HG Vora Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), HG Vora Capital Management, LLC reported 14 stock positions worth $738.0 million. Its top holding was Penn Entertainment (PENN) at 18.9% of the portfolio, followed by Caesars Entertainment (CZR, 12.8%) and Driven Brands (DRVN, 12.2%). Compared with Q2 2025, it opened 1 new position, sold out of 3, added to 3 and reduced 8. The biggest buy was a new position in Equitable (EQH) and the biggest sale an exit from MGM Resorts International (MGM).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001525362
- Portfolio Value
- $738.0M (Q3 2025)
- SEC Filing
- 0001214659-25-016722 ↗ filed Nov 14, 2025
Holdings Value
Holdings 14 stocks · $738.0M
| PENN Penn Entertainment Inc. | 18.92% | 7,250,000 | $139.6M | No change |
| CZR Caesars Entertainment Inc. | 12.82% | 3,500,000 | $94.6M | No change |
| DRVN Driven Brands Holdings Inc. | 12.22% | 5,600,000 | $90.2M | Reduce -1.8% |
| FAF First American Financial | 8.92% | 1,025,000 | $65.8M | Reduce -26.8% |
| R Ryder System Inc. | 8.56% | 335,000 | $63.2M | Reduce -47.2% |
| FUN Six Flags Entertainment Corp. | 6.70% | 2,175,000 | $49.4M | Add +55.4% |
| CLVT Clarivate PLC | 5.77% | 11,125,000 | $42.6M | Reduce -12.1% |
| EQH Equitable Holdings Inc. | 5.50% | 800,000 | $40.6M | New |
| UGI Ugi Corp. | 5.41% | 1,200,000 | $39.9M | Add +100.0% |
| NVRI Enviri Corp. | 4.69% | 2,725,000 | $34.6M | Reduce -22.1% |
| WSC Willscot Holdings Corp. | 4.43% | 1,550,000 | $32.7M | Add +55.0% |
| PRKS United Parks & Resorts Inc. | 2.98% | 425,000 | $22.0M | Reduce -73.4% |
| IQV Iqvia Holdings Inc. | 2.06% | 80,000 | $15.2M | Reduce -33.3% |
| OPTU Optimum Communications Inc. Class A filed as ALTICE USA INC | 1.01% | 3,100,000 | $7.5M | Reduce -3.9% |
Portfolio Sells Q2 2025 → Q3 2025
| MGM MGM Resorts International | Sold out | 0.00% | −5.68 |
| PRKS United Parks & Resorts Inc. | Reduce -73.4% | 2.98% | −5.33 |
| BYD Boyd Gaming Corp. | Sold out | 0.00% | −4.31 |
| GVA Granite Construction Inc. | Sold out | 0.00% | −2.57 |
| R Ryder System Inc. | Reduce -47.2% | 8.56% | −2.56 |
| FAF First American Financial | Reduce -26.8% | 8.92% | −0.54 |
| CLVT Clarivate PLC | Reduce -12.1% | 5.77% | −0.22 |
| IQV Iqvia Holdings Inc. | Reduce -33.3% | 2.06% | −0.02 |
| OPTU Optimum Communications Inc. Class A | Reduce -3.9% | 1.01% | +0.25 |
| DRVN Driven Brands Holdings Inc. | Reduce -1.8% | 12.22% | +1.20 |
| NVRI Enviri Corp. | Reduce -22.1% | 4.69% | +1.34 |
Portfolio Buys Q2 2025 → Q3 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 4 | $172.0M | PENN, FAF, FOSL, OPTU |
| Q1 2026 | 6 | $169.9M | PENN, FAF, PRKS, DRVN, FOSL |
| Q4 2025 | 7 | $264.9M | PENN, DRVN, FAF, NVRI, EQH |
| Q3 2025 | 14 | $738.0M | PENN, CZR, DRVN, FAF, R |
| Q2 2025 | 16 | $907.9M | PENN, R, DRVN, CZR, FAF |
| Q1 2025 | 13 | $978.5M | FAF, PENN, R, DRVN, CZR |
| Q4 2024 | 10 | $1.3B | PENN, FAF, R, PLYA, BYD |
| Q3 2024 | 10 | $1.4B | PENN, FAF, R, BYD, DRVN |
| Q2 2024 | 10 | $1.5B | PENN, FAF, R, BYD, CZR |
| Q1 2024 | 12 | $1.7B | FAF, PENN, R, CZR, BYD |