The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERICAN RLTY CAP PPTYS INC COM 02917T104 148,941 12,350,000 SH   SOLE   12,350,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 33,215 3,250,000 SH   SOLE   3,250,000 0 0
CAESARS ENTMT CORP COM 127686103 37,740 3,000,000 SH   SOLE   3,000,000 0 0
LIFE TIME FITNESS INC COM 53217R207 108,446 2,150,000 SH   SOLE   2,150,000 0 0
MELCO CROWN ENTMT LTD ADR 585464100 124,878 4,750,000 SH   SOLE   4,750,000 0 0
ORBITZ WORLDWIDE INC COM 68557K109 49,581 6,300,000 SH   SOLE   6,300,000 0 0
PINNACLE ENTMT INC COM 723456109 137,995 5,500,000 SH   SOLE   5,500,000 0 0
TOWN SPORTS INTL HLDGS INC COM 89214A102 25,963 3,875,000 SH   SOLE   3,875,000 0 0
TRAVELPORT WORLDWIDE LTD SHS G9019D104 59,256 3,600,000 SH   SOLE   3,600,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 109,350 1,000,000 SH Put SOLE   1,000,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 82,013 750,000 SH Put SOLE   750,000 0 0
MELCO CROWN ENTMT LTD ADR 585464100 16,694 635,000 SH Call SOLE   635,000 0 0
MELCO CROWN ENTMT LTD ADR 585464100 3,286 125,000 SH Call SOLE   125,000 0 0