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 has received approval from the Illinois Gaming Board to launch its Barstool Sportsbook mobile app in Illinois. Scheduled for March 11, 2021, this app will enhance customer engagement with Barstool personalities and offer promotional bets, including a $1,000 risk-free bet and odds boosts for local teams. Penn National aims to replicate its successful performance from Michigan and Pennsylvania, leveraging its partnership with Barstool Sports and its extensive gaming portfolio.
Hollywood Casino Joliet is collaborating with the Illinois Department of Public Health to host a COVID-19 mobile testing program in its parking lot. This initiative will run every Sunday in March and the first Sunday in April, from 8:00 a.m. to 4:00 p.m. Testing will be free for uninsured individuals, with no photo ID required. Results will be provided via phone call within 4-7 days after the test. The casino aims to support community health efforts during the pandemic, as stated by Vice President Lydia Garvey.
Penn National Gaming (PENN) announced a 20-year partnership with Capital Region Gaming to access New York's mobile sports betting and iCasino market, pending legislative and regulatory approvals. Jon Kaplowitz, Sr. VP of Interactive Gaming, highlighted the potential of New York as a lucrative market and expressed optimism for multiple operator participation. Currently operating in Pennsylvania and Michigan, Penn Interactive aims to expand its Barstool Sports app to at least 10 states by the end of 2021. Initial performance in Michigan suggests strong market entry potential with 48,000 new customers and $27.5 million in handle in the first 10 days.
Penn National Gaming reported Q4 2020 revenues of $1,027.4 million, down 23% year-over-year, with Adjusted EBITDAR of $365.4 million, reflecting a 9% decline. The company successfully launched the Barstool Sportsbook in Pennsylvania and Michigan, drawing significant customer engagement. It plans to expand into new markets while integrating new cashless technologies. Despite pandemic challenges, operations improved with a cash balance of $1.9 billion and a 4.7x lease-adjusted net leverage. The firm aims to enhance shareholder value through strategic investments and technological advancements.
Penn National Gaming has received approval from the Michigan Gaming Control Board to launch online sports wagering and iCasino products. The Barstool Sportsbook mobile app will go live on January 22, 2021, following the recent opening of a retail sportsbook in Detroit. CEO Jay Snowden highlighted the integrated sports media partnership with Barstool Sports as a key advantage. Additionally, the launch will include a fundraising initiative to support Michigan businesses affected by COVID-19, matching first-time deposits made on the app during the opening weekend.
Penn National Gaming (PENN) announced the release of its 2020 fourth-quarter financial results, scheduled for February 4, 2021, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, accessible to the public. Participants can dial 212/231-2907 to connect, with an online option available at www.pngaming.com. The company operates 41 properties across 19 states, featuring around 50,000 gaming machines and a strategic partnership with Barstool Sports for promoting its casino and sports betting products.
Choice Hotels International (CHH) has partnered with Penn National Gaming (PENN) to enhance benefits for their loyalty program members. This strategic agreement allows members to book stays at Penn properties while earning and redeeming Choice Privileges points. The rollout will add nearly 7,000 upscale rooms to Choice's Ascend Hotel Collection, enabling cross-earning and status reciprocity between the two loyalty programs. This collaboration enhances customer experience for over 47 million Choice Privileges members, increasing engagement in both hospitality and gaming sectors.
Penn National Gaming announced that Felicia Hendrix will replace Dave Williams as the new CFO, effective March 2. Williams resigned due to pandemic-related challenges and family relocation issues, though he will assist in a temporary advisory role. Hendrix brings over 20 years of equity research experience in the gaming sector, previously serving at Barclays. CEO Jay Snowden praised Williams for his contributions during a turbulent time and expressed confidence in Hendrix's ability to lead. Penn National operates 41 properties across 19 states and continues to expand its omni-channel gaming offerings.
A player named Randy S. won a remarkable $537,000 jackpot on December 16 while playing the Halloween Jack slot game on HollywoodCasino.com. This jackpot marks the largest win for the platform, highlighting the success of their gaming offerings. Rich Criado, General Manager of iCasino for Penn National Gaming, expressed excitement about this win just in time for the holiday season. HollywoodCasino.com features various games like Blackjack and 88 Fortunes, and was a pioneer in online casino gaming in Pennsylvania.
Penn National Gaming (PENN: Nasdaq) announced the opening of its Barstool Sportsbook at Greektown Casino Hotel, set for December 23, 2020, pending regulatory approvals. The sportsbook, located adjacent to the table games area, offers a unique sports wagering experience, featuring numerous betting kiosks, a dining space, and large odds boards. The company anticipates strong customer engagement in Detroit, leveraging its myChoice loyalty program to reward players. Penn National operates 41 properties across 19 states, aiming to enhance its omni-channel gaming services.