Paulson Buys BofA, Casino Stocks

May 18 2010 | 11:37am ET

Paulson & Co. boosted its bet on Bank of America in the first quarter, as well as adding a pair of bets on betting.

The New York-based hedge fund increased its stake in BofA by more than 10% in the first three months of the year, adding 16.8 million shares to bring its kitty to 167.8 million, worth $2.99 billion. The BofA stake is Paulson’s second biggest position; all told, the firm’s financial bets grew by 6.5% on the quarter.

Paulson did sell off its Fifth Third Bankcorp stake in the first quarter. But he held onto his big stakes in Citigroup, JPMorgan Chase and Wells Fargo.

Paulson also took a pair of stakes in casino companies, buying 40 million shares of MGM Mirage and 4 million shares of Boyd Gaming. Paulson is now the second-largest shareholder of MGM, and the fourth-largest of Boyd.

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