Register here: http://gg.gg/p13ib
WYOMISSING, Pa. & LAWRENCEBURG, Ind.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that Hollywood Casino Lawrenceburg expects to start offering sports betting at Hollywood Casino Lawrenceburg on September 1st, subject to any required regulatory approvals.
*Penn National Sports Betting
*Penn National Hollywood Casino Sports Betting
*Penn National Horse Racing
*Penn National Sports Betting Pennsylvania
Hollywood Sportsbook PA Sports Betting Review Pennsylvania’s homegrown casino company Penn National was the first to apply for a sports betting license. It was the first to be approved too. Then it was the first to launch a Pennsylvania sportsbook. A casino company is buying Barstool Sports in a $450 million deal Penn National Gaming is buying the online publisher — which can thank sports betting and the Supreme Court for the deal. & LAWRENCEBURG, Ind. (BUSINESS WIRE)-Aug. 21, 2019- Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that Hollywood Casino Lawrenceburg expects to start offering sports betting at Hollywood Casino Lawrenceburg on September 1 st, subject to any required regulatory approvals. As the first physical sportsbook to launch in the Pennsylvania market, Hollywood Casino at Penn National gained an impressive head start establishing its brand, soon to be followed with an online sports betting site powered by William Hill. Unfortunately, Penn National has yet to launch an online product but hopes to do so sometime in 2020.
Timothy J. Wilmott, Chief Executive Officer, commented: “Penn National is excited to soon begin offering sports wagering for our customers in Southeast Indiana. The enthusiasm around sports betting has been growing since the federal ban was repealed last year, and we look forward to providing our patrons with another great amenity to enjoy at our facility.”
Hollywood Casino Lawrenceburg’s new sports book will be conveniently located inside of the Hops House 99 sports bar, which will include a wagering counter with ticket writer stations as well as dozens of new televisions for customers to watch and wager on sporting events taking place across the country and around the world. Kiosks will be available throughout the facility to support thousands of sports betting options for patrons.
“Our customers can’t wait to begin wagering on sports,” said Ryan Coppola, Assistant General Manager at Hollywood Casino Lawrenceburg. “This region is a hotbed of both professional sports and college athletics, and we hope to become a destination for fans from Indiana, Ohio, and Kentucky.”
Cincinnati legends Anthony Munoz and Tony Perez will participate in a ceremonial ribbon cutting at Hollywood Casino Lawrenceburg on September 7th. Munoz is considered by many to be the best offensive lineman of all time, while Perez was a cornerstone of the famed “Big Red Machine” and went on to be inducted into the Baseball Hall of Fame in 2000.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The Company operates 41 facilities in 19 jurisdictions. In total, Penn National Gaming’s facilities feature approximately 50,500 gaming machines, 1,300 table games and 8,800 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected impact of sports betting on the Company’s operations. These statements can be identified by the use of forward looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “seeks,” “may,” “will,” “should” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, among others, statements concerning: the expected opening date of the sportsbook at Hollywood Casino Lawrenceburg; the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to sportsbooks and the impact of any such actions; our ability and the ability of our business partners to obtain and maintain regulatory approvals for the sportsbook at Hollywood Casino Lawrenceburg; and our expectations regarding the financial and operational impact of opening a sportsbook at Hollywood Casino Lawrenceburg. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to entering into a new line of business, including the impact of rapid competition from other companies for online sports betting, iGaming and sportsbooks; the ability of the Company and our business partners in connection with the sportsbook to obtain timely regulatory approvals required to own, develop and/or operate a sportsbook may be delayed and there may be impediments and increased costs to opening the sportsbook; risks related to the commencement of real money online gaming and sports betting, employee retention, cyber-security, data privacy, intellectual property and legal and regulatory challenges; the possibility that the anticipated benefits of the opening the sportsbook are not realized when expected or at all; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the United States Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Penn National Gaming recently reported a strong earnings quarter, goosed along by its buy-in and branding with Barstool Sports, which has rolled out as an online sports gambling app in PA, the state where the regional company was born and operates two casinos, Hollywood and the Meadows.
Despite lockdowns and continuing limited capacity at its brick-and-mortar properties, the company’s third-quarter revenue fell just 12% year over year.
At the same time, net income grew 227% to $141.2 million. Operating margin was up slightly, and PENN posted record-high EBITDAR (Earnings Before Interest, Taxes, Depreciation and Amortization, plus Rent).
Larger companies reliant on fly-in destination gambling halls have not fared well in the virus recovery phase. But Penn has regained business faster.PETA wants a say about horse racing at Penn properties
However, a new wrinkle has emerged since the earnings call.
PETA announced it had made an activist purchase of undisclosed amounts of PENN stock and shares in VICI Properties, Boyd Gaming and Gaming and Leisure Properties, which owns some of the real estate where Penn operates. Each operator owns horse tracks in conjunction with casinos.
In addition to Penn National’s two PA facilities, the Meadows and Penn National, the companies own or operate:
*Charles Town (Penn National owned)
*Mahoning Valley Racecourse (operated by Penn National)
*Retama Park (managed by Penn National)
*Sam Houston (owned by Penn National)
*Zia Park (owned and operated by Penn National)
*Mountaineer Park
*Thistledown
*Belterra
*Evangeline Downs
*Delta Downs
The animal welfare organization wants to use its stock ownership to press for replacing dirt tracks with synthetic ones, banning trainers with multiple medication violations and banning whipping. There are other demands, too.
A PETA spokesperson said:
“PETA is eager to get inside the boardroom and push racetracks to make simple changes that will make a world of difference for vulnerable horses.”
How that activism will shake out for Penn and other track owners remains to be seen.Motley Fool likes $PENN stock
Meanwhile, the Motley Fool had this assessment of PENN’s performance:
“Penn is now expected to earn $1.39 per share next year versus $0.17 just three months ago. Rolling out online gambling platforms will not be cheap, and this source of cash helps ensure Penn can compete as effectively as possible in the growing sports betting space. To further boost liquidity, the company did raise close to a billion dollars in new equity last month. It used the proceeds to pay down $670 million in net debt, thus deleveraging its balance sheet considerably.
“Penn’s brick-and-mortar properties will not be where the company creates investor excitement or company growth. It will, however, be the source of funds to pay for the growth projects Penn is orchestrating.”
Motley Fool is bullish on Penn’s future and its “omnichannel strategy” in the gambling market.Barstool boosted Penn earnings in Q3
Much of the success in selling additional stock appears attributable to a 36% stake in Barstool Sports, which stands to increase to 50% in the near term.Penn National Sports Betting
Penn and Barstool made a strong debut of their online sports gambling app last month, ratcheting up interest in the company and its stock.
The app boasts 48,000 Pennsylvanian users as of the company’s most recent update and puts the upstart in the company of market leaders FanDuel and DraftKings. By our count based on September’s revenue report, Barstool is on pace to capture around 15% market share in PA.
According to the investor presentation, Michigan will get the next app rollout before the end of the year, and four Barstool-branded retail spaces should roll out between November and January. The book at Penn National is closed except for kiosks, awaiting a makeover.Snowden believes Barstool will bootstrap the company
Jay Snowden, the CEO of Penn, was bullish on the Barstool build-out and how he thinks it will grow the company overall. He said:
“With Barstool actively promoting our retail and online sports betting offerings to their massive and growing audience, we believe we can retain and cross-sell these customers to visit our land-based casinos and play our iCasino products.”
While the stock had zoomed along in the mid-$70 range in early October, the fervor has abated, and the shares recently have been in the low to mid-$50 range.Penn National Hollywood Casino Sports BettingProceeding with caution and a boost from election results
While many analysts believe PENN is either a hold or a buy stock, there are some cautions out there.
Jim Cramer, who had talked up the stock when the Barstool buy was new, recently said he now suggests allowing the stock to trade down a bit before buying.Penn National Horse Racing
And the site Simply Wall Street has pointed out that the share price has had lots of volatility during the last three months, there’s been lots of insider selling and the stock sales — successful for raising cash — have diluted the value of individual shares.
That said, $PENN is currently getting an election boost, trading at over $60 Wednesday, as additional states pass pro-gambling and sports betting legislation.100% Match Over Two DepositsPenn National Sports Betting Pennsylvania100% Up To $502 On First Two Deposits
Register here: http://gg.gg/p13ib
https://diarynote-jp.indered.space
WYOMISSING, Pa. & LAWRENCEBURG, Ind.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that Hollywood Casino Lawrenceburg expects to start offering sports betting at Hollywood Casino Lawrenceburg on September 1st, subject to any required regulatory approvals.
*Penn National Sports Betting
*Penn National Hollywood Casino Sports Betting
*Penn National Horse Racing
*Penn National Sports Betting Pennsylvania
Hollywood Sportsbook PA Sports Betting Review Pennsylvania’s homegrown casino company Penn National was the first to apply for a sports betting license. It was the first to be approved too. Then it was the first to launch a Pennsylvania sportsbook. A casino company is buying Barstool Sports in a $450 million deal Penn National Gaming is buying the online publisher — which can thank sports betting and the Supreme Court for the deal. & LAWRENCEBURG, Ind. (BUSINESS WIRE)-Aug. 21, 2019- Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National” or the “Company”) announced today that Hollywood Casino Lawrenceburg expects to start offering sports betting at Hollywood Casino Lawrenceburg on September 1 st, subject to any required regulatory approvals. As the first physical sportsbook to launch in the Pennsylvania market, Hollywood Casino at Penn National gained an impressive head start establishing its brand, soon to be followed with an online sports betting site powered by William Hill. Unfortunately, Penn National has yet to launch an online product but hopes to do so sometime in 2020.
Timothy J. Wilmott, Chief Executive Officer, commented: “Penn National is excited to soon begin offering sports wagering for our customers in Southeast Indiana. The enthusiasm around sports betting has been growing since the federal ban was repealed last year, and we look forward to providing our patrons with another great amenity to enjoy at our facility.”
Hollywood Casino Lawrenceburg’s new sports book will be conveniently located inside of the Hops House 99 sports bar, which will include a wagering counter with ticket writer stations as well as dozens of new televisions for customers to watch and wager on sporting events taking place across the country and around the world. Kiosks will be available throughout the facility to support thousands of sports betting options for patrons.
“Our customers can’t wait to begin wagering on sports,” said Ryan Coppola, Assistant General Manager at Hollywood Casino Lawrenceburg. “This region is a hotbed of both professional sports and college athletics, and we hope to become a destination for fans from Indiana, Ohio, and Kentucky.”
Cincinnati legends Anthony Munoz and Tony Perez will participate in a ceremonial ribbon cutting at Hollywood Casino Lawrenceburg on September 7th. Munoz is considered by many to be the best offensive lineman of all time, while Perez was a cornerstone of the famed “Big Red Machine” and went on to be inducted into the Baseball Hall of Fame in 2000.
About Penn National Gaming
Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The Company operates 41 facilities in 19 jurisdictions. In total, Penn National Gaming’s facilities feature approximately 50,500 gaming machines, 1,300 table games and 8,800 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected impact of sports betting on the Company’s operations. These statements can be identified by the use of forward looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “seeks,” “may,” “will,” “should” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, among others, statements concerning: the expected opening date of the sportsbook at Hollywood Casino Lawrenceburg; the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to sportsbooks and the impact of any such actions; our ability and the ability of our business partners to obtain and maintain regulatory approvals for the sportsbook at Hollywood Casino Lawrenceburg; and our expectations regarding the financial and operational impact of opening a sportsbook at Hollywood Casino Lawrenceburg. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to entering into a new line of business, including the impact of rapid competition from other companies for online sports betting, iGaming and sportsbooks; the ability of the Company and our business partners in connection with the sportsbook to obtain timely regulatory approvals required to own, develop and/or operate a sportsbook may be delayed and there may be impediments and increased costs to opening the sportsbook; risks related to the commencement of real money online gaming and sports betting, employee retention, cyber-security, data privacy, intellectual property and legal and regulatory challenges; the possibility that the anticipated benefits of the opening the sportsbook are not realized when expected or at all; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, each as filed with the United States Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur.
Penn National Gaming recently reported a strong earnings quarter, goosed along by its buy-in and branding with Barstool Sports, which has rolled out as an online sports gambling app in PA, the state where the regional company was born and operates two casinos, Hollywood and the Meadows.
Despite lockdowns and continuing limited capacity at its brick-and-mortar properties, the company’s third-quarter revenue fell just 12% year over year.
At the same time, net income grew 227% to $141.2 million. Operating margin was up slightly, and PENN posted record-high EBITDAR (Earnings Before Interest, Taxes, Depreciation and Amortization, plus Rent).
Larger companies reliant on fly-in destination gambling halls have not fared well in the virus recovery phase. But Penn has regained business faster.PETA wants a say about horse racing at Penn properties
However, a new wrinkle has emerged since the earnings call.
PETA announced it had made an activist purchase of undisclosed amounts of PENN stock and shares in VICI Properties, Boyd Gaming and Gaming and Leisure Properties, which owns some of the real estate where Penn operates. Each operator owns horse tracks in conjunction with casinos.
In addition to Penn National’s two PA facilities, the Meadows and Penn National, the companies own or operate:
*Charles Town (Penn National owned)
*Mahoning Valley Racecourse (operated by Penn National)
*Retama Park (managed by Penn National)
*Sam Houston (owned by Penn National)
*Zia Park (owned and operated by Penn National)
*Mountaineer Park
*Thistledown
*Belterra
*Evangeline Downs
*Delta Downs
The animal welfare organization wants to use its stock ownership to press for replacing dirt tracks with synthetic ones, banning trainers with multiple medication violations and banning whipping. There are other demands, too.
A PETA spokesperson said:
“PETA is eager to get inside the boardroom and push racetracks to make simple changes that will make a world of difference for vulnerable horses.”
How that activism will shake out for Penn and other track owners remains to be seen.Motley Fool likes $PENN stock
Meanwhile, the Motley Fool had this assessment of PENN’s performance:
“Penn is now expected to earn $1.39 per share next year versus $0.17 just three months ago. Rolling out online gambling platforms will not be cheap, and this source of cash helps ensure Penn can compete as effectively as possible in the growing sports betting space. To further boost liquidity, the company did raise close to a billion dollars in new equity last month. It used the proceeds to pay down $670 million in net debt, thus deleveraging its balance sheet considerably.
“Penn’s brick-and-mortar properties will not be where the company creates investor excitement or company growth. It will, however, be the source of funds to pay for the growth projects Penn is orchestrating.”
Motley Fool is bullish on Penn’s future and its “omnichannel strategy” in the gambling market.Barstool boosted Penn earnings in Q3
Much of the success in selling additional stock appears attributable to a 36% stake in Barstool Sports, which stands to increase to 50% in the near term.Penn National Sports Betting
Penn and Barstool made a strong debut of their online sports gambling app last month, ratcheting up interest in the company and its stock.
The app boasts 48,000 Pennsylvanian users as of the company’s most recent update and puts the upstart in the company of market leaders FanDuel and DraftKings. By our count based on September’s revenue report, Barstool is on pace to capture around 15% market share in PA.
According to the investor presentation, Michigan will get the next app rollout before the end of the year, and four Barstool-branded retail spaces should roll out between November and January. The book at Penn National is closed except for kiosks, awaiting a makeover.Snowden believes Barstool will bootstrap the company
Jay Snowden, the CEO of Penn, was bullish on the Barstool build-out and how he thinks it will grow the company overall. He said:
“With Barstool actively promoting our retail and online sports betting offerings to their massive and growing audience, we believe we can retain and cross-sell these customers to visit our land-based casinos and play our iCasino products.”
While the stock had zoomed along in the mid-$70 range in early October, the fervor has abated, and the shares recently have been in the low to mid-$50 range.Penn National Hollywood Casino Sports BettingProceeding with caution and a boost from election results
While many analysts believe PENN is either a hold or a buy stock, there are some cautions out there.
Jim Cramer, who had talked up the stock when the Barstool buy was new, recently said he now suggests allowing the stock to trade down a bit before buying.Penn National Horse Racing
And the site Simply Wall Street has pointed out that the share price has had lots of volatility during the last three months, there’s been lots of insider selling and the stock sales — successful for raising cash — have diluted the value of individual shares.
That said, $PENN is currently getting an election boost, trading at over $60 Wednesday, as additional states pass pro-gambling and sports betting legislation.100% Match Over Two DepositsPenn National Sports Betting Pennsylvania100% Up To $502 On First Two Deposits
Register here: http://gg.gg/p13ib
https://diarynote-jp.indered.space
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