Penn Ent (PENN) Stock News

HG Vora Capital Management announced that its independent director nominees Johnny Hartnett and Carlos Ruisanchez were elected to PENN Entertainment's Board of Directors at the 2025 Annual Meeting. Over 55% of votes were cast on HG Vora's GOLD proxy card, indicating strong shareholder support for change. William Clifford, HG Vora's third nominee, received majority support despite the company's refusal to acknowledge his nomination. The meeting also saw shareholders reject PENN's Say-On-Pay proposal, with over 60% voting against it and only 25% of outstanding shares approving. This outcome represents a clear mandate from shareholders for significant changes in PENN's governance and direction.

PENN Entertainment (NASDAQ: PENN) announced the successful election of two new directors, Johnny Hartnett and Carlos Ruisanchez, at its 2025 Annual Meeting of Shareholders. Both directors bring significant digital and retail gaming expertise to the board. The company emphasized its commitment to executing its omni-channel strategy, focusing on improving Interactive segment profitability, driving business growth, strengthening its balance sheet, reducing debt, and enhancing shareholder returns. PENN's board acknowledged ongoing shareholder engagement and plans to incorporate feedback regarding board composition, executive compensation, and strategic priorities.

HG Vora Capital Management, owning 4.80% of PENN Entertainment (NASDAQ: PENN), is urging shareholders to vote for their three independent director nominees at the upcoming Annual Meeting on June 17, 2025. The nominees - William Clifford, Johnny Hartnett, and Carlos Ruisanchez - have received recommendations from leading proxy advisory firms ISS and Egan-Jones. HG Vora has filed a definitive proxy statement and is using a GOLD proxy card for the election. The investment firm currently holds 7,250,000 shares of PENN through its Master Fund and Downriver entities, with Mr. Ruisanchez personally owning 3,150 shares. Shareholders can contact Okapi Partners for voting assistance.

PENN Entertainment has responded to an ISS report regarding its upcoming 2025 Annual Meeting of Shareholders. Both PENN and HG Vora are recommending the same two candidates - Johnny Hartnett and Carlos Ruisanchez - for the two available director seats. ISS acknowledged PENN's open-mindedness in evaluating HG Vora's nominees. After the Annual Meeting, 75% of PENN's directors will have joined since 2019. The company expressed concerns about William Clifford's candidacy, citing his past opposition to key initiatives during his tenure as CFO and his antiquated industry views. PENN noted that attempts at resolution with HG Vora were unsuccessful, and HG Vora's violation of institutional waivers by gaming regulators limited their influence on company governance.

PENN Entertainment (NASDAQ: PENN) has announced the grand opening of its new Hollywood Casino Joliet in Illinois on August 11, nearly six months ahead of schedule. The state-of-the-art facility will anchor the Rock Run Collection development, strategically located near the I-80 and I-55 interchange with 230,000 daily passing vehicles.

The new land-based casino will feature 1,000 slots, 43 live table games, a baccarat room, an ESPN BET sportsbook, and a 10,000 sq ft event center. The facility will employ approximately 600 team members, adding 200 new jobs. Notable dining attractions include Sorellina by celebrity chef Giada De Laurentiis and the Boulevard Food & Drink Hall featuring concepts from renowned chefs.

The $185 million project will be partially funded with approximately $130 million from Gaming and Leisure Properties, Inc. in Q3.

PENN Entertainment (NASDAQ: PENN) has issued a letter to shareholders addressing misstatements made by HG Vora in their recent 116-page investor presentation. The company clarifies that while HG Vora successfully achieved changes to PENN's Board composition, with their nominees representing 25% of the continuing Board after the 2025 Annual Meeting, settlement attempts failed due to HG Vora's demands violating gaming regulator directives.

PENN emphasizes its 30-year track record of regulatory compliance and criticizes HG Vora for disregarding gaming regulatory requirements in their attempt to influence the company. The Board refutes HG Vora's claims regarding excessive management compensation, corporate aircraft misuse, and insider trading, stating these allegations are not supported by public disclosure facts.

HG Vora Capital Management, holding approximately 4.80% of PENN Entertainment (NASDAQ: PENN) shares, has released a comprehensive investor presentation ahead of the company's 2025 Annual Meeting on June 17. The activist investor is pushing for significant board changes, nominating three independent directors: William Clifford, Johnny Hartnett, and Carlos Ruisanchez.

HG Vora criticizes PENN's current leadership for poor performance, strategic missteps, and inadequate corporate governance. The firm is urging shareholders to vote using their GOLD proxy card to support the nomination of these three candidates, aiming to restore oversight and accountability to what they describe as an entrenched board.

PENN Entertainment (NASDAQ: PENN) and Shake Shack (NYSE: SHAK) have announced a strategic licensing partnership to open ten Shake Shack locations across PENN's casino properties nationwide. The first two locations are scheduled to open in 2026 at Hollywood Casino Toledo, Ohio and River City Casino Hotel in St. Louis, Missouri, subject to regulatory approvals.

This expansion represents Shake Shack's significant move into the entertainment space, allowing the burger brand to extend its reach and bring its signature dining experience to new markets. The partnership aligns with PENN Entertainment's ongoing initiative to enhance its properties with upgraded dining and entertainment options.

Shake Shack (NYSE: SHAK) and PENN Entertainment (Nasdaq: PENN) have announced a strategic licensing partnership to open ten new Shake Shack locations across PENN's casino properties nationwide. The first two locations are scheduled to open in 2026 at Hollywood Casino Toledo, Ohio and River City Casino Hotel in St. Louis, Missouri, subject to regulatory approvals.

This expansion represents Shake Shack's significant move into the entertainment space, allowing the burger brand to explore flexible formats and extend its reach to new U.S. regions. The partnership aligns with PENN Entertainment's strategy to enhance its properties with upgraded dining and entertainment options.