HG Vora Capital Management, one of the top shareholders in Penn Entertainment, has requested rights to appoint directors to the board of the casino operator, the hedge fund said in a filing on Thursday.

HG Vora, run by former Goldman Sachs banker Parag Vora, currently holds an economic interest of 18.5% including swaps in Penn Entertainment.

Penn’s stock is significantly undervalued, HG Vora said, adding it has had discussions with the company’s management on a range of topics focused on enhancing shareholder value.

Penn Entertainment did not immediately respond to a Reuters request for comment.

Shares of Penn Entertainment have lost about 16% of their value in 2023 and were up 4.8% in early trading.