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 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.
Penn National Gaming will announce its Q3 2021 financial results on November 4, 2021, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, accessible to the public via a dedicated call number (212/231-2938) and webcast at www.pngaming.com. Penn National operates 43 properties in 20 states and is known for its diversified gaming and sports betting offerings. The company recently acquired Score Media and Gaming, enhancing its digital sports content capabilities.
Penn National Gaming has announced the opening of a career center to fill approximately 375 new jobs at its upcoming Hollywood Casino Morgantown, expected to open by year-end 2021, pending approvals. The center will operate Monday to Friday, with hiring events scheduled on September 8, 10, 13, and 15. The casino represents an investment of $111 million, featuring 750 slot machines and more. New hires may receive sign-on bonuses up to $1,500. The company emphasizes growth and opportunities within its expanding operations.
Acres Manufacturing Company announced that its Foundation™ casino management system is facilitating cashless gaming at Penn National Gaming's new Hollywood Casino York in Pennsylvania. Following prior installations, Foundation™ will further be deployed at additional Penn National casinos as regulatory approvals are obtained. The system integrates with Penn National's mychoice wallet, powered by Everi Holdings' CashClub Wallet, enabling secure transactions for players on the casino floor. The technology aims to enhance player experience through real-time behavior data and seamless cashless gaming.
Everi Holdings has announced the launch of its CashClub Wallet® technology at Penn National Gaming's Hollywood Casino York in Pennsylvania. This digital wallet enables cashless transactions, allowing guests to deposit funds via debit or credit cards and access them directly at gaming machines. The partnership includes plans for broader implementation across Penn National's properties pending regulatory approval. The technology aims to enhance guest convenience and operational efficiency while integrating with Penn National's mychoice loyalty program.
Penn National Gaming, Inc. (Nasdaq: PENN) has announced a definitive agreement to acquire Score Media and Gaming, Inc. (theScore) for approximately US$2 billion in cash and stock. Shareholders of theScore will receive US$17 in cash plus 0.2398 shares of Penn National common stock, totaling US$34 per share based on a recent trading price. The deal, expected to close in Q1 2022, will create a sports and gaming ecosystem in North America and improve Penn National's technology stack. The acquisition is anticipated to bring significant adjusted EBITDA growth, with a medium-term increase of over $200 million.
Penn National Gaming has announced its acquisition of Score Media and Gaming for approximately US$2.0 billion in a cash and stock deal. TheScore shareholders will receive US$17.00 in cash plus 0.2398 shares of Penn National for each share held, totaling US$34.00 per share. The agreement aims to enhance Penn National's digital media and sports betting capabilities and is expected to close in Q1 2022. The transaction is projected to generate over $200 million in adjusted EBITDA by Year 2 and up to $500 million in long-term upside, leveraging theScore's technology and user analytics.
Penn National Gaming reported strong financial results for Q2 2021, with revenues of $1,545.8 million, an increase of $1,240 million year over year. The net income was $198.7 million with a net income margin of 12.9%, a turnaround from a net loss of $214.4 million in 2020. Adjusted EBITDA also rose significantly to $470.1 million. The company announced a definitive agreement to acquire Score Media and Gaming, expected to add $200 million in adjusted EBITDA by Year 2, enhancing its position in the digital sports betting market.
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