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 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.
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.
PointsBet Holdings Limited has extended its Online Gaming Services Framework Agreement with Penn National Gaming, allowing PointsBet to access online sports betting and iGaming in Pennsylvania and Mississippi, pending necessary legislation and licensure. This expansion brings PointsBet's total presence in the US to 14 states. The agreement spans 20 years per state, with PointsBet covering all licensing costs and paying PNG a share of gaming revenues. The Pennsylvania market alone is projected to exceed US$1.75 billion annually, driven by its large media presence.
Penn National Gaming has secured a temporary permit from the Virginia Lottery to introduce online sports betting in Virginia. The Barstool Sportsbook mobile app is set to launch soon, pending final regulatory approvals. Following successful launches in Pennsylvania, Michigan, and Illinois, the company anticipates positive reception in Virginia as well. Penn National was granted one of the permits among a limited number available, demonstrating its commitment to expanding its omni-channel gaming services across states. The launch timeline is in collaboration with the Virginia Lottery.