Penn Ent Stock Price, News & Analysis

Penn National Gaming reported strong Q4 2021 results, with revenues of $1.6 billion, up $545.1 million YoY. Net income reached $44.8 million, a significant increase from $12.7 million in the previous year. The company authorized a $750 million share repurchase program to enhance shareholder value. Looking ahead, Penn National set 2022 revenue guidance between $6.07 billion and $6.39 billion, alongside an Adjusted EBITDAR forecast of $1.85 billion to $1.95 billion. Strategic acquisitions and technology upgrades are expected to drive growth.

Penn National Gaming (PENN) is poised to enter the Ontario sports betting and iGaming market, set to launch on April 4, 2022. With its subsidiary, theScore, the company aims to capitalize on the new regulatory environment, enhancing its position as a leading digital sports media brand. Both CEOs, Jay Snowden and John Levy, expressed enthusiasm for the opportunity and recognized the Ontario government's efforts in establishing a robust gaming framework. Pre-launch preparations are underway, including compliance certification from Gaming Labs International, crucial for theScore Bet's successful launch.

Penn National Gaming has received approval from the Louisiana Gaming Control Board to launch its online sports betting platform. The Barstool Sportsbook app is set to go live on January 28 at 8:00 AM CST. This expansion marks Louisiana as the twelfth state for the Barstool Sportsbook, which aims to enhance the entertainment experience for retail casino customers and loyalty program members. Penn National operates five gaming facilities in Louisiana and continues its evolution as a leading omni-channel provider in gaming and sports betting.

Penn National Gaming will announce its 2021 fourth quarter financial results on February 3, 2022, at 7:00 a.m. ET. A conference call will follow at 9:00 a.m. ET, accessible to the public via phone and webcast. Interested participants can call 212/231-2938 or join online at www.pngaming.com. Penn National operates 44 properties across 20 states, focusing on retail and online gaming, sports betting, and more. The company continues to innovate, bolstered by partnerships with Barstool Sports and theScore.

Penn National Gaming is set to open the Hollywood Casino Morgantown on December 22, subject to final regulatory approvals. This new facility, part of Penn National's expansion in Pennsylvania, will feature 750 slot machines, 30 table games, and a Barstool Sportsbook. It represents a $111 million investment and aims to create approximately 375 jobs. The grand opening will include invitation-only test days with proceeds benefitting local charities. This marks the company's fourth casino in Pennsylvania.

Penn National Gaming has announced a commitment of over $4 million to establish a new STEM Scholarship Program in partnership with Historically Black Colleges and Universities (HBCUs). This initiative, aimed at promoting diversity and equity in education, will provide scholarships and internships to students in states where Penn National operates. Initial participating HBCUs include Norfolk State University, Bowie State University, and Wilberforce University. This program is an extension of the company’s efforts to support underrepresented communities and foster career opportunities in the gaming industry.

Penn National Gaming reported Q3 2021 revenues of $1.5 billion, up $382.1 million YoY, and adjusted EBITDAR of $480.3 million, representing a 31.8% margin. Net income dropped to $86.1 million from $141.2 million last year. Key milestones included the launch of the Barstool Sportsbook app in five states, further expanding to ten states, and the acquisition of Score Media and Gaming. Challenges in Q3 arose from Hurricane Ida and the Delta variant, impacting profits by roughly $30 million. The company maintains a strong balance sheet with $3.4 billion in liquidity.

Penn National Gaming (NASDAQ: PENN) has completed its acquisition of Score Media and Gaming Inc. for approximately $2 billion in cash and stock. This strategic move positions Penn as a leader in North America's digital sports content and gaming industry. TheScore, a top sports media app, will enhance Penn's digital media and gaming strategy by integrating its media and betting platform. The acquisition allows Penn to enter the Canadian gaming market, leveraging its synergies with Barstool Sports for improved customer engagement and retention.