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
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
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 AIRLS GROUP INC COM 02376R102 5,105 418,800 SH   SOLE   418,800 0 0
AMERICAN OUTDOOR BRANDS CORP COM 02874P103 3,892 468,951 SH   SOLE   468,951 0 0
ARES CAPITAL CORP COM 04010L103 6,211 576,200 SH   SOLE   576,200 0 0
BK OF AMERICA CORP COM 060505104 12,359 582,155 SH   SOLE   582,155 0 0
BOOKING HLDGS INC COM 09857L108 2,656 1,974 SH   SOLE   1,974 0 0
BOYD GAMING CORP COM 103304101 3,432 238,000 SH   SOLE   238,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 7,769 272,300 SH   SOLE   272,300 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 1,841 66,441 SH   SOLE   66,441 0 0
GANNETT CO INC COM 36472T109 5,043 3,407,200 SH   SOLE   3,407,200 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,611 55,700 SH   SOLE   55,700 0 0
GRAY TELEVISION INC COM 389375106 10,593 986,300 SH   SOLE   986,300 0 0
HAWAIIAN HOLDINGS INC COM 419879101 6,602 632,400 SH   SOLE   632,400 0 0
HUDSON LTD COM CL A G46408103 1,255 250,000 SH   SOLE   250,000 0 0
IHEARTMEDIA INC COM CL A 45174J509 731 100,000 SH   SOLE   100,000 0 0
INTERNATIONAL GAME TECHNOLOG SHS USD G4863A108 3,813 640,800 SH   SOLE   640,800 0 0
JPMORGAN CHASE & CO COM 46625H100 9,579 106,400 SH   SOLE   106,400 0 0
LAS VEGAS SANDS CORP COM 517834107 6,107 143,800 SH   SOLE   143,800 0 0
LEE ENTERPRISES INC COM 523768109 3,516 3,577,300 SH   SOLE   3,577,300 0 0
MGM RESORTS INTERNATIONAL COM 552953101 27,453 2,326,500 SH   SOLE   2,326,500 0 0
MORGAN STANLEY COM NEW 617446448 10,027 294,900 SH   SOLE   294,900 0 0
NEXSTAR MEDIA GROUP INC CL A 65336K103 15,143 262,300 SH   SOLE   262,300 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 1,960 604,900 SH   SOLE   604,900 0 0
OUTFRONT MEDIA INC COM 69007J106 8,137 603,600 SH   SOLE   603,600 0 0
PNC FINL SVCS GROUP INC COM 693475105 1,914 20,000 SH   SOLE   20,000 0 0
SCIENTIFIC GAMES CORP COM 80874P109 1,326 136,664 SH   SOLE   136,664 0 0
SCRIPPS E W CO OHIO CL A NEW 811054402 821 108,893 SH   SOLE   108,893 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 16,326 1,015,300 SH   SOLE   1,015,300 0 0
TPG SPECIALTY LENDING INC COM 87265K102 927 66,600 SH   SOLE   66,600 0 0
TRIBUNE PUBG CO NEW COM 89609W107 93,624 11,544,213 SH   SOLE   11,544,213 0 0
UNITED AIRLS HLDGS INC COM 910047109 6,572 208,300 SH   SOLE   208,300 0 0
US BANCORP DEL COM NEW 902973304 2,067 60,000 SH   SOLE   60,000 0 0
VIACOMCBS INC CL B 92556H206 11,505 821,200 SH   SOLE   821,200 0 0
WELLS FARGO CO NEW COM 949746101 8,154 284,100 SH   SOLE   284,100 0 0
WYNN RESORTS LTD COM 983134107 11,743 195,100 SH   SOLE   195,100 0 0