Published on: June 29, 2026, at 05:25h.
Updated on: June 29, 2026, at 05:25h.
- Parag Vora, founder of HG Vora, has received a gaming license in Nevada.
- The activist hedge fund previously engaged in an extensive proxy conflict with Penn Entertainment.
- This contentious battle concluded in February.
Parag Vora, the head of a hedge fund advocating for changes at Penn Entertainment (NASDAQ: PENN), has been granted a gaming license by the Nevada Gaming Commission (NGC), following a recommendation from the Nevada Gaming Control Board (NGCB).
He secured this permit by a 2-1 decision, five months after his HG Vora Capital Management concluded its protracted disputes with Penn — a battle that involved a drawn-out proxy fight where the activist investor sought to add three candidates to the regional casino operator’s board of directors.
During this proxy dispute, which spanned several years, Vora criticized Penn’s board for indulging CEO Jay Snowden’s unsuccessful ventures in the sports betting sector while continuing to provide him with substantial compensation. The hedge fund also argued that the makeup of Penn’s board contravened Pennsylvania law and undermined the principles of investor democracy.
This assertive approach did not escape the attention of NGC members, with Commissioner Brian Krolicki pointing out that Vora’s tactics in the Penn situation were “aggressive.” Even though the commissioners seemed to regard Vora’s strategies as somewhat heavy-handed, they acknowledged that such conduct is commonplace among large activists dealing with the companies they invest in.
Clarifications Needed on Vora’s Nevada License
At one point, HG Vora’s stake in Penn peaked at 18.5%, but it has since reduced to 4.32%. As part of the agreement reached in February between the casino operator and the hedge fund, Vora committed to not exceeding 5% ownership in the gaming firm.
Penn, the leading regional casino operator in the United States, operates only two gaming establishments in Nevada — the M Resort Spa Casino in Henderson and Cactus Petes Resort Casino in Jackpot. Given Vora’s current holdings in Penn, the necessity for a Nevada license remains unclear.
“Typically, acquiring beneficial ownership of more than 10% of any class of voting securities triggers the requirement to file for full suitability review by the Commission,” according to Lewis and Roca Lawyers.
Shareholders controlling between 5% and 10% of a publicly traded gaming company operating in Nevada are legally mandated to engage in compulsory reporting with the NGCB.
Potential for Additional Casino Investments by Vora
HG Vora is a recognized name in gaming investment circles. Before its involvement with Penn, the hedge fund held shares in other notable gaming entities like Caesars Entertainment (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM), among others.
Currently, Penn is the sole casino stock present in the hedge fund’s portfolio, according to recent regulatory disclosures. However, this does not mean that Vora is turning a blind eye to opportunities in the gaming sector.
Vora expressed to the NGC his willingness to pursue investment options within Nevada, stating he is “very enthusiastic about investing capital in this state.”