Welcome to our dedicated page for PENN Entertainment news (Ticker: PENN), a resource for investors and traders seeking the latest updates and insights on PENN Entertainment 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.
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.
Penn National Gaming reported Q4 2020 revenues of $1,027.4 million, down 23% year-over-year, with Adjusted EBITDAR of $365.4 million, reflecting a 9% decline. The company successfully launched the Barstool Sportsbook in Pennsylvania and Michigan, drawing significant customer engagement. It plans to expand into new markets while integrating new cashless technologies. Despite pandemic challenges, operations improved with a cash balance of $1.9 billion and a 4.7x lease-adjusted net leverage. The firm aims to enhance shareholder value through strategic investments and technological advancements.
Penn National Gaming has received approval from the Michigan Gaming Control Board to launch online sports wagering and iCasino products. The Barstool Sportsbook mobile app will go live on January 22, 2021, following the recent opening of a retail sportsbook in Detroit. CEO Jay Snowden highlighted the integrated sports media partnership with Barstool Sports as a key advantage. Additionally, the launch will include a fundraising initiative to support Michigan businesses affected by COVID-19, matching first-time deposits made on the app during the opening weekend.
Penn National Gaming (PENN) announced the release of its 2020 fourth-quarter financial results, scheduled for February 4, 2021, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, accessible to the public. Participants can dial 212/231-2907 to connect, with an online option available at www.pngaming.com. The company operates 41 properties across 19 states, featuring around 50,000 gaming machines and a strategic partnership with Barstool Sports for promoting its casino and sports betting products.
Choice Hotels International (CHH) has partnered with Penn National Gaming (PENN) to enhance benefits for their loyalty program members. This strategic agreement allows members to book stays at Penn properties while earning and redeeming Choice Privileges points. The rollout will add nearly 7,000 upscale rooms to Choice's Ascend Hotel Collection, enabling cross-earning and status reciprocity between the two loyalty programs. This collaboration enhances customer experience for over 47 million Choice Privileges members, increasing engagement in both hospitality and gaming sectors.
In 2020, the online sports betting industry experienced significant growth, and 2021 is expected to be crucial for its expansion. Key markets in the US and Europe are seeing legalization, which coincides with a rise in consumer interest. Companies like Bragg Gaming Group (TSXV:BRAG), DraftKings (NASDAQ:DKNG), Penn National Gaming (NASDAQ:PENN), and Esports Entertainment Group (NASDAQ:GMBL) are capitalizing on these opportunities. Bragg's recent partnership in the Netherlands and DraftKings' 98% revenue increase to $133 million underscore the industry's potential as it adapts to emerging markets.
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