Published on: September 13, 2025, 03:54h.
Updated on: September 13, 2025, 03:54h.
- MGM board member recently sold 242,000 shares of gaming stock
- His hedge fund, Corvex Management, still holds approximately 5.39 million shares of MGM
Keith Meister, a hedge fund manager and board member at MGM Resorts International (NYSE: MGM), has slightly decreased his stake in the casino company.
On September 11, Meister’s Corvex Management sold 242,000 shares of MGM at an average price of $35.42, resulting in gross proceeds of $8.57 million. The transaction occurred at prices between $35.54 and $35.61, as reported in a filing with the Securities and Exchange Commission (SEC).
Post-transaction, the filing indicates that Corvex’s beneficial ownership stands at 5,385,478 shares, held indirectly across private investment fund accounts managed by Corvex. It notes that the reporting individual does not directly own these shares beyond his financial interest and is open to providing details on sale prices per request, as summarized by Stock Titan.
Meister, who is also the Chief Investment Officer (CIO) of Corvex Management, joined MGM’s board as an independent director in January 2019. Neither Meister nor his firm have publicly discussed the motivation behind the reduction of their stake in the Bellagio operator, nor are they obligated to share this information per SEC regulations.
Corvex Remains a Key Player Among MGM Shareholders
In terms of percentage ownership, Barry Diller’s IAC/InterActiveCorp (NASDAQ: IAC) is the leading MGM shareholder, owning roughly 22% of the company’s stock.
Despite this large stake, IAC is not categorized as an institutional investor, which includes endowments, fund managers, hedge funds like Corvex, and pension funds, among others.
As of the conclusion of Q2, Corvex was the ninth-largest institutional shareholder of MGM. However, with this most recent share sale, Meister’s firm now possesses slightly fewer shares than GoldenTree Asset Management. If GoldenTree hasn’t reduced its holdings, it now ranks as the ninth-largest institutional shareholder, pushing Corvex to the tenth position.
Corvex’s stake in MGM has seen a gradual decline over the past several years. By the end of 2019, the hedge fund held 20.93 million shares of the leading operator on the Las Vegas Strip. Despite the decrease, MGM remains one of Corvex’s top five long-term positions as of the end of the second quarter.
Corvex’s Diversified Gaming Investments
Meister, a protégé of renowned gaming investor Carl Icahn, has interests in multiple gaming stocks aside from MGM. In 2023, Corvex acquired shares in Entain (OTC: GMVHY), MGM’s partner in the BetMGM venture, increasing its position to 5.3% earlier this year.
Furthermore, the hedge fund also built up a stake in the Kindred Group, a Swedish online gambling leader, eventually amassing about 17%. This investment proved beneficial when the company was sold for $2.7 billion to Française des Jeux (FDJ), France’s lottery monopoly, in 2024.