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888 Investor Action

June 17, 2023 2

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888 Investor Action

Hedge fund HG Vora Capital Management has revealed a stake of 5.5% in 888 Holdings, making it the latest activist investor to join the company’s shareholder register. This comes shortly after the news of a 6%+ holding in 888 by a group of gaming executives led by Lee Feldman and Kenny Alexander. HG Vora increased its existing minor stake in 888 following the announcement from Feldman and Alexander’s FS Gaming Investments. Sources suggest that HG Vora is supportive of FS Gaming’s efforts to appoint Alexander as CEO, Feldman as chair, and Stephen Morana as CFO. HG Vora has previously invested in companies such as Penn National and William Hill. The news of the stake has led to a rise in 888’s share price, which has increased by nearly 79% since June 5. The new investors reportedly have plans to gain control of 888 from the current board.

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