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. (Nasdaq: PENN) generates a steady flow of news across its casinos, racetracks, and interactive gaming operations. As a gaming and entertainment company with properties in 28 jurisdictions throughout North America, PENN issues updates on financial results, strategic partnerships, digital product developments, property expansions, and corporate governance matters.
News coverage for PENN often includes quarterly and annual earnings releases, where the company reports segment performance for its Northeast, South, West, Midwest, and Interactive divisions. These releases highlight trends in retail casino revenues, interactive gaming results, and non-GAAP metrics such as Adjusted EBITDA and Adjusted EBITDAR, as well as information on share repurchase activity and liquidity.
Another key category of news involves digital and omnichannel initiatives. PENN has announced product features and integrations for its online sports betting platforms, including ESPN BET and theScore Bet, along with enhancements like FanCenter and player insights tools. Press releases also cover the evolution of PENN’s digital strategy, such as the mutual early termination of its U.S. online sports betting agreement with ESPN and the planned rebranding of its U.S. sportsbook offering to theScore Bet, accompanied by a focus on iCasino and Canadian operations.
Property and development updates are a recurring theme, with announcements about new land-based casinos, hotel expansions, and amenities at properties like M Resort Spa Casino Las Vegas and Hollywood Casino Joliet. Racing-related news from Sam Houston Race Park details Thoroughbred stakes schedules, Texas-bred racing programs, and live meet information.
Investors and followers of PENN can use this news feed to review corporate organizational changes, board and shareholder meeting outcomes, litigation-related disclosures, and other regulatory announcements. Bookmarking the page allows users to monitor how PENN’s regional casinos, interactive segment, and racing operations evolve over time.
Penn National Gaming (PENN) has announced a definitive agreement to acquire Hollywood Casino Perryville in Maryland for $31.1 million in cash. The deal includes a lease arrangement with Gaming and Leisure Properties (GLPI) for the property, with annual rent set at approximately $7.77 million. This acquisition enables Penn National to re-enter the Maryland gaming market and expand its twenty gaming jurisdictions. Additionally, with the recent approval of sports betting, the transaction aims to bolster Penn National's omni-channel platform, enhancing its Barstool-branded sportsbook and mobile app offerings.
Penn National Gaming has appointed Marla Kaplowitz to its Board of Directors, expanding the board to eight members, with six meeting NASDAQ independence standards. Kaplowitz is the current CEO of the American Association of Advertising Agencies and has experience in significant industry roles. Her leadership is expected to enhance Penn National's strategy as it evolves into a leading omnichannel provider in gaming and entertainment.
Penn National Gaming (PENN) announced the retirement of Carl Sottosanti, Executive Vice President, General Counsel, effective December 31, 2020. Harper Ko, a seasoned legal professional with over 20 years in the gaming industry, will succeed him as Executive Vice President, Chief Legal Officer, starting January 1, 2021, pending regulatory approvals. Sottosanti has been instrumental in the company's growth, overseeing key acquisitions. Ko brings extensive regulatory experience and is expected to continue enhancing Penn National's legal strategies as the company focuses on expanding its gaming and sports betting operations.
Penn National Gaming (PENN) is set to launch its first retail-branded Barstool Sportsbook at Ameristar Casino Resort Spa Black Hawk today at 4:00 PM MT, pending final regulatory approvals. This marks a significant expansion into retail sports betting for the company, expected to enhance customer engagement. The new sportsbook features state-of-the-art facilities, including betting kiosks and a large video wall, aiming to create an engaging environment for sports fans. With 41 properties across 19 states, Penn National continues to strengthen its innovative omni-channel gaming approach.
Penn National Gaming reported strong financial performance for Q3 2020, with revenues of $1,129.7 million and an Adjusted EBITDAR of $452.6 million. Despite challenges from Hurricane Laura and ongoing capacity restrictions, the Company achieved record EBITDAR margins. Traffic to the newly launched Barstool Sportsbook app surged, with nearly 48,000 registrations and a total handle of $78 million in its first 37 days. Penn National also raised $982 million in capital, boosting its cash reserves to $1.9 billion.
Penn National Gaming (PENN) has announced plans to support the recovery of Reading Terminal Market in Philadelphia, significantly impacted by COVID-19. The company will match first-time deposits of $100 or more on the Barstool Sportsbook app with a $100 donation, aiming to raise a total of $250,000 for the Market, which currently has about $115,000 remaining in its GoFundMe fund. This initiative is part of their strategic partnership with Barstool Sports. Penn National operates 41 properties across 19 states, enhancing its offerings in retail and online gaming.
Penn National Gaming (PENN: Nasdaq) will release its 2020 third quarter financial results on October 29, 2020, at 7:00 a.m. ET. The company will host a conference call and webcast at 9:00 a.m. ET, open to the public. Callers should dial 212/231-2905 five minutes early to connect. Interested parties can also listen online via www.pngaming.com. A replay will be available for 30 days on the same website. Penn National operates 41 properties across 19 states, featuring various gaming and sports betting options.
Penn National Gaming has successfully closed an underwritten public offering of 16,100,000 shares of its common stock, including 2,100,000 shares from underwriters' exercised options. The offering aims to bolster the company's omni-channel strategy, enhancing the Barstool Sportsbook app and other interactive gaming initiatives. As of June 30, 2020, net traditional debt stood at approximately $1 billion. The company anticipates consolidated revenues for 3Q20 between $1,040 million to $1,145 million, maintaining confidence in its long-term success in gaming.