# Corvex Funds Boost MGM Position 32.6% With About $51.7 Million in Purchases

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/52406
Published: 2026-11-09T15:58:28.000Z
Updated: 2026-11-09T15:58:28.000Z
Section: Investing

> MGM director Keith A. Meister disclosed 1,745,592 shares bought on Oct. 30 and Nov. 2. Private funds advised by Corvex hold the shares.

Private investment funds advised by Corvex Management LP bought about $51.7 million of MGM Resorts International (MGM) shares after its third-quarter results, increasing their reported indirect position in the casino operator by 32.6%.

MGM director Keith A. Meister disclosed purchases totaling 1,745,592 shares on Oct. 30 and Nov. 2 in a Nov. 3 filing. The reported position rose from 5,347,978 to 7,093,570 shares. Because the reported weighted average prices are rounded, the $51.7 million total is an estimate.

The Oct. 30 entries cover 233,998 shares at a weighted average of $28.92 and 1,504,076 shares at $29.75. A Nov. 2 entry covers another 7,518 shares at a weighted average of $30.24. Each entry includes multiple transactions.

Meister is Corvex’s managing partner and chief investment officer. He serves on MGM’s board and also sits on BetMGM’s board. The shares belong to private funds advised by Corvex and are listed as indirect holdings for Meister, who disclaims beneficial ownership beyond his economic interest.

The purchases followed MGM’s Oct. 28 results for the quarter ended Sept. 30. MGM posted third-quarter revenue of $4.2 billion, down 1% year over year; adjusted EBITDA was $403 million, compared with $506 million a year earlier. The net loss attributable to MGM narrowed to $17 million from $285 million.

MGM’s Las Vegas Strip Resorts unit brought in $2 billion, a 2% decline; MGM Digital generated $184 million, a 6% increase. MGM also received $34 million in distributions and branding license fees from the separate BetMGM venture during the quarter.

MGM CEO Bill Hornbuckle pointed to lower room rates as a drag on third-quarter results and said “October has rebounded favorably.” His comment preceded the two purchase dates and described business conditions after the quarter ended.

During the first nine months of 2026, MGM spent $253 million to buy back about 7 million shares. As of Sept. 30, it had $1.4 billion remaining under a repurchase plan established in April 2025. The subsequent Corvex purchases increased the funds’ reported position, separate from MGM’s buybacks.