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
ALASKA AIR GROUP INC COM 011659109 36,260 1,000,000 SH   SOLE N/A 1,000,000 0 0
ALLEGIANT TRAVEL CO COM 01748X102 138,771 1,270,676 SH   SOLE N/A 1,270,676 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 35,289 2,700,000 SH   SOLE N/A 2,700,000 0 0
ANGI HOMESERVICES INC COM CL A 00183L102 2,430 200,000 SH   SOLE N/A 200,000 0 0
BOOKING HOLDINGS INC COM 09857L108 503,886 316,444 SH   SOLE N/A 316,444 0 0
BOYD GAMING CORP COM 103304101 48,472 2,319,237 SH   SOLE N/A 2,319,237 0 0
CARGURUS INC COM CL A 141788109 10,140 400,000 SH   SOLE N/A 400,000 0 0
CARVANA CO CL A 146869102 44,304 368,588 SH   SOLE N/A 368,588 0 0
CHEGG INC COM 163092109 8,408 125,000 SH   SOLE N/A 125,000 0 0
CHURCHILL DOWNS INC COM 171484108 139,637 1,048,720 SH   SOLE N/A 1,048,720 0 0
CONTROLADORA VUELA COMP DE A SPON ADR RP 10 21240E105 6,250 1,183,700 SH   SOLE N/A 1,183,700 0 0
DAVITA INC COM 23918K108 165,513 2,091,400 SH   SOLE N/A 2,091,400 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 98,652 3,517,000 SH   SOLE N/A 3,517,000 0 0
DESPEGAR COM CORP ORD SHS G27358103 1,318 183,526 SH   SOLE N/A 183,526 0 0
DOVER MOTORSPORTS INC COM 260174107 915 590,000 SH   SOLE N/A 590,000 0 0
EVERQUOTE INC COM CL A 30041R108 7,270 125,000 SH   SOLE N/A 125,000 0 0
EXPEDIA GROUP INC COM NEW 30212P303 199,221 2,423,617 SH   SOLE N/A 2,423,617 0 0
FLEX LTD ORD Y2573F102 102 9,910 SH   SOLE N/A 9,910 0 0
GAMING & LEISURE PPTYS INC COM 36467J108 13,496 390,056 SH   SOLE N/A 390,056 0 0
GROUPON INC COM NEW 399473206 17,047 940,775 SH   SOLE N/A 940,775 0 0
JETBLUE AWYS CORP COM 477143101 21,800 2,000,000 SH   SOLE N/A 2,000,000 0 0
LENDINGTREE INC NEW COM 52603B107 10,134 35,000 SH   SOLE N/A 35,000 0 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 2,011 131,288 SH   SOLE N/A 131,288 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 1,722 63,300 SH   SOLE N/A 63,300 0 0
PENN NATL GAMING INC COM 707569109 21,418 701,300 SH   SOLE N/A 701,300 0 0
PENN NATL GAMING INC NOTE 2.750% 5/1 707569AU3 18,050 12,000,000 PRN   SOLE N/A 12,000,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 39,487 944,900 SH   SOLE N/A 944,900 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 1,068 120,000 SH   SOLE N/A 120,000 0 0
PURECYCLE CORP COM NEW 746228303 11,203 1,219,000 SH   SOLE N/A 1,219,000 0 0
RED ROCK RESORTS INC CL A 75700L108 17,753 1,627,248 SH   SOLE N/A 1,627,248 0 0
REDFIN CORP COM 75737F108 5,356 127,800 SH   SOLE N/A 127,800 0 0
SABRE CORP COM 78573M104 37,531 4,656,406 SH   SOLE N/A 4,656,406 0 0
SCHWAB CHARLES CORP COM 808513105 26,149 775,000 SH   SOLE N/A 775,000 0 0
SKYWEST INC COM 830879102 4,697 143,984 SH   SOLE N/A 143,984 0 0
SOUTHWEST AIRLS CO COM 844741108 87,091 2,548,000 SH   SOLE N/A 2,548,000 0 0
SPIRIT AIRLS INC COM 848577102 17,800 1,000,000 SH   SOLE N/A 1,000,000 0 0
SYNCHRONY FINANCIAL COM 87165B103 144,040 6,500,000 SH   SOLE N/A 6,500,000 0 0
TRIP COM GROUP LTD ADS 89677Q107 518 20,000 SH   SOLE N/A 20,000 0 0
TRIPADVISOR INC COM 896945201 49,675 2,613,100 SH   SOLE N/A 2,613,100 0 0
TRIVAGO N V SPON ADS A SHS 89686D105 41,429 21,029,796 SH   SOLE N/A 21,029,796 0 0
TRUECAR INC COM 89785L107 26,573 10,299,504 SH   SOLE N/A 10,299,504 0 0
TWIN RIV WORLDWIDE HLDGS INC COM 90171V204 61,326 2,751,299 SH   SOLE N/A 2,751,299 0 0
UNITED AIRLS HLDGS INC COM 910047109 261,707 7,561,591 SH   SOLE N/A 7,561,591 0 0
VISA INC COM CL A 92826C839 86,927 450,000 SH   SOLE N/A 450,000 0 0
WEX INC COM 96208T104 132,008 800,000 SH   SOLE N/A 800,000 0 0
ZIX CORP COM 98974P100 496 71,900 SH   SOLE N/A 71,900 0 0