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.
Penn National Gaming announced that Felicia Hendrix will replace Dave Williams as the new CFO, effective March 2. Williams resigned due to pandemic-related challenges and family relocation issues, though he will assist in a temporary advisory role. Hendrix brings over 20 years of equity research experience in the gaming sector, previously serving at Barclays. CEO Jay Snowden praised Williams for his contributions during a turbulent time and expressed confidence in Hendrix's ability to lead. Penn National operates 41 properties across 19 states and continues to expand its omni-channel gaming offerings.
A player named Randy S. won a remarkable $537,000 jackpot on December 16 while playing the Halloween Jack slot game on HollywoodCasino.com. This jackpot marks the largest win for the platform, highlighting the success of their gaming offerings. Rich Criado, General Manager of iCasino for Penn National Gaming, expressed excitement about this win just in time for the holiday season. HollywoodCasino.com features various games like Blackjack and 88 Fortunes, and was a pioneer in online casino gaming in Pennsylvania.
Penn National Gaming (PENN: Nasdaq) announced the opening of its Barstool Sportsbook at Greektown Casino Hotel, set for December 23, 2020, pending regulatory approvals. The sportsbook, located adjacent to the table games area, offers a unique sports wagering experience, featuring numerous betting kiosks, a dining space, and large odds boards. The company anticipates strong customer engagement in Detroit, leveraging its myChoice loyalty program to reward players. Penn National operates 41 properties across 19 states, aiming to enhance its omni-channel gaming services.
Penn National Gaming (PENN) announced the opening of its rebranded Barstool Sportsbooks at Hollywood Casino Lawrenceburg on December 23, 2020, and Ameristar East Chicago on December 24, 2020, pending regulatory approvals. The revamped sportsbooks feature enhanced designs, a sports viewing area, redesigned dining spaces, and numerous betting kiosks. The new venues aim to offer unique sports wagering experiences and support the company’s loyalty program, myChoice. The openings cater to avid sports fans in the region, who have been eagerly anticipating these developments.
Penn National Gaming (PENN) has announced a definitive agreement to acquire Hollywood Casino Perryville in Maryland for $31.1 million in cash. The deal includes a lease arrangement with Gaming and Leisure Properties (GLPI) for the property, with annual rent set at approximately $7.77 million. This acquisition enables Penn National to re-enter the Maryland gaming market and expand its twenty gaming jurisdictions. Additionally, with the recent approval of sports betting, the transaction aims to bolster Penn National's omni-channel platform, enhancing its Barstool-branded sportsbook and mobile app offerings.
Penn National Gaming has appointed Marla Kaplowitz to its Board of Directors, expanding the board to eight members, with six meeting NASDAQ independence standards. Kaplowitz is the current CEO of the American Association of Advertising Agencies and has experience in significant industry roles. Her leadership is expected to enhance Penn National's strategy as it evolves into a leading omnichannel provider in gaming and entertainment.
Penn National Gaming (PENN) announced the retirement of Carl Sottosanti, Executive Vice President, General Counsel, effective December 31, 2020. Harper Ko, a seasoned legal professional with over 20 years in the gaming industry, will succeed him as Executive Vice President, Chief Legal Officer, starting January 1, 2021, pending regulatory approvals. Sottosanti has been instrumental in the company's growth, overseeing key acquisitions. Ko brings extensive regulatory experience and is expected to continue enhancing Penn National's legal strategies as the company focuses on expanding its gaming and sports betting operations.
Penn National Gaming (PENN) is set to launch its first retail-branded Barstool Sportsbook at Ameristar Casino Resort Spa Black Hawk today at 4:00 PM MT, pending final regulatory approvals. This marks a significant expansion into retail sports betting for the company, expected to enhance customer engagement. The new sportsbook features state-of-the-art facilities, including betting kiosks and a large video wall, aiming to create an engaging environment for sports fans. With 41 properties across 19 states, Penn National continues to strengthen its innovative omni-channel gaming approach.
Penn National Gaming reported strong financial performance for Q3 2020, with revenues of $1,129.7 million and an Adjusted EBITDAR of $452.6 million. Despite challenges from Hurricane Laura and ongoing capacity restrictions, the Company achieved record EBITDAR margins. Traffic to the newly launched Barstool Sportsbook app surged, with nearly 48,000 registrations and a total handle of $78 million in its first 37 days. Penn National also raised $982 million in capital, boosting its cash reserves to $1.9 billion.
Penn National Gaming (PENN) has announced plans to support the recovery of Reading Terminal Market in Philadelphia, significantly impacted by COVID-19. The company will match first-time deposits of $100 or more on the Barstool Sportsbook app with a $100 donation, aiming to raise a total of $250,000 for the Market, which currently has about $115,000 remaining in its GoFundMe fund. This initiative is part of their strategic partnership with Barstool Sports. Penn National operates 41 properties across 19 states, enhancing its offerings in retail and online gaming.
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