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. reports developments across a North American gaming and entertainment business that includes casinos, racetracks, online sports betting and iCasino offerings. Company news commonly covers quarterly results, retail property projects under the Hollywood Casino brand, digital wagering strategy, sports media and technology assets, and the PENN Play customer loyalty program.
Recurring updates also address capital actions, material agreements, board composition and shareholder governance matters. PENN’s news flow reflects the regulatory environment for gaming operators, the company’s omnichannel model linking retail casinos with digital products, and periodic changes to its operating structure and executive oversight.
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 $4 million to establish a new STEM Scholarship Program in partnership with Historically Black Colleges and Universities (HBCUs). This initiative, aimed at promoting diversity and equity in education, will provide scholarships and internships to students in states where Penn National operates. Initial participating HBCUs include Norfolk State University, Bowie State University, and Wilberforce University. This program is an extension of the company’s efforts to support underrepresented communities and foster career opportunities in the gaming industry.
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.
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.
Summary not available.