Investor HG Vora is launching a proxy fight at casino operator Penn Entertainment and is submitting nominations for three independent board seats, according to people familiar with the matter.
The Wall Street Journal reported in late 2023 that HG Vora was looking to win representation on Penn’s board. The push has taken some time to play out.
New York-based HG Vora said in a securities filing earlier this month that it had reduced its stake in Penn to less than 5% to be able to launch a proxy battle.
The firm had been talking to gambling regulators in more than two dozen states to obtain the required gambling licenses to submit nominees to Penn’s board. HG Vora said it was caught up in one jurisdiction, and it cut its stake so it could proceed with its nominations.
