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 Entertainment (Nasdaq: PENN) will announce its 2024 Q2 financial results on August 8, 2024, at 7:00 a.m. ET.
The company will host a conference call and webcast at 9:00 a.m. ET the same day. The call is open to the public, and the dial-in number is 203-518-9765.
Participants should call five minutes early to ensure connectivity. The webcast is accessible via www.pennentertainment.com, with a replay available for 30 days.
PENN Entertainment has expanded its partnership with Ticketmaster to enhance its loyalty program, PENN Play™. From now on, over 30 million PENN Play members can redeem rewards for tickets to concerts, sporting events, and shows through Ticketmaster. The new integration allows members to use PENN Cash for purchasing event tickets, providing a convenient payment option. In addition, PENN Entertainment will host on-site activations at five amphitheaters across the U.S. This expansion aims to deepen customer engagement and cater to the increasing demand for live event perks among loyalty program members.
The Donerail Group, a shareholder of PENN Entertainment, has issued an open letter to the company's Board of Directors.
The letter criticizes PENN's interactive strategy and capital allocation, which they claim have destroyed shareholder value.
They highlight the sale of Barstool Sports for $1 as a failed deal and question the Board's decision to award CEO Jay Snowden nearly $100 million in compensation despite financial underperformance and stock price declines.
Donerail believes PENN could be sold for up to double its current trading price.
PENN Entertainment, Inc. reported resilient property level performance and record online sports betting revenue for Q1 2024. The company hired Aaron LaBerge as CTO to drive technology strategy. Revenues totaled $1.6 billion, with a net loss of $114.9 million. The Northeast segment led in revenues, while the Interactive segment saw a loss. Total liquidity stood at $1.9 billion, with $903.6 million in cash.
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