Welcome to our dedicated page for Penn Ent news (Ticker: PENN), a resource for investors and traders seeking the latest updates and insights on Penn Ent stock.
PENN Entertainment, Inc. (symbol: PENN) is a prominent player in the gaming and racing industry, owning, operating, or holding ownership interests in numerous facilities and video gaming terminal operations. With a strong focus on slot machine entertainment, PENN Entertainment has significantly broadened its horizons by stepping into the social online gaming sector through its division, Penn Interactive Ventures, LLC, and its acquisition of Rocket Speed, Inc.
Dating back to its roots in 1972 with the opening of its first racetrack in Pennsylvania, PENN Entertainment has grown substantially. As of 2023, the company operates 43 properties across 20 states and 12 brands, including well-known names like Hollywood Casino and Ameristar. The company's portfolio is diverse and robust, comprising approximately 35,000 gaming machines, 800 table games, and 4,600 hotel rooms across various jurisdictions such as California, Florida, Illinois, Indiana, and others.
PENN Entertainment's land-based casinos account for 89% of its total sales in 2023, while the interactive segment, which includes sports, iGaming, and media revenue, contributes the remaining 11%. The retail portfolio boasts mid-30s EBITDAR margins, positioning the company favorably to obtain licenses for digital wagering markets.
Moreover, PENN Entertainment's media assets, including theScore and a newly formed partnership with ESPN starting in November 2023, enhance its footprint in the sports betting and iGaming technology landscape. These ventures provide PENN with unique access to a broad clientele and advanced technological solutions, helping solidify its leading position in the digital gaming market.
To stay updated on the latest performance, events, and developments at PENN Entertainment, investors and stakeholders can explore frequent updates and news releases published by the company.
Penn National Gaming reported strong Q1 2021 results with revenues of $1.27 billion, up from $1.12 billion in Q1 2020. Adjusted EBITDAR reached $447 million, a 7% increase from $391 million in Q1 2019. The integration of the Barstool Sportsbook and the launch of online gaming in new states boosted performance. The company’s cash balance stood at $2.1 billion, with net debt of $353 million. Despite a 6% decline in revenue compared to Q1 2019, the company experienced 12% growth in Adjusted EBITDAR when adjusted for casino closures.
Penn National Gaming has launched Penn Game Studios, an in-house team dedicated to creating exclusive iCasino content. The initiative is bolstered by the acquisition of HitPoint Studios and its subsidiary, LuckyPoint, which will enhance Penn's interactive gaming capabilities. Expected to close soon, this acquisition aims to leverage the Barstool Sports brand and the existing database of 20 million mychoice customers for cross-marketing opportunities. HitPoint has significant experience in game development and will integrate its team into Penn's interactive division.
Penn National Gaming announced the opening of a career center at Hollywood Casino York, set to open in August pending regulatory approvals. The center, located in the York Galleria Mall, will accept job applications for various positions across casino operations, food and beverage, and security, among others. The development represents an investment of nearly $120 million, featuring approximately 500 slot machines and 24 table games, with options to expand. The company emphasizes growth opportunities across its 41 properties nationwide.
Penn National Gaming (PENN: Nasdaq) will release its 2021 first quarter financial results on May 6, 2021, at 7:00 a.m. ET. A conference call and webcast will follow at 9:00 a.m. ET, open to the public. Participants can join the call by calling 212/231-2932 five minutes early. The live call will also be available at www.pngaming.com, with a replay accessible for 30 days. Penn National operates 41 properties across 19 states, featuring approximately 50,000 gaming machines and 1,300 table games, and has a partnership with Barstool Sports for promotions.
PointsBet Holdings Limited has extended its Online Gaming Services Framework Agreement with Penn National Gaming, allowing PointsBet to access online sports betting and iGaming in Pennsylvania and Mississippi, pending necessary legislation and licensure. This expansion brings PointsBet's total presence in the US to 14 states. The agreement spans 20 years per state, with PointsBet covering all licensing costs and paying PNG a share of gaming revenues. The Pennsylvania market alone is projected to exceed US$1.75 billion annually, driven by its large media presence.
Penn National Gaming has secured a temporary permit from the Virginia Lottery to introduce online sports betting in Virginia. The Barstool Sportsbook mobile app is set to launch soon, pending final regulatory approvals. Following successful launches in Pennsylvania, Michigan, and Illinois, the company anticipates positive reception in Virginia as well. Penn National was granted one of the permits among a limited number available, demonstrating its commitment to expanding its omni-channel gaming services across states. The launch timeline is in collaboration with the Virginia Lottery.
Penn National Gaming has received approval from the Illinois Gaming Board to launch its Barstool Sportsbook mobile app in Illinois. Scheduled for March 11, 2021, this app will enhance customer engagement with Barstool personalities and offer promotional bets, including a $1,000 risk-free bet and odds boosts for local teams. Penn National aims to replicate its successful performance from Michigan and Pennsylvania, leveraging its partnership with Barstool Sports and its extensive gaming portfolio.
Hollywood Casino Joliet is collaborating with the Illinois Department of Public Health to host a COVID-19 mobile testing program in its parking lot. This initiative will run every Sunday in March and the first Sunday in April, from 8:00 a.m. to 4:00 p.m. Testing will be free for uninsured individuals, with no photo ID required. Results will be provided via phone call within 4-7 days after the test. The casino aims to support community health efforts during the pandemic, as stated by Vice President Lydia Garvey.
Penn National Gaming (PENN) announced a 20-year partnership with Capital Region Gaming to access New York's mobile sports betting and iCasino market, pending legislative and regulatory approvals. Jon Kaplowitz, Sr. VP of Interactive Gaming, highlighted the potential of New York as a lucrative market and expressed optimism for multiple operator participation. Currently operating in Pennsylvania and Michigan, Penn Interactive aims to expand its Barstool Sports app to at least 10 states by the end of 2021. Initial performance in Michigan suggests strong market entry potential with 48,000 new customers and $27.5 million in handle in the first 10 days.
FAQ
What is the current stock price of Penn Ent (PENN)?
What is the market cap of Penn Ent (PENN)?
What is PENN Entertainment, Inc. known for?
How has PENN Entertainment expanded its business?
What are some of the brands operated by PENN Entertainment?
How many properties does PENN Entertainment currently operate?
What percentage of PENN Entertainment's sales come from land-based casinos?
What is the contribution of the interactive segment to PENN Entertainment's revenue?
What is the EBITDAR margin for PENN Entertainment's retail portfolio?
Which media assets does PENN Entertainment own?
How does PENN Entertainment benefit from its media assets?
Where can I find the latest news about PENN Entertainment?
