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PENN Entertainment, Inc. - PENN STOCK NEWS

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.

News

PENN Entertainment Names Aaron LaBerge Chief Technology Officer

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PENN Entertainment, Inc. (Nasdaq: PENN) appoints Aaron LaBerge as Chief Technology Officer. LaBerge, formerly from The Walt Disney Company, will lead PENN's technology strategy and interactive division. His experience in driving technology innovation and consumer experiences at Disney and ESPN will propel PENN's growth in online gaming and sports media. LaBerge's track record includes spearheading ambitious digital projects, establishing ESPN's digital sports leadership, and founding a successful consumer software company.
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PENN Entertainment to Report First Quarter Results and Host Conference Call and Webcast on May 2

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PENN Entertainment, Inc. (Nasdaq: PENN) will release its 2024 first quarter financial results on May 2, 2024, followed by a conference call and webcast open to the public. Interested parties can access the live call on www.pennentertainment.com.
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ESPN BET Launches in North Carolina

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ESPN BET, the official sportsbook of ESPN, has launched in North Carolina, offering a state-of-the-art mobile and web betting platform with a variety of sports markets. Operated by PENN Entertainment (PENN), the platform features exclusive promotions, daily odds boosts, and integrations with ESPN content and personalities. The launch event in Charlotte will feature ESPN's Stephen A. Smith, celebrating the partnership's first new state launch. PENN secured market access through a partnership with Quail Hollow Club, and ESPN BET is the exclusive betting operator of the Wells Fargo Championship.
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PENN Entertainment to Participate in J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on March 14

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PENN Entertainment, Inc. (Nasdaq: PENN) CEO to participate in J.P. Morgan Forum. Investors can join a live webcast and access archived content for 30 days.
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PENN Entertainment Reports Fourth Quarter Results

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PENN Entertainment, Inc. (PENN) reported strong financial results for Q4 2023, highlighting solid property performance and growth in the digital business. Revenue was $1.37 billion with an EBITDAR of $476.4 million. The Interactive segment saw revenues of $31.5 million and an EBITDA loss of $333.8 million, attributed to the launch of ESPN BET. The company's liquidity stood at $2.1 billion with $1.1 billion in cash and cash equivalents.
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PENN Entertainment Announces Agreement with Wynn Interactive Holdings to Acquire Mobile Sports Wagering Licenses for New York Market Access

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PENN Entertainment, Inc. (PENN) announced acquiring New York mobile sports wagering licenses from Wynn Interactive Holdings to launch ESPN BET in 2024. The $25 million deal gives PENN market access in a significant online sports betting market.
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PENN Entertainment Announces Interactive Leadership Transition Scheduled for April 2024

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PENN Entertainment, Inc. announced the founding family behind theScore will be stepping down from their roles at PENN Interactive. The company is in the final stages of its search for a new Head of Interactive. The transition plan comes at a natural inflection point, with the migration to the proprietary technology platform complete, theScore's media and betting business delivering record results, and ESPN BET off to a strong start. The Levys are leaving in mid-February and April 2024, and the company is well prepared for this to be a seamless transition and to continue growing its position as a leader in online gaming and sports media.
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PENN Entertainment to Report Fourth Quarter Results and Host Conference Call and Webcast on February 15

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PENN Entertainment, Inc. (Nasdaq: PENN) will release its 2023 fourth quarter financial results on February 15, 2024, followed by a conference call and webcast open to the general public. Interested parties can access the live call at www.pennentertainment.com and the replay can be accessed for thirty days. Questions and answers will be reserved for call-in analysts and investors.
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PENN Entertainment Announces Groundbreaking Ceremony for Relocated Hollywood Casino Joliet

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PENN Entertainment, Inc. (Nasdaq: PENN) will host a groundbreaking ceremony for the future Hollywood Casino Joliet, a $185 million regional destination featuring 850 slots, 44 live table games, a retail sportsbook, bars, restaurants, and an event center. The new facility is expected to create 450 construction jobs and 515 permanent jobs, growing the current team in Joliet by 150 members. The move onto land was predicated by a 2019 law allowing riverboat casinos to relocate landside. The existing Hollywood Casino Joliet will maintain normal operations during the 24-month construction period.
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PENN Entertainment Announces Groundbreaking Ceremony for Second Hotel Tower at The M Resort

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PENN Entertainment, Inc. (Nasdaq: PENN) is set to begin construction on a second hotel tower at M Resort with an estimated budget of $206 million, adding 384 rooms and suites, expanded meetings space, updated amenities, and additional local partnerships. The project is part of a larger plan for four new growth projects that includes new land-based casinos in Aurora and Joliet, Illinois, and a new hotel in Columbus, Ohio, with significant funding commitments from the City of Aurora and Gaming and Leisure Properties, Inc.
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FAQ

What is the current stock price of PENN Entertainment (PENN)?

The current stock price of PENN Entertainment (PENN) is $18.62 as of December 20, 2024.

What is the market cap of PENN Entertainment (PENN)?

The market cap of PENN Entertainment (PENN) is approximately 2.7B.

What is PENN Entertainment, Inc. known for?

PENN Entertainment, Inc. is known for its ownership and operation of gaming and racing facilities, and video gaming terminal operations, with a focus on slot machine entertainment.

How has PENN Entertainment expanded its business?

PENN Entertainment has expanded into social online gaming through Penn Interactive Ventures, LLC, and the acquisition of Rocket Speed, Inc.

What are some of the brands operated by PENN Entertainment?

Some of the brands operated by PENN Entertainment include Hollywood Casino and Ameristar.

How many properties does PENN Entertainment currently operate?

As of 2023, PENN Entertainment operates 43 properties across 20 states.

What percentage of PENN Entertainment's sales come from land-based casinos?

Land-based casinos represent 89% of PENN Entertainment's total sales in 2023.

What is the contribution of the interactive segment to PENN Entertainment's revenue?

The interactive segment, which includes sports, iGaming, and media revenue, contributes 11% of PENN Entertainment's total sales.

What is the EBITDAR margin for PENN Entertainment's retail portfolio?

PENN Entertainment's retail portfolio generates mid-30s EBITDAR margins.

Which media assets does PENN Entertainment own?

PENN Entertainment owns media assets such as theScore and has a partnership with ESPN starting in November 2023.

How does PENN Entertainment benefit from its media assets?

PENN Entertainment's media assets provide access to sports betting and iGaming technology and clientele, enhancing its digital position.

Where can I find the latest news about PENN Entertainment?

The latest news about PENN Entertainment can be found through frequent updates and news releases published by the company.

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PENN Entertainment, Inc.

Nasdaq:PENN

PENN Rankings

#1720 Ranked by Market Cap
N/A Ranked by Dividends

PENN Stock Data

2.74B
150.92M
1.11%
99.45%
12.05%
Resorts & Casinos
Hotels & Motels
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United States of America
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