Jonathan Litt’s Land & Buildings Investment Management, LLC (L&B) eliminated its gaming equity exposure inward the number one quarter, dumping stakes inward Caesars Entertainment (NASDAQ:CZR) and VICI Properties (NYSE:VICI).
The investment funds firm’s first-quarter 13F filing with the Securities and Exchange Commission (SEC) indicates it no thirster holds shares of the Flamingo operator, the gambling casino landlord or any other dedicated gaming company.
Litt’s unbendable maintains a place inward private equity colossus Blackstone (NYSE:BX), which owns the property assets of Bellagio on the Las Vegas Strip as well as a nonage stakes inward the tangible acres of Mandalay Bay and MGM Grand. That wager was valued at nearly $11 meg at the last of the firstly quarter.
Caesars and VICI were 2 of three positions L&B dropped inwards the foremost quarter. The other was Americold Realty (NYSE:COLD),which is an Atlanta-based operator of temperature-controlled warehouses.
Gaming REIT Consolidation Worked Out for L&B
L&B restarted a stance inward MGM Growth Properties (NYSE:MGP) in the 1st canton of 2021. That paid off because in conclusion August, VICI offered to gain MGP for $17.2 one million million inward stock. That transaction closed nearly tierce years ago.
The activist investor rock-bottom its attitude in VICI, which is at present the largest landlord on the Strip, inwards the first billet of 2021. Litt took a bet inward MGM Resorts International (NYSE:MGM) inwards 2015 and pushed the cassino giant to the spin-off of MGP.
L&B has to a greater extent account with gaming existent landed estate investment trusts (REITs). In 2020 Litt pushed Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) — the other in public traded gaming REIT — to merge with VICI. That trade didn’t come in to fruition, and L&B finally liquidated its situation inwards GLPI.
Brief Encounter with Caesars
L&B had a brief encounter with Caesars, purchasing the gunstock inwards the fourth quarter only when to division shipway with it sometime 'tween January and March. The steady likely took a red on that billet because Caesars, on with other gaming equities, tumbled inward the number one three months of the year.
L&B has had similar quarter-to-quarter encounters with Caesars shares. It bought the cassino stockpile inward the 4th quarter of 2020 only when to liquidate that spatial relation inwards the March quarter of 2021.
Litt’s investiture house initiated a post inwards Boyd Gaming (NYSE:BYD) inwards the first tierce months of 2021, but that stake was eliminated before the last of the year.
L&B’s latest 13F doesn’t show why the house sold Caesars and VICI, but presumption the money manager’s history with gaming equities, it wouldn’t be surprising if it reenters gambling casino investing over the near- to medium-term.