John Paulson, famed for making asymmetric bets in which the risk and reward are heavily weighted in his favor, will, ironically, be hosting his annual investor conference in the city where the house always wins.
Paulson & Co., which managed $36 billion as of January, generated more than $8.4 billion in gross gains before fees in 2010. Paulson himself netted a record $4.9 billion. To celebrate, he’s hosting an event in Las Vegas on April 13-15 for investors in his flagship Paulson Advantage Fund, according to an invitation sent to investors. That fund was up 11% in 2010 (the fund has stumbled this year, falling 5.29% through mid-March).
Investors in Paulson’s other funds aren’t nearly as lucky. The firm hosted events for each of its others funds, but all were held in Manhattan. This is the first year that Paulson has split its investor events by strategy.
While in Vegas, investors are invited to attend keynote presentations by Brian Sondoval, the governor of Nevada; Jim Murren, the chief executive officer of MGM Resorts International; and Gary Loveman, the chief executive officer of Caesars Entertainment Corporation.
There will also be panel discussions by various Paulson investment professionals: Andrew Hoine, Allen Puwalski, James Fotheringham, Robert Lacoursiere and Zach Gast will discuss financials; Charles Murphy and Andrew Kim will cover insurance; Lou Taylor, Ty Wallach and Samantha Greenberg will talk about hotels and gaming, and Mina Gerowin, David Levine, Itzhak Gartenberg and Hoine will talk about industrials.
In addition to keynotes, cocktail receptions and formal dinners, Paulson plans on taking investors on tours of MGM Resorts and Caesars Entertainment properties (Paulson has significant stakes in both).
The nights are jam-packed, too. The first night features Cirque du Soleil’s “Viva Elvis” show, while the second night includes a viewing of the dramatic circus troupe’s “Beatles LOVE” show. On the final day, participants have a choice of playing golf, tennis, or taking helicopter rides to the Grand Canyon. Paulson declined to comment.