UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3/31/2013
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Check here if Amendment: [ ]; Amendment Number:
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This Amendment (Check only one): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: PAR Capital Management, Inc.
Address: One International Place, Suite 2401
Boston, MA 02110
Form 13F File Number: 28-06766
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The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Steven M. Smith
Title: Chief Operating Officer and General Counsel
Phone: 617-526-8990
Signature, Place, and Date of Signing:
/s/ Steven M. Smith Boston, MA 5/15/2013
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[Signature] [City, State] [Date]
Report Type (Check one only):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 63
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Form 13F Information Table Value Total: $ 3,177,073
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(thousands)
List of Other Included Managers: None
As of March 31, 2013
As of March 31, 2013
Investment Voting
SHR/ Discretion Authority (Shares)
FAIR PRN/ OTHER
TITLE CUSIP MARKET PRINCIPAL PUT/ SHARED MANA-
NAME OF ISSUER OF CLASS NUMBER VALUE AMOUNT CALL SOLE SHARED OTHERS GERS SOLE SHARED NONE
Acuity Brands Inc Common 00508Y102 24,438,940 352,400 SHR SOLE 352,400
Aetna Inc Common 00817Y108 132,938,000 2,600,000 SHR SOLE 2,600,000
Aixtron SE Spons ADR 009606104 17,618,505 1,201,808 SHR SOLE 1,201,808
Alaska Air Group Common 011659109 264,986,280 4,143,000 SHR SOLE 4,143,000
Almost Family Inc Common 020409108 5,414,583 265,031 SHR SOLE 265,031
Ameristar Casinos Inc Common 03070Q101 54,808,582 2,089,538 SHR SOLE 2,089,538
ARM Holdings PLC Spons ADR 042068106 35,391,661 835,300 SHR SOLE 835,300
Aruba Networks Inc Common 043176106 24,518,602 991,051 SHR SOLE 991,051
Atmel Corp Common 049513104 16,527,625 2,375,000 SHR SOLE 2,375,000
Avis Budget Group Inc Common 053774105 205,267,150 7,375,751 SHR SOLE 7,375,751
Bally Technologies Common 05874B107 49,461,928 951,740 SHR SOLE 951,740
Boyd Gaming Common 103304101 68,712,949 8,308,700 SHR SOLE 8,308,700
Canadian Natural Resources Common 136375102 40,162,500 1,250,000 SHR SOLE 1,250,000
Churchill Downs Common 171484108 86,745,521 1,238,514 SHR SOLE 1,238,514
Cree Inc Common 225447101 24,581,203 449,300 SHR SOLE 449,300
Delta Airlines Inc Common 247361702 178,874,821 10,834,332 SHR SOLE 10,834,332
Dover Motorsports Inc Common 260174107 1,343,862 671,931 SHR SOLE 671,931
Eagle Materials Inc Common 26969P108 4,504,188 67,600 SHR SOLE 67,600
Energy XXI Bermuda Common G10082140 5,444,000 200,000 SHR SOLE 200,000
Expedia Inc Common 30212P303 73,278,315 1,221,000 SHR SOLE 1,221,000
First Marblehead Corp Common 320771108 606,000 600,000 SHR SOLE 600,000
Freeport-McMoran Cooper Common 35671D857 8,937,000 270,000 SHR SOLE 270,000
General Motors Common 37045V100 6,497,361 233,550 SHR SOLE 233,550
Genesee & Wyoming Inc Class A 371559105 10,091,448 108,382 SHR SOLE 108,382
Global Eagle Entertainment Inc Common 37951D102 262,853,634 27,983,473 SHR SOLE 4,750,000
Greenbrier Companies Inc Common 393657101 38,373,087 1,689,700 SHR SOLE 1,689,700
Hittite Microwave Corp Common 43365Y104 10,381,801 171,430 SHR SOLE 171,430
Isle of Capri Casinos Common 464592104 8,064,466 1,282,109 SHR SOLE 1,282,109
Jive Software Inc Common 47760A108 10,731,428 706,015 SHR SOLE 706,015
KLA-Tencor Corporation Common 482480100 25,842,600 490,000 SHR SOLE 490,000
Lakes Entertainment Inc Common 51206P109 3,819,051 1,316,914 SHR SOLE 1,316,914
Lone Pine Resources Inc Common 54222A106 471,463 392,886 SHR SOLE 392,886
Magellan Health Services Inc Common 559079207 11,892,500 250,000 SHR SOLE 250,000
MarineMax Inc Common 567908108 4,756,500 350,000 SHR SOLE 350,000
Melco Crown Entertainment Spons ADR 585464100 64,926,006 2,780,557 SHR SOLE 2,780,557
MGM Resorts Intl Common 552953101 34,623,950 2,633,000 SHR SOLE 2,633,000
MRC Global Inc Common 55345K103 1,811,150 55,000 SHR SOLE 55,000
MTR Gaming Group Inc Common 553769100 2,651,171 803,385 SHR SOLE 803,385
Mueller Industries Inc Common 624756102 9,139,235 171,500 SHR SOLE 171,500
Newfield Exploration Co Common 651290108 6,613,900 295,000 SHR SOLE 295,000
Orbitz Worldwide Inc Common 68557K109 140,495,087 24,605,094 SHR SOLE 24,605,094
Owens Corning Common 690742101 20,267,020 514,000 SHR SOLE 514,000
PBF Energy Inc Class A 69318G106 23,045,400 620,000 SHR SOLE 620,000
Penn National Gaming Common 707569109 163,938,152 3,011,908 SHR SOLE 3,011,908
Pinnacle Entertainment Inc Common 723456109 5,848,000 400,000 SHR SOLE 400,000
Pozen Inc Common 73941U102 15,810,000 3,000,000 SHR SOLE 3,000,000
Priceline.com Common 741503403 233,564,247 339,403 SHR SOLE 339,403
Pure Cycle Corp Common 746228303 31,410,593 5,982,970 SHR SOLE 5,982,970
Salesforce.com Inc Common 79466L302 19,760,715 110,500 SHR SOLE 110,500
Skilled Healthcare Group Class A 83066R107 3,114,180 474,000 SHR SOLE 474,000
Spirit Airlines Inc Common 848577102 53,517,233 2,110,301 SHR SOLE 2,110,301
Stone Energy Corp Common 861642106 5,437,500 250,000 SHR SOLE 250,000
Taro Pharmaceutical Industries Common M8737E108 586,900 10,000 SHR SOLE 10,000
The Active Network Inc Common 00506D100 628,500 150,000 SHR SOLE 150,000
Tripadvisor Inc Common 896945201 166,240,453 3,165,279 SHR SOLE 3,165,279
United Rentals Inc Common 911363109 77,112,631 1,402,813 SHR SOLE 1,402,813
UnitedHealth Group Inc Common 91324P102 100,117,500 1,750,000 SHR SOLE 1,750,000
Universal Health Services Class B 913903100 30,114,705 471,500 SHR SOLE 471,500
US Airways Group Inc Common 90341W108 8,485,000 500,000 SHR SOLE 500,000
Valuevision Media Inc Class A 92047K107 16,781,000 4,850,000 SHR SOLE 4,850,000
Wellcare Health Plans Common 94946T106 28,980,000 500,000 SHR SOLE 500,000
Wellpoint Inc Common 94973V107 165,575,000 2,500,000 SHR SOLE 2,500,000
Zillow Inc Class A 98954A107 28,140,945 514,742 SHR SOLE 514,742
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