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, 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.
Penn National Gaming (Nasdaq: PENN) announced the anticipated opening of Hollywood Casino York on August 12, pending regulatory approvals. This Category 4 casino, located within the York Galleria Mall, will be the company's third venue in Pennsylvania. With a sprawling 80,000 square feet, it will feature around 500 slot machines and 24 table games, expandable to 750 and 40, respectively. The establishment aims to offer premier gaming, dining, and entertainment, along with a Barstool Sportsbook.
Penn National Gaming (PENN: Nasdaq) will announce its 2021 second quarter financial results on August 5, 2021, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, accessible to the public via phone at 212/231-2907 or online at www.pngaming.com. With 42 properties across 20 states, Penn National is a leader in regional gaming and sports betting. It operates approximately 50,000 gaming machines and has a strategic partnership with Barstool Sports, promoting its casinos and betting products.
Penn National Gaming has completed a $400 million private offering of 4.125% senior notes due 2029, issued at par. The notes are unsecured and unsubordinated, intended for general corporate purposes. The offering complies with SEC regulations and was limited to qualified institutional buyers and non-U.S. persons. Penn National operates 41 properties across 19 states with a diverse gaming portfolio, including partnerships like Barstool Sports, enhancing its retail and online gaming offerings.
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.