market folly

Alex Klabin and Doug Silverman's hedge fund firm Senator Investment Group has filed a 13G with the SEC regarding its stake in MGM Resorts International (MGM).  Per the filing, Senator now owns 5.57% of the company with 31.5 million shares, which includes 22 million shares of stock issuable upon exercise of call options.

This is an increase of over 24 million shares since the end of the second quarter when they only owned 7.5 million shares.  The filing was made due to activity on September 12th.

For more on this hedge fund, we posted up another stock Senator had been buying.

Per Google Finance, MGM Resorts International "owns and operates casino resorts. The Company operates in two segments: domestic resorts and MGM China. Its domestic resorts segment consists of non-gaming operations, including hotel, food and beverage, entertainment and other non-gaming amenities. Its casino operations feature a range of slots, table games, and race and sports book wagering. Its MGM China’s operations consist of the MGM Macau resort and casino, and the development of an integrated casino, hotel and entertainment resort on the Cotai Strip in Macau. Under its resort operation, the Company's casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It owns Primm Valley Golf Club at the California/Nevada state line and Fallen Oak golf course in Saucier, Mississippi, among others. It owns and manages CityCenter Holdings, LLC, located between Bellagio and Monte Carlo."