Penn National Gaming Announces Plans to Help Save Historic Reading Terminal Market in Philadelphia

Rhea-AI Summary

Penn National Gaming (PENN) has announced plans to support the recovery of Reading Terminal Market in Philadelphia, significantly impacted by COVID-19. The company will match first-time deposits of $100 or more on the Barstool Sportsbook app with a $100 donation, aiming to raise a total of $250,000 for the Market, which currently has about $115,000 remaining in its GoFundMe fund. This initiative is part of their strategic partnership with Barstool Sports. Penn National operates 41 properties across 19 states, enhancing its offerings in retail and online gaming.

Positive

• Penn National is contributing to local recovery efforts by supporting the Reading Terminal Market.
• The fundraising initiative has a clear goal of $250,000, with a current balance of $115,000 remaining.
• The collaboration with Barstool Sports strengthens Penn National's brand presence.

Negative

• None.

WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today its plans to help sustain operations and support the recovery of the Reading Terminal Market (“The Market”) in downtown Philadelphia due to the ongoing challenges of the COVID-19 pandemic.

“We are proud to support this historic institution, one of America’s largest and oldest public markets,” said Jay Snowden, President and CEO of Penn National Gaming. “When Dave Portnoy first suggested the idea, we jumped at the chance to work together to help save this beloved icon in the heart of Philadelphia.”

For those making a first-time deposit of $100+ into an account on the recently launched Barstool Sportsbook app, Penn National will match the deposit with a $100 donation to the Reading Terminal Market until it hits its GoFundMe goal of $250,000. The current remaining balance in the Fund is approximately $115,000. The Market is a 501(c)3 non profit organization that supports multi-generational family businesses and rising local entrepreneurs building their businesses by selling at the Market. In addition, the Market is one of the biggest sites for redemption of SNAP benefits (“food stamps”) in Pennsylvania and provides educational opportunities for low-income Philadelphia youth, including after-school and summer programs.

The charitable fundraising effort by Penn National and Barstool Sports began at midnight and is expected to end at the conclusion of tonight’s Eagles vs. Giants game.

About Penn National Gaming

With the nation's largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company's portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company's omni-channel approach is bolstered by the myChoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.