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 plans to offer $400 million in eight-year senior unsecured notes, intended for general corporate purposes. The Company projects Q2 2021 revenues between $1.45 billion and $1.55 billion, representing an 18% sequential increase. Adjusted EBITDAR is expected to range from $540 million to $580 million, with year-over-year revenue growth of 10%. The offering is exempt from the Securities Act, targeting qualified institutional buyers only.
Penn National Gaming has appointed Vimla Black-Gupta to its Board of Directors, expanding the board to nine members, with eight being independent under NASDAQ rules. Black-Gupta has over 25 years in marketing, having held senior roles at companies like Procter & Gamble and Estee Lauder. Currently, she serves as CMO for a skincare startup and previously led marketing at Equinox Fitness Clubs.
The Chairman praised her extensive experience as beneficial for the company's evolving marketing strategies in online sports betting and iGaming, aiming to enhance engagement with their customer base.
Penn National Gaming (PENN) has received final approval from the Maryland Lottery and Gaming Control Commission to acquire Hollywood Casino Perryville for $31.1 million, with a closing projected in mid-2021. The acquisition, initially agreed upon in December 2020, will expand Penn National's footprint to its 20th gaming jurisdiction and includes a lease agreement with Gaming and Leisure Properties, Inc. for annual rent of approximately $7.77 million. The move is timely as Maryland recently legalized sports betting, allowing Penn National to enhance its omni-channel platform with Barstool-branded offerings.
Penn National Gaming announced that the Indiana Gaming Commission has approved its application to launch online sports wagering in Indiana. The Barstool Sportsbook app is set to go live on May 18, 2021, at 10:00 a.m. CST, making Indiana the fourth market for Penn National's online betting, following Pennsylvania, Michigan, and Illinois. CEO Jay Snowden highlighted the popularity of existing retail sportsbooks and plans for unique promotional wagers tied to upcoming events like the NBA Playoffs and the Indianapolis 500.
Penn National Gaming reported strong Q1 2021 results with revenues of $1.27 billion, up from $1.12 billion in Q1 2020. Adjusted EBITDAR reached $447 million, a 7% increase from $391 million in Q1 2019. The integration of the Barstool Sportsbook and the launch of online gaming in new states boosted performance. The company’s cash balance stood at $2.1 billion, with net debt of $353 million. Despite a 6% decline in revenue compared to Q1 2019, the company experienced 12% growth in Adjusted EBITDAR when adjusted for casino closures.
Penn National Gaming has launched Penn Game Studios, an in-house team dedicated to creating exclusive iCasino content. The initiative is bolstered by the acquisition of HitPoint Studios and its subsidiary, LuckyPoint, which will enhance Penn's interactive gaming capabilities. Expected to close soon, this acquisition aims to leverage the Barstool Sports brand and the existing database of 20 million mychoice customers for cross-marketing opportunities. HitPoint has significant experience in game development and will integrate its team into Penn's interactive division.
Penn National Gaming announced the opening of a career center at Hollywood Casino York, set to open in August pending regulatory approvals. The center, located in the York Galleria Mall, will accept job applications for various positions across casino operations, food and beverage, and security, among others. The development represents an investment of nearly $120 million, featuring approximately 500 slot machines and 24 table games, with options to expand. The company emphasizes growth opportunities across its 41 properties nationwide.
Penn National Gaming (PENN: Nasdaq) will release its 2021 first quarter financial results on May 6, 2021, at 7:00 a.m. ET. A conference call and webcast will follow at 9:00 a.m. ET, open to the public. Participants can join the call by calling 212/231-2932 five minutes early. The live call will also be available at www.pngaming.com, with a replay accessible for 30 days. Penn National operates 41 properties across 19 states, featuring approximately 50,000 gaming machines and 1,300 table games, and has a partnership with Barstool Sports for promotions.
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