HG Vora Capital Management, LLC

Hedge Fund • Event Driven

HG Vora Capital Management, LLC is an Event Driven Hedge Fund based in Nashville, TN led by Michael Lee, reporting $7.6B in AUM as of Q3 2025 with 54% Consumer Cyclical concentration, 90% concentrated in top 10 holdings, and 19% allocation to PENN.

CFOMichael Lee

Portfolio Value: $738.0M
Positions: 14
Top Holding: PENN at 18.92%
Last Reported: Q3 2025

Address10 Burton Hills Blvd, Ste 250, Nashville, TN, 37215, United States

Top Holdings

Largest long holdings in HG Vora Capital Management, LLC's portfolio (89.5% of total portfolio)

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GthenH

Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 PENN Entertainment, Inc. PENN	Gambling, Resorts & Casinos Consumer Cyclical	$139.6M	18.92%	—	4.97% 7.3M shares	Q2 2022 Held for 3y 5m
2 Caesars Entertainment, Inc. CZR	Gambling, Resorts & Casinos Consumer Cyclical	$94.6M	12.82%	—	— 3.5M shares	Q4 2021 Held for 3y 11m
3 Driven Brands Holdings Inc. DRVN	Auto - Dealerships Consumer Cyclical	$90.2M	12.22%	-$1.6M Sold	3.41% 5.6M shares	Q4 2023 Held for 1y 11m
4 First American Financial FAF	Insurance - Specialty Financial Services	$65.8M	8.92%	-$24.1M Sold	1.01% 1.0M shares	Q1 2021 Held for 4y 8m
5 Ryder System R	Rental & Leasing Services Industrials	$63.2M	8.56%	-$56.6M Sold	0.82% 335.0K shares	Q3 2021 Held for 4y 2m
6 Six Flags Entertainment FUN	Leisure Consumer Cyclical	$49.4M	6.70%	+$17.6M Bought	2.15% 2.2M shares	Q2 2025 Held for 5 months
7 Clarivate CLVT	Information Technology Services Technology	$42.6M	5.77%	-$5.8M Sold	1.65% 11.1M shares	Q1 2025 Held for 8 months
8 Equitable Holdings EQH	Insurance - Diversified Financial Services	$40.6M	5.50%	+$40.6M New	0.27% 800.0K shares	Q3 2025 Held for 2 months
9 UGI UGI	Regulated Gas Utilities	$39.9M	5.41%	+$20.0M Bought	0.56% 1.2M shares	Q1 2025 Held for 8 months
10 Enviri NVRI	Waste Management Industrials	$34.6M	4.69%	-$9.8M Sold	3.38% 2.7M shares	Q1 2025 Held for 8 months

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GthenH

Changes

Portfolio activity, position movements, and quarter-over-quarter changes in HG Vora Capital Management, LLC's latest filing

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GthenC

Market Value

$738.0M

Prior: $907.9M

Q/Q Change

-18.71%

-$169.9M

Net Flows % of MV

-25.87%

Turnover Ratio

25.1%

New Purchases

1 stocks

$40.6M

Added To

3 stocks

+$49.2M

Sold Out Of

3 stocks

$114.1M

Reduced Holdings

8 stocks

-$166.6M

Increased Positions

Position	Shares Δ	Change
1 Equitable Holdings EQH	New	0 → 800.0K +$40.6M
2 UGI UGI	+100.0%	600.0K → 1.2M +$20.0M
3 Six Flags Entertainment FUN	+55.36%	1.4M → 2.2M +$17.6M
4 WillScot Holdings Corporation WSC	+55.0%	1.0M → 1.6M +$11.6M

Decreased Positions

Position	Shares Δ	Change
1 MGM Resorts International MGM	Sold	1.5M → 0 −$51.6M
2 Boyd Gaming BYD	Sold	500.0K → 0 −$39.1M
3 Granite Construction GVA	Sold	250.0K → 0 −$23.4M
4 United Parks & Resorts PRKS	-73.44%	1.6M → 425.0K −$60.7M
5 Ryder System R	-47.24%	635.0K → 335.0K −$56.6M