{"id":164697,"date":"2021-02-16T16:17:22","date_gmt":"2021-02-17T00:17:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=164697"},"modified":"2021-02-16T17:01:12","modified_gmt":"2021-02-17T01:01:12","slug":"draftkings-stock-is-out-at-soros-fund-management","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/","title":{"rendered":"Soros Rings Register on DraftKings Stock, Exits Gaming Name"},"content":{"rendered":"

Soros Fund Management, the family office of billionaire financier George Soros, has liquidated its position in online sportsbook operator DraftKings (NASDAQ:DKNG).<\/p>\n

\"DraftKings
Billionaire investor George Soros. His family office eliminated its holdings in DraftKings stock. (Image: Getty Images)<\/figcaption><\/figure>\n

DraftKings was one of three stakes Soros Fund Management eliminated entirely during the fourth quarter. The other two are not gaming equities. The investment firm revealed its departure from DraftKings stock in a 13F filing <\/a>with the Securities and Exchange Commission (SEC) released today after the close of US markets.<\/p>\n

Soros’s firm established an investment<\/a> in the daily fantasy sports (DFS) provider of 2.38 million shares last May. At the time, the family office’s stake was worth more than $69 million — just a fraction of the firm’s $25 billion in assets under management on that date. DraftKings was one of 163 equity positions held by the money manager as of mid-May.<\/p>\n

Those factors likely explain why DraftKings stock is trading down just fractionally in Tuesday’s after-hours session after shedding almost one percent during traditional trading hours.<\/p>\n

Depending on when Soros Fund Management dumped the stock in the final three months of 2020, the firm could have made anywhere from 33 percent to more than 100 percent on the investment. The 13F filing doesn’t disclosed exactly when the seller departed or at what prices.<\/strong><\/p>\n

DraftKings Stock Still Has Famous Investors<\/h2>\n

While Soros is out of DraftKings, the gaming company’s investor roster still reads like a Who’s Who of sports owners.<\/p>\n

\n

New England Patriots owner Robert Kraft and Legend Hospitality — a group controlled by the Dallas Cowboys and New York Yankees — are DraftKings investors<\/a>, as are owners behind the Boston Celtics, New York Knicks, and Vince McMahon of WWE fame. Walt Disney also owns a passive stake in the gaming company.<\/p>\n<\/div>\n

DraftKings stock is up 30 percent year-to-date, and today closed 6.61 percent below its all-time high.<\/p>\n

As for Soros Fund Management, it’s still in the gaming equity businesses. The money manager maintained positions in Caesars Entertainment (NASDAQ:CZR) and Las Vegas Sands (NYSE:LVS) in the December quarter. Those investments have a combined value of $30.3 million, according to the regulatory document.<\/strong><\/p>\n

Soros Trims Another Gaming Name<\/h2>\n

In other news involving Soros Fund Management and gaming stocks, the family office pared its stake in gaming real estate investment trust (REIT) VICI Properties (NYSE:VICI) to 3.04 million shares from 5.49 million.<\/p>\n

VICI, which is Caesars’ primary landlord<\/a>, was one of three stocks where the money management firm reduced exposure but maintains investments.<\/p>\n

As of Sept. 30, 2020, the largest institutional holder of DraftKings stock by far is Vanguard Group at 20.75 million shares, or 5.30 percent of the company’s outstanding equity.<\/p>\n","protected":false},"excerpt":{"rendered":"

Soros Fund Management, the family office of billionaire financier George Soros, has liquidated its position in online sportsbook operator DraftKings (NASDAQ:DKNG). DraftKings was one of three stakes Soros Fund Management eliminated entirely during the fourth quarter. The other two are not gaming equities. The investment firm revealed its departure from DraftKings stock in a 13F […]<\/p>\n","protected":false},"author":46,"featured_media":164699,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nDraftKings Stock Is Out at Soros Fund Management<\/title>\n<meta name=\"description\" content=\"Soros Fund Management discards DraftKings stock, but maintains stakes in several other gaming names.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DraftKings Stock Is Out at Soros Fund Management\" \/>\n<meta property=\"og:description\" content=\"Soros Fund Management discards DraftKings stock, but maintains stakes in several other gaming names.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-17T00:17:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-17T01:01:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/soros2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/\",\"url\":\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/\",\"name\":\"DraftKings Stock Is Out at Soros Fund Management\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/soros2.jpg\",\"datePublished\":\"2021-02-17T00:17:22+00:00\",\"dateModified\":\"2021-02-17T01:01:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Soros Fund Management discards DraftKings stock, but maintains stakes in several other gaming names.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/draftkings-stock-is-out-at-soros-fund-management\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/soros2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/soros2.jpg\",\"width\":2000,\"height\":1333,\"caption\":\"Billionaire investor George Soros. 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