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 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.
Penn National Gaming will announce its 2021 fourth quarter financial results on February 3, 2022, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, accessible to the public via phone and webcast. Interested participants can call 212/231-2938 or join online at www.pngaming.com. Penn National operates 44 properties across 20 states, focusing on retail and online gaming, sports betting, and more. The company continues to innovate, bolstered by partnerships with Barstool Sports and theScore.
Penn National Gaming is set to open the Hollywood Casino Morgantown on December 22, subject to final regulatory approvals. This new facility, part of Penn National's expansion in Pennsylvania, will feature 750 slot machines, 30 table games, and a Barstool Sportsbook. It represents a $111 million investment and aims to create approximately 375 jobs. The grand opening will include invitation-only test days with proceeds benefitting local charities. This marks the company's fourth casino in Pennsylvania.
Penn National Gaming has announced a commitment of over
Penn National Gaming reported Q3 2021 revenues of $1.5 billion, up $382.1 million YoY, and adjusted EBITDAR of $480.3 million, representing a 31.8% margin. Net income dropped to $86.1 million from $141.2 million last year. Key milestones included the launch of the Barstool Sportsbook app in five states, further expanding to ten states, and the acquisition of Score Media and Gaming. Challenges in Q3 arose from Hurricane Ida and the Delta variant, impacting profits by roughly $30 million. The company maintains a strong balance sheet with $3.4 billion in liquidity.
Penn National Gaming (NASDAQ: PENN) has completed its acquisition of Score Media and Gaming Inc. for approximately $2 billion in cash and stock. This strategic move positions Penn as a leader in North America's digital sports content and gaming industry. TheScore, a top sports media app, will enhance Penn's digital media and gaming strategy by integrating its media and betting platform. The acquisition allows Penn to enter the Canadian gaming market, leveraging its synergies with Barstool Sports for improved customer engagement and retention.
Score Media and Gaming Inc. has announced that it has received overwhelming shareholder approval for its acquisition by Penn National Gaming through a Plan of Arrangement. At a special meeting held on October 12, 2021, 99.96% of Class A Subordinate Voting Shares and Special Voting Shares voted in favor of the deal. The acquisition is expected to finalize by October 19, 2021, contingent on receiving a final court order and meeting other closing conditions. This strategic move positions theScore to enhance its digital media and sports betting offerings.
FAQ
What is the current stock price of PENN Entertainment (PENN)?
What is the market cap of PENN Entertainment (PENN)?
What is PENN Entertainment, Inc. known for?
How has PENN Entertainment expanded its business?
What are some of the brands operated by PENN Entertainment?
How many properties does PENN Entertainment currently operate?
What percentage of PENN Entertainment's sales come from land-based casinos?
What is the contribution of the interactive segment to PENN Entertainment's revenue?
What is the EBITDAR margin for PENN Entertainment's retail portfolio?
Which media assets does PENN Entertainment own?
How does PENN Entertainment benefit from its media assets?
Where can I find the latest news about PENN Entertainment?
