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 (PENN) has successfully completed its acquisition of Hollywood Casino Perryville for $31.1 million. This agreement with Gaming and Leisure Properties (GLPI) includes a lease for the facility, with annual rent set at approximately $7.77 million. The acquisition enables Penn National to re-enter the Maryland gaming market, expanding its operations to 20 jurisdictions. The company plans to introduce a Barstool Sportsbook at this location, enhancing its omni-channel platform. Allie Evangelista has been appointed General Manager of the casino, promising a strategic push in the newly legalized sports betting landscape.
Penn National Gaming (Nasdaq: PENN) announced the pricing of $400 million in new 4.125% senior notes due 2029, set to close around July 1, 2021. The notes will be issued unregistered and are intended for qualified institutional buyers as per Rule 144A and Regulation S of the Securities Act. Proceeds will be used for general corporate purposes. The company operates 41 gaming properties across 19 states and has diversified offerings in retail and online gaming, sports betting, and live racing, following a strategic partnership with Barstool Sports in February 2020.
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.
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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.
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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.