Vora, Thorn in Penn Entertainment’s Side, Wins Nevada Gaming License

Posted on: June 29, 2026, 05:25h. 

Last updated on: June 29, 2026, 05:25h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • Parag Vora, the founder of HG Vora, was awarded a Nevada gaming license
  • The activist hedge fund engaged in a lengthy proxy battle with Penn Entertainment
  • That tussle ended in February

Parag Vora, the founder of a hedge fund that pushed for change at Penn Entertainment (NASDAQ: PENN), was awarded a gaming license by the Nevada Gaming Commission (NGC) following a recommendation by the Nevada Gaming Control Board (NGCB).

vora
HG Vora founder Parag Vora. He was awarded a Nevada gaming license last week. (Image: HG Vora)

He won the permit by a 2-1 vote five months after his HG Vora Capital Management ended a lengthy rift with Penn — one that involved an extended proxy fight in which the activist investor pushed to have three of its candidates added to the regional casino operator’s board of directors.

Over the time of that proxy battle, which was a multi-year saga, Vora sharply critiqued Penn’s board, accusing directors of indulging CEO Jay Snowden’s ill-fated sports betting industry whims while continuing to lavish significant compensation upon him. The hedge fund also said the composition of Penn’s board violated Pennsylvania law and was an affront to investor democracy.

Those hardline tactics weren’t lost on NGC members with Commissioner Brian Krolicki noting Vora’s efforts in the Penn fight were “aggressive.” While commissioners seemingly viewed Vora’s moves as heavy-handed, they noted the hedge fund’s behavior wasn’t out of the ordinary regarding how some large activists deal with companies in which they hold stakes.

Questions Abound on Why Vora Needs Nevada License

At one point, HG Vora’s Penn stake grew to 18.5%, but it has since dwindled to 4.32% and as part of the February accord struck between the casino operator and the investor, the hedge fund agreed to not exceed 5% ownership in the gaming company.

Penn, the largest regional casino operator in the U.S., runs just two Nevada gaming venues — the M Resort Spa Casino in Henderson and Cactus Petes Resort Casino in Jackppot. Still, given the size of Vora’s Penn holdings, it’s not clear why the hedge fund boss needs a Nevada license.

“Anyone acquiring beneficial ownership of more than 10% of any class of voting securities generally initiates a requirement to file an application for a full finding of suitability by the Commission,” according to Lewis and Roca Lawyers.

Any shareholder that controls 5% to 10% of a publicly traded gaming company doing business in Nevada is required by law to engage in mandatory reporting with the NGCB.

Vora Could Mull Other Casino Investments

HG Vora is well-known in gaming circles. Prior to getting involved with Penn, the hedge fund, over the years, held stakes in Caesars Entertainment (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM), among other gaming names.

Currently, Penn is the only casino stock in the hedge fund’s portfolio, according to the most recent regulatory filing, but that doesn’t imply the money manager is ignoring the gaming industry.

Vora told the NGC he’s open to exploring investment opportunities in Nevada, adding he’s “very excited to invest capital in this state.”