|Bid||29.27 x 800|
|Ask||29.44 x 1300|
|Day's range||28.68 - 30.25|
|52-week range||3.75 - 40.14|
|Beta (5Y monthly)||2.59|
|PE ratio (TTM)||N/A|
|Earnings date||30 Jul 2020 - 03 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||31.82|
Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn National" or the "Company") today announced that 37 of its 41 gaming and racing properties have resumed operations, representing approximately 90 percent of the Company’s regional gaming and racing portfolio in 17 of the 19 states in which it operates. The most recent property reopenings include Plainridge Park Casino in Massachusetts which reopened on July 8 and Hollywood Casino Bangor in Maine which is reopening today.
Penn National's (PENN) focus on strategic partnerships and margin-improvement initiatives bode well. However, a decline in traffic due to the coronavirus outbreak is concerning.
Earlier this year, Penn National Gaming (NASDAQ: PENN) completed the first of two planned equity purchases of Barstool Sports. The deal gave Penn 36% of Barstool with warrants to acquire up to 50% of the company at a $450 million valuation. Shares have since cooled back off to roughly $32 per share amid casino shutdowns and the halting of professional sports.
Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn National" or the "Company") today announced that 34 of its 41 gaming and racing properties have resumed operations, representing approximately 83 percent of the Company’s regional gaming portfolio in 14 of the 19 states where it operates. The latest reopenings are scheduled for today at the Company’s three Illinois casinos as well as its Prairie State Gaming video gaming terminal ("VGT") operations throughout Illinois.
Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn National" or the "Company") announced today that it has entered into a partnership with Sportradar, the global provider of sports data and content, to use official National Football League ("NFL") data on the Company’s sports betting platforms. As part of the partnership, Penn National has the ability to offer a wide array of live, in-game wagering options on NFL games at its retail sports betting locations and on its Barstool Sportsbook app, which is expected to launch in the third quarter of 2020.
Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at Penn National Gaming, Inc. (NASDAQ:PENN), ImagineAR (IPNFF) (CSE:IP), and DraftKings Inc. (NASDAQ:DKNG). Accelerating Digital Transformation is creating new opportunities in the casino and sports betting, and digital gaming business.
Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn National" or the "Company") today announced that 30 of its 41 gaming and racing properties have resumed operations, representing more than 70 percent of the Company’s regional gaming portfolio in 13 of the 19 states in which it operates. The latest reopenings will occur today at the Company’s four Ohio properties and in Pennsylvania at Hollywood Casino at Penn National Race Course.
Penn National Gaming (PENN) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Penn National (PENN) is set to resume operations in properties at Mississippi while maintaining comprehensive protocols to contain the spread of coronavirus.
Wall Street seems to think better days lie ahead for these casino operators; Red Rock Resorts' earnings call suggests that may be true.
Penn National Gaming, Inc. (NASDAQ: PENN) ("Penn National" or the "Company") announced today that on May 18, 2020, the Company successfully reopened its five casino properties in Louisiana. The Company also announced that it plans to reopen its five casinos in Mississippi on Thursday, May 21, 2020, pending final regulatory approval. The reopened facilities represent over 25% of the Company’s portfolio of regional casino assets.
Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn National" or the "Company") today announced that the underwriters of the Company’s recently completed public offering of common stock, par value $0.01 per share (the "Common Stock") and 2.75% Convertible Senior Notes due 2026 (the "Convertible Notes") have exercised their options to acquire additional shares of Common Stock and Convertible Notes, together valued at approximately $75 million. Combined with the previously announced public offering, this amount equates to an approximately $675 million dollar capital raise and is the first ever U.S. dual tranche equity/convert offering for a gaming operator.
Despite a tough first quarter, casino operators continue to move higher on expectations for a brighter future.
Casino giant Caesars’ mountains of debt raises uncertainty about its pending merger with Eldorado (ERI) amid the pandemic, says Dan Wasiolek, senior equity analyst at Morningstar.
Near the end of the trading day, shares were up about 9% from the previous day's close. Penn National today closed on the sale of $300 million in common stock and $300 million of 2.75% convertible senior notes due in 2026. After the funding, Penn National has $1.3 billion in cash and equivalents on the balance sheet and that could increase to $1.4 billion if underwriters exercise their option to acquire $90 million in additional stock and bonds.