament points more than 10-year US government bonds.
VICI Small, But Potentially Mighty Part of Point72 Portfolio
Point72 previously had and currently maintains other gaming positions as piece of a straggling equity portfolio that includes nearly 1,500 investments.
Regarding VICI, the skirt fund’s wager in the casino REIT was precious at $18.03 1000000 at the remnant of the foremost quarter, ranking 354th among Point72’s positions, according to WhaleWisdom data. The money manager owns dozens of other tangible estate equities, but as of Mar 31, it doesn’t own shares of Gaming and Leisure Properties (NASDAQ:GLPI) — the only when other publically traded gaming landlord.
In VICI, Point72 is investing in a society invigorated turned the $17.2 one thousand million purchase of MGM Growth Properties – a deal that created the largest gambling casino REIT and the biggest landlord on the Las Vegas Strip.
VICI is at present the largest proprietor of hotel and conference tangible acres inward the US. VICI adds Excalibur, Luxor, Mandalay Bay, MGM Grand, Mirage, New York New York, and Park MGM, as substantially as various regional casinos operated by MGM Resorts International (NYSE:MGM).
In increase to the aforementioned MGM venues, VICI owns some of the Strip’s most venerable properties, including Caesars Palace, the Venetian, and the Venetian Expo and Convention Center.
Other Gaming Stocks on Point72 Roster
Cohen’s put off monetary fund added 388,146 shares inwards the world-class quarter to a previously existing attitude inward Las Vegas Sands (NYSE:LVS). That’s single of dozens of consumer discretional stocks held by the money manager, but the only when unity currently in the portfolio flat involved in operating casinos.
It’s but coincidence, but Cohen has been rumored to be in talks to bring a casino to Citi Field — the Mets’ ballpark — and speculation is swirling Sands is the companion that could run that venue, assuming it comes to life.
Caesars Entertainment is the official sportsbook partner of the Mets.
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