‘Big Short’ Investor Michael Burry Bought MGM Stock in Q4

Scion Asset Management, the put off fund flow by Michael Burry, purchased a wager inwards MGM Resorts International (NYSE: MGM) inwards the fourth quarter.

Burry, played by actor Christian Bale inward the movie, purchased or so 100K shares of the Bellagio manipulator inwards the last-place triplet months of 2022 — single of septenary new additions to Scion’s equity holdings, and the only when gaming nominate inward the group.

Scion’s view inwards MGM carry represents just 0.026% of the gaming company’s shares outstanding, but 7.2% of the dodge fund’s portfolio, according to Bloomberg data. The bet was precious at $3.35 gazillion at the time of purchase, indicating Burry purchased the shares around an intermediate terms of $33.50.

Assuming that’s precise and that Scion stock-still holds the stock, the money manager is deeply profitable on the position. That’s because the gaming equity unsympathetic at $44.22 Tuesday, extending its year-to-date clear to 31.87%.

MGM Latest Gaming Stock Held past Burry

Burry isn’t a alien to positions in gambling casino gaming equities. In 2020, he boldly constituted stakes in Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN), still as both operators experienced apportion price slumps due to the coronavirus pandemic pinching Las Vegas and Macau operations.

Perhaps due partly to those positions or personal feelings, Burry wasn’t shy inwards voicing his disdain for the lockdowns employed past many states in 2020. He was openly bashing Democratic governors, claiming their policies were detrimental the US economy.

Though Scion may feature turned profits on its Sands and Wynn trades, the hedgerow fund’s wagers on those stocks were premature. That’s because China’s response to COVID-19 was even out more draconian than was seen in the US.

As such, it wasn’t until 2022 that shares of those ii Macau-centric operators rebounded — momentum that’s carrying o'er into this year. Burry has been a haunt buyer of stocks with Cathay exposure, doing so inward 2020 and in the 4th canton of last year. That’s when Scion added stakes in online retailers Alibaba (NYSE: BABA) and JD.com (NASDAQ: JD).

Mystery Surrounds Burry MGM Stake

Institutional investors such as Scion rattling the Securities and Exchange Commission (SEC) to altered, departed, and new holdings via 13F filings. Those filings aren’t published until 45 days after the ending of the previous quarter.

In other words, it’s possible that Burry’s hedgerow fund already sold come out of MGM stock. It’s also possible that it added to that post or left hand it as is since the starting line of the year. That won’t live known until the firm’s first-quarter 13F release, potential sometime inward May.

The conclude for the enigma surrounding Scion’s MGM position, and its other stakes for that matter, is simple. On Feb 1, Burry posted a one-word substance on Twitter, indication “sell.”