Gaming Stocks Update: MGM Director Meister Slightly Trims Stake in Casino Giant
MGM Director Meister Slightly Trims Stake in Top Gaming Stocks
The gaming stocks update reveals MGM Director Meister’s recent changes in his stake within the gaming giant. Key Highlights: Navigating the volatility of the market requires a keen eye on sector-specific trends, particularly when analyzing the performance of gaming stocks.
- MGM board member sold 242,000 shares of gaming stock this week
- His hedge fund Corvex Management still owns nearly 5.39 million MGM shares
Keith Meister, the hedge fund manager and board member at MGM Resorts International (NYSE: MGM), has recently made adjustments to his equity holdings in the gaming giant. This change could signal varying investor sentiments regarding the company’s future performance.


On Thursday, September 11, Meister’s hedge fund, Corvex Management, sold off 242,000 shares at a weighted average price of $35.42, resulting in gross proceeds of approximately $8.57 million. Transactions within this sale occurred within a narrow price range between $35.54 and $35.61, according to a filing with the Securities and Exchange Commission (SEC).
After the sale, the filing reveals that Corvex holds beneficial ownership of 5,385,478 shares indirectly, associated with accounts of private investment funds advised by Corvex. The firm has also offered to provide detailed information on share sales upon request, as indicated in a summary by Stock Titan.
Keith Meister, who serves as the Chief Investment Officer (CIO) of Corvex Management, became a board member of MGM in January 2019 as an independent director. It remains unclear why the stake was reduced, as neither Meister nor Corvex has publicly commented on the matter, and they are not mandated by the SEC to do so.
Corvex Remains One of the Largest MGM Shareholders
On a percentage basis, Barry Diller’s IAC/InterActiveCorp (NASDAQ: IAC) is recorded as the largest MGM investor, controlling roughly 22% of the company’s stock. Despite this substantial ownership, IAC does not fall under the classification of institutional investors. This category is primarily composed of endowments, fund managers, hedge funds like Corvex, and pension plans.

As of the end of the second quarter, Corvex was noted as the ninth-largest institutional investor in MGM. However, with the recent share sale, Meister’s firm now holds slightly fewer shares than GoldenTree Asset Management, suggesting a drop to the tenth position among institutional shareholders.
It is noteworthy that Corvex’s stake in MGM has been gradually declining over recent years. In December 2019, the hedge fund owned 20.93 million shares in the largest operator on the Las Vegas Strip. Nevertheless, MGM continues to be among Corvex’s top five long positions at the end of the second quarter, emphasizing the company’s ongoing importance to the hedge fund.
Corvex Holds Other Gaming Stocks
Not only is Meister focused on MGM, but his hedge fund also maintains interests in other gaming entities. For instance, in 2023, Corvex acquired a position in Entain (OTC: GMVHY), a partner of MGM in the BetMGM joint venture. That position was earlier boosted to 5.3% in 2023.
Additionally, Corvex has amassed a stake amounting to about 17% in Swedish internet gambling company the Kindred Group in 2022, which proved beneficial when this company was sold for $2.7 billion to Française des Jeux (FDJ), the French lottery monopoly, in 2024.
Summary
With Keith Meister’s recent decision to trim his stake in MGM, it showcases the ever-changing landscape of investments in the gaming industry. As one of the largest shareholders, Corvex Management’s movements, along with its other strategic holdings in related gaming stocks, will be closely monitored by market participants. The impact of these changes on the broader market perception of MGM Resorts and the gaming sector may unfold in the coming months.
Frequently Asked Questions
What impact does Meister’s stake trimming have on MGM?
Meister’s stake trimming may indicate shifting investor sentiments and affect MGM’s future performance in the market.
What are the current trends in gaming stocks?
Current trends in gaming stocks highlight volatility influenced by various market conditions and investor activities.
How can investors analyze gaming stocks effectively?
Investors can analyze gaming stocks effectively by monitoring sector-specific trends, performance metrics, and insider transactions.


















