Keith Meister’s Corvex Management upped its spatial relation inward MGM Resorts International (NYSE:MGM) during the arcsecond quarter.

The duck monetary fund controlled past the MGM board member now owns 15.67 gazillion shares of the largest manipulator on the Las Vegas Strip, a stake precious at $668.47 gazillion as of June 30, according to a Form 13F filing with the Securities and Exchange Commission (SEC).

Corvex’s portfolio contains more than 30 equity positions, spanning homebody stocks, reopening ideas, and “event-driven” plays. While the elude monetary fund owns shares inward several consumer discretionary stocks, including Amazon River (NASDAQ:AMZN), MGM Resorts is the only when casino operator on its roster.

Form 13F doesn’t point exactly when an investor buys or sell shares. But it’s potential Corvex is inwards the money on the newest part of its MGM stake, as the inventory gained 7.4 percent inward the June quarter. The shares are upward 20.37 percent year-to-date.

Corvex is the fourth-largest institutional investor inward MGM, trailing only fund issuers Vanguard, BlackRock, and State Street.

Meister Bullish on MGM Online Exposure

Shares of the Bellagio operator represent 29.39 percent of Corvex’s assets below management, and the hedging monetary fund controls 3.2 percent of the gaming company’s shares outstanding, according to GuruFocus data.

Meister’s enthusiasm for the keep company at which he holds a board sit down stems inwards section from the thriving BetMGM business. In an interview with CNBC earlier this year, the investor said he’s “massively bullish on the potency chance for BetMGM,” spell noting it’s “a misvalued asset” inner the gaming company.

When the cassino manipulator reported second-quarter results earlier, it said BetMGM is the second-largest online sportsbook and iGaming program in the US.

BetMGM is a 50/50 reefer stake between MGM and Entain Plc (OTC:GMVHY). That structure, linked with the casino company’s increasing hard currency stockpile, is stoking conjecture among analysts and investors that as the online casino/sports betting concern continues gaining securities industry share, MGM will tyre of sharing the economics and make another takeover offer for the British operator.

In January, Entain rejected an $11.06 one million million adjure from MGM, calling it inadequate.

Meister Paid Off for MGM

Meister united MGM’s board inwards January 2019, eventually comely ace of the architects of the company’s asset-light strategy. That’s seen the cassino manipulator molt practically of its existent estate holdings to put up cash in that put up be allocated to faster-growing businesses.

That strategy is paying cancelled handsomely, with recent transactions confirming as much. In July, MGM surprised Wall Street past paying $2.12 1000000000 for half of CityCenter and merchandising the property assets of Aria and Vdara to Blackstone for $3.89 billion.

Two weeks ago, VICI Properties (NYSE:VICI) said it’s acquiring MGM Growth Properties (NYSE:MGP) for $17.2 billion in stock, creating a $4.4 one thousand million windfall for MGM via its stakes inward MGP.