Gaming: Los Angeles investor Marvin Davis, who...

Gaming: Los Angeles investor Marvin Davis, who recently attracted attention by accumulating a 5.7% stake in gambling machine maker Bally Gaming International, has sold off about one-fourth of his shares in the Las Vegas company for about $4.6 million. Davis disclosed early last month to the Securities and Exchange Commission that he owned 616,400 shares bought through his Davis Companies II. In a subsequent filing, he revealed that he sold off 166,400 shares, lowering his stake to 4.2%. Davis representatives declined to comment on the transaction, although Davis often prefers to keep his ownership in companies under 5% to avoid SEC disclosure requirements. The billionaire Davis, one of the nation’s most closely watched investors, formerly owned the Twentieth Century Fox studio and has made huge profits on such investments as the Pebble Beach resort and the parent of United Airlines.