{"id":201567,"date":"2022-02-15T08:10:25","date_gmt":"2022-02-15T16:10:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=201567"},"modified":"2022-02-15T10:47:38","modified_gmt":"2022-02-15T18:47:38","slug":"land-buildings-adds-caesars-sells-boyd-stake-in-q4","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/","title":{"rendered":"Litt’s Land & Buildings Adds Caesars, Dumps Boyd Gaming"},"content":{"rendered":"

Jonathan Litt’s Land & Buildings Investment Management, LLC (L&B) tinkered with its gaming industry exposure in the fourth quarter. It added shares of Caesars Entertainment (NASDAQ:CZR) to its portfolio.<\/p>\n

\"Land
Land & Buildings founder Jonathan Litt in a 2020 CNBC<\/em> interview. His firm bought shares of Caesars in the fourth quarter. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

In the final three months of 2021, L&B bought 130,780 shares of Caesars valued at $12.32 million, according to a Form 13 filing with the Securities and Exchange Commission (SEC). This is, at a minimum, the firm’s second encounter with shares of the casino operator, as L&B owned Caesars’ stock in 2020, only to liquidate that position in the first quarter<\/a> of 2021.<\/p>\n

\n

L&B’s fourth-quarter entry into shares of the Harrah’s operator puts the investor behind the eight ball, because gaming equities, including Caesars, slumped in the October through December period amid fears of the omicron variant of the coronavirus crimping travel. The stock is sliding to start 2022, down 13.15 percent year-to-date. It currently represents nearly two percent of L&B’s portfolio.<\/p>\n<\/div>\n

However, analysts remain bullish on the stock. They cite the operator’s emerging footprints in iGaming and sports wagering<\/a>, strength on the Las Vegas Strip, and the looming sale of a Sin City asset that some analysts believe could fetch up to $3 billion.<\/p>\n

What L&B Could Be Eyeing with Caesars<\/h2>\n

Litt’s firm is an activist investor with a penchant for emphasizing real estate assets, and L&B has previously pushed for real estate change in the gaming industry.<\/p>\n

In 2020, Litt pushed Gaming and Leisure Properties, Inc. (NASDAQ:GLPI) to merge with rival<\/a> VICI Properties (NYSE:VICI). But that deal didn’t materialize.<\/p>\n

\n

Previously, Litt was the architect of the \u201cRestore MGM Resorts\u201d campaign. That pushed the gaming company to unlock value for investors by selling its prime real estate assets. Following the MGM Growth Properties (NYSE:MGP) spin-off in 2016, Litt said further value could be created by bringing all of the gaming company\u2019s properties under the control of the REIT.<\/p>\n<\/div>\n

L&B hasn’t publicly revealed plans to push for such dramatic change at Caesars. It’s actually unlikely, but the investment firm reentered the stock as the operator is readying to sell a Las Vegas Strip asset \u2013 a transaction the company said could occur \u201cearly\u201d this year<\/a>.<\/p>\n

Bye-Bye Boyd<\/h2>\n

In the fourth quarter, L&B eliminated its stake in Boyd Gaming (NYSE:BYD), which previously represented five percent of the investment firm’s portfolio. The money manager bought shares of the regional casino operator in the first quarter of 2021.<\/p>\n

During the final three months of 2021, L&B also reduced its stake in VICI, selling almost 77,000 shares of the casino landlord. The investment manager still owns 591,580 shares of the real estate company.<\/strong><\/p>\n

Caesars and VICI are the only gaming equities currently held by New York-based L&B.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jonathan Litt’s Land & Buildings Investment Management, LLC (L&B) tinkered with its gaming industry exposure in the fourth quarter. It added shares of Caesars Entertainment (NASDAQ:CZR) to its portfolio. In the final three months of 2021, L&B bought 130,780 shares of Caesars valued at $12.32 million, according to a Form 13 filing with the Securities […]<\/p>\n","protected":false},"author":46,"featured_media":201568,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nLand & Buildings Adds Caesars, Sells Boyd Stake In Q4<\/title>\n<meta name=\"description\" content=\"Jonathan Litt's Land & Buildings sold its stake in Boyd Gaming, but reentered Caesars in the fourth quarter.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Land & Buildings Adds Caesars, Sells Boyd Stake In Q4\" \/>\n<meta property=\"og:description\" content=\"Jonathan Litt's Land & Buildings sold its stake in Boyd Gaming, but reentered Caesars in the fourth quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-15T16:10:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-15T18:47:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/litt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/\",\"url\":\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/\",\"name\":\"Land & Buildings Adds Caesars, Sells Boyd Stake In Q4\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/litt.jpg\",\"datePublished\":\"2022-02-15T16:10:25+00:00\",\"dateModified\":\"2022-02-15T18:47:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Jonathan Litt's Land & Buildings sold its stake in Boyd Gaming, but reentered Caesars in the fourth quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/land-buildings-adds-caesars-sells-boyd-stake-in-q4\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/litt.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/02\/litt.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Land & Buildings founder Jonathan Litt in a 2020 CNBC interview. 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