Baron mid cap fund drops Wynn Resorts for restaurant stock

A major investment fund sold all its shares in Wynn Resorts and bought Texas Roadhouse instead.

Written by the BettingEdgeHub desk, 4 November 2026

Baron Capital decided to change its investment strategy during the third quarter. The fund managers sold every share of Wynn Resorts held in their portfolio. They chose to put that money into Texas Roadhouse shares instead.

Portfolio changes explained

The reasons for selling Wynn were not fully explained in the investor letter. Fund managers Laird Bieger and Randy Gwirtzman simply noted they wanted to back other consumer brands. They believe many consumer stocks dropped too low in recent trading sessions.

Wider fund strategy

The exchange means the specific exchange traded fund no longer holds any gaming industry stocks. Earlier in the year, the fund had high hopes for casino operators. Those hopes faded as the stock price dropped significantly over the past twelve months.

Remaining gaming exposure

Other funds managed by the same firm still hold some gambling industry assets. A different fund keeps a small position in Red Rock Resorts. That particular investment remains active due to confidence in local Las Vegas properties.

What it means for a bet

Punters looking at casino operator shares should note that institutional investors are currently showing caution toward the sector.

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