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 Entertainment, Inc. has released its 2022 Corporate Social Responsibility (CSR) report highlighting significant advancements in its CSR initiatives. Key achievements include:
- Completion of the first Scope 1 & 2 Greenhouse Gas Emissions Inventory.
- Expansion of the STEM Scholarship Program in partnership with Historically Black Colleges and Universities.
- Implementation of mandatory diversity training for all employees.
- Development of a framework to track ESG efforts.
- Introduction of ESG metrics in executive compensation.
- Contribution of $7.6 million to local charities and 8,000 hours volunteered by employees.
- PENN Interactive received the Responsible Gambling Council's RG Check iGaming Accreditation.
CEO Jay Snowden emphasized the commitment to ongoing CSR initiatives that reflect PENN's core values.
PENN Entertainment has launched its enhanced customer loyalty program, PENN Play, designed to replace the mychoice® program. The initiative aims to provide 26 million loyalty members with expanded opportunities to earn and redeem rewards across the company's brands. PENN Play enables members to track and redeem PENN Cash through various activities, including gaming, dining, and shopping at properties like Hollywood Casino and L’Auberge. To celebrate the launch, a promotional campaign will distribute $1.5 million in PENN Cash and prizes. PENN Play also improves the overall customer experience with new tier levels, a marketplace for rewards, and collaborations with Live Nation and Choice Hotels. The rebranding includes enhancements to the PENN Heroes program, benefiting active-duty military and first responders.
PENN Entertainment, Inc. (Nasdaq: PENN) will release its 2023 first quarter financial results on May 4, 2023, at 7:00 a.m. ET. A conference call and webcast will follow at 9:00 a.m. ET. The conference call can be accessed at 212/231-2932, and interested participants should connect five minutes early. The call will be open to the public, and a replay will be available for thirty days on their website. PENN operates 43 properties across 20 states and offers online sports betting in 17 jurisdictions, among other services. The company emphasizes a differentiated strategy with a focus on organic growth and customer loyalty.
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