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 (NASDAQ: PENN) released its 2021 Corporate Social Responsibility (CSR) report, highlighting key initiatives that further their commitment to diversity, community support, and environmental stewardship. Major points include a $4 million STEM Scholarship Program partnership with HBCUs, a $1 million annual Diversity Scholarship for team members' children, and over $7 million in COVID-19 and hurricane relief contributions. The company also reported a 10% reduction in annual energy consumption and expanded responsible gaming efforts. The full report is available on their corporate responsibility page.
The Toronto Blue Jays have entered a 10-year exclusive partnership with theScore Bet, marking a historic collaboration as Canada’s first official gaming partnership with a professional sports team. The deal enables theScore Bet, a subsidiary of Penn National Gaming (NASDAQ: PENN), to utilize exclusive marketing rights across various gaming categories, including sports betting and online casino. Fans can expect innovative experiences both at Rogers Centre and online, with plans for a flagship sports bar at the stadium. This partnership aims to enhance fan engagement and offers new opportunities in the evolving Canadian sports betting market.
Penn National Gaming, Inc. (NASDAQ: PENN) will announce its 2022 first quarter financial results on May 5, 2022, at 7:00 a.m. ET, with a conference call at 9:00 a.m. ET. The call is open to the public and can be accessed at www.pngaming.com. Participants should call 212/231-2939 five minutes early to connect. A replay of the call will be available for thirty days at the same website. Penn National operates 44 properties across 20 states, offering retail and online gaming, live racing, and sports betting entertainment.
Penn National Gaming, Inc. has expanded its online gaming footprint by launching theScore Bet mobile Sportsbook and Casino in Ontario, Canada, at 12:01 AM ET on April 4. This move marks a significant step into one of North America's largest regulated gaming markets. theScore Bet provides an immersive betting experience, integrating with theScore media app for seamless user engagement. The platform features a wide range of sports betting options and an online casino with live dealer games. This development aligns with the strong demand for regulated online gaming in Ontario.
Paysafe (NYSE: PSFE) has officially launched its services in Ontario's new private iGaming market, providing payment solutions to operators. This comes after establishing a significant presence in Canada, with over 20 years of experience in online payments. The Ontario market, expected to generate gross revenues of C$1.86 billion by 2026, will allow players to use various payment methods, including credit and debit cards. Paysafe plans to introduce new iGaming payment products soon, signaling growth potential in North America's competitive gaming sector.
Penn National Gaming, Inc. (NASDAQ: PENN) announces that its subsidiary, Score Digital Sports Ventures (Canada) Inc. (theScore Bet), has secured a certificate of registration as an internet gaming operator from the Alcohol and Gaming Commission of Ontario (AGCO). This milestone positions theScore Bet to operate in Ontario's regulated market starting April 4. theScore Bet is also the first operator to achieve Gaming Labs International certification and RG Check iGaming Accreditation, ensuring compliance and responsible gambling standards.
Penn National Gaming reported strong Q4 2021 results, with revenues of $1.6 billion, up $545.1 million YoY. Net income reached $44.8 million, a significant increase from $12.7 million in the previous year. The company authorized a $750 million share repurchase program to enhance shareholder value. Looking ahead, Penn National set 2022 revenue guidance between $6.07 billion and $6.39 billion, alongside an Adjusted EBITDAR forecast of $1.85 billion to $1.95 billion. Strategic acquisitions and technology upgrades are expected to drive growth.
Penn National Gaming (PENN) is poised to enter the Ontario sports betting and iGaming market, set to launch on April 4, 2022. With its subsidiary, theScore, the company aims to capitalize on the new regulatory environment, enhancing its position as a leading digital sports media brand. Both CEOs, Jay Snowden and John Levy, expressed enthusiasm for the opportunity and recognized the Ontario government's efforts in establishing a robust gaming framework. Pre-launch preparations are underway, including compliance certification from Gaming Labs International, crucial for theScore Bet's successful launch.
Penn National Gaming has received approval from the Louisiana Gaming Control Board to launch its online sports betting platform. The Barstool Sportsbook app is set to go live on January 28 at 8:00 AM CST. This expansion marks Louisiana as the twelfth state for the Barstool Sportsbook, which aims to enhance the entertainment experience for retail casino customers and loyalty program members. Penn National operates five gaming facilities in Louisiana and continues its evolution as a leading omni-channel provider in gaming and sports betting.
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