Penn National Gaming, Inc.NASDAQ
What Do You Do With Penn National Gaming?
Penn National Gaming: Peers Look Better
Fri, Oct. 21, 1:20 PM
- Penn National Gaming (NASDAQ:PENN) promotes William (“B.J.”) J. Fair as Executive Vice President and Chief Financial Officer, effective January 1, 2017. Mr. Fair, will report directly to Chief Executive Officer, Timothy J. Wilmott.
- Saul V. Reibstein, will step down from the position of CFO at the end of this year and will assume a transitional role with the company till mid-2017 to ensure a transfer of his CFO responsibilities to Mr. Fair.
- Mr. Wilmott added, “BJ brings a solid record of corporate growth, strategic development and financial experience to his new role, and he’ll be working alongside a deep and experienced team of operations, marketing, project development and legal professionals to help him execute on our strategic growth initiatives and our near-term priorities to de-lever and strengthen our balance sheet.”
- Press Release
Mon, Sep. 26, 9:50 AM
- The American Gaming Association is hosting the Global Gaming Expo in Las Vegas this week.
- Areas of focus during the confab are expected to include e-sports, online gaming opportunities in the U.S., M&A trends, and how the industry can increase millennial traffic to casinos.
- The event has the usual all-star roster of gaming industry speakers, although the highlight may be former NBA Commissioner David Stern's participation on a CEO roundtable set for Thursday that will delve into sports betting.
- Related stocks: OTCPK:EIHDF, OTC:BTFRF, OTCPK:PYGMF, OTCPK:PDYPY, OTC:WIMHF, OTCPK:WIMHY, RRR, CZR, MGM, BYD, OTC:LDBKF, OTCPK:LDBKY, OTCPK:RANKF, DUEL, DDAY, DRAFT, GDEN, NYNY, CHDN, FLL, PENN, SGMS, CNTY, OTCQB:TPCA, LVS, ERI.
- Related ETF: BJK.
Thu, Sep. 1, 10:11 AM
- Casino stocks are racing higher after the first month of positive revenue growth was reported in Macau in over two years.
- The gaming sector is also still on a high from yesterday's news of vibrant revenue gains on the Las Vegas Strip.
- Notable gainers include Melco Crown (MPEL +7.3%), Wynn Resorts (WYNN +5.4%), Las Vegas Sands (LVS +5.6%), MGM Resorts (MGM +2.8%), Boyd Gaming (BYD +1.7%), Caesars Entertainment (CZR +1.3%), and Penn National Gaming (PENN +0.4%).
- Previously: Revenue at Strip casinos soars in July (Aug. 31)
- Previously: Macau ends long losing streak (Sept. 1)
- Related ETF: BJK.
Thu, Aug. 25, 11:03 AM
- The Oakland Raiders filed several trademark applications with the USPTO using "Las Vegas Raiders" in the phrasing.
- A move by the Raiders to Vegas is of high interest to Las Vegas Sands (NYSE:LVS) which is backing a domed stadium proposal and to MGM Resorts (NYSE:MGM) with its high mix of Strip properties.
- The two casinos closest to the proposed stadium site off the Strip are the MGM Grand and the Tropicana Las Vegas owned by Penn National Gaming (NASDAQ:PENN).
- Related ETF: BJK
Wed, Aug. 10, 9:10 AM
- Former NBA Commissioner David Stern will make a key speech at the Global Gaming Expo next month in which he will present the case for legalizing sports betting, according to ESPN.
- Stern's turnaround on sports betting lines him up with the views of current NBA commissioner Adam Silver who supports a federal framework of betting regulations. The NBA has a small stake in FanDuel (Private:DUEL) in what could be considered a bit of a hedge.
- Sports betting is slated to be a major focus of the Global Gaming Expo scheduled for September 26-September 29 at the Sands Expo. The Nevada Gaming Commission is also considering allowing remote wagering from all 50 states in what could be a major disruption to the industry if passed.
- Earlier this week, a federal court blocked New Jersey from offering legalized sports betting as it upheld the Professional and Amateur Sports Protection Act.
- POTUS watch: Both Donald Trump and Hillary Clinton have offered some support for legalized sports betting in prior comments, but don't have well-defined positions on the issue.
- Broadly-related stocks: ISLE, PENN, PNK, BYD, GLPI, CHDN, MCRI, OTCQB:TPCA, CNTY, ERI, NYNY, DDE, UWN, FLL, CZR, CACQ, MGM, LVS, WYNN, DRAFT, DDAY, OTCPK:DTFSF, ZNGA, OTC:WIMHF, AYA, OTCPK:EIHDF, SGMS, OTCQB:GLXZ.
Wed, Aug. 3, 7:15 AM
- Penn National Gaming (NASDAQ:PENN) announces today that it acquired social games maker Rocket Games for approximately $60M. Rocket’s library of over 50 social casino games feature hits such as Viva Slots Las Vegas, Downtown Deluxe Slots, Triple Double Slots and Vegas Jackpot Casino, along with popular licensed titles such as Popeye Classic Slots.
- The deal includes some potential earn-out payments for certain members of the Rocket Games management team.
- The transaction is expected to be immediately accretive to Penn National’s operating results.
- Rocket generated approximately $5.6M of operating EBITDA during the six month period ended June 30, 2016.
- Source: Press Release
Thu, Jul. 28, 7:07 AM
Mon, Jul. 11, 10:49 AM
- Wells Fargo issues a detailed report on the gaming sector to clients.
- The headline item is the firm's forecast for a 8% to 10% decline in Macau revenue for July (consensus -5.8%). Aside from the soft read on Macau, Wells does point to some improved trends at regional casinos in the U.S. Iowa, Illinois, Ohio, and Maryland all saw revenue growth in June. Tracking from Wells indicates rates for MGM Resorts properties are up 3% Y/Y in July and 9% for August
- On a year-to-date view, gaming stocks are +3% to trail the +4% performance of the S&P 500.
- The gaming stocks currently rated Outperform by Wells are listed below.
- Gaming and Leisure Properties (NASDAQ:GLPI): "We remain positive on GLPI given its attractive relative valuation, and stable dividend."
- Red Rock Resorts (Pending:RRR): "RRR has the best assets in a growing market with high barriers to entry, in our view."
- Churchill Downs (NASDAQ:CHDN): "CHDN has iconic, high ROIC, and fast growing assets, with significant earnings and dividend growth potential, in our view."
- MGM Resorts (NYSE:MGM): "We see positive risk-reward based on a strong Las Vegas outlook."
- Penn National Gaming (NASDAQ:PENN): "We believe PENN is undervalued given significant FCF and growth opportunities."
- Related ETF: BJK.
Thu, Jun. 9, 2:45 PM
- Casino operators continue to find new ways to generate sales with gaming revenue under some pressure. The last round of quarterly reports from the sector indicated strong RevPAR numbers which means the hotel and restaurant side of the business is working well.
- A scan of Nevada gaming data over a 12-month period (5/1/15-4/30/16) might reveal some broader trends across the U.S. as the millennial generation factors into the equation.
- Nevada games and table win revenue -4.03% to $4.096B. Win percentage 13.14% vs. 12.60% for the preceding year. Baccarat and roulette fell off during the one-year period, while craps and new games contributed positively.
- Slot machine win revenue +2.8% to $7.013B. Win percentage 6.56% vs. 6.45% for the preceding year. Revenue from penny slots was up 7% Y/Y.
- Sports betting revenue growth: Football -2%; Baseball +79%; Basketball +17%; Parlays -34%.
- Sports betting win % comparisons: Football 5.4% vs. 5.5% prior; Baseball 4.3% vs. 3.1% prior; Basketball 5.2% vs. 5.1% prior; Parlays 26%. vs. 39% prior.
- Source: Nevada Gaming Control Board reports
- Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, ISLE, DRII, PNK, PENN, NYNY, OTCQB:TPCA, ERI.
- Related ETF: BJK.
Fri, May 27, 10:06 AM
- The talk at the East Coast Gaming Congress and iGaming Institute conference was on the impact of proposed casinos in northern New Jersey near New York City.
- Voters in New Jersey will decide the issue in November, but it's what happens in New York if the measures passes that is creating the buzz. Some industry insiders think the Big Apple will consider allowing gambling inside Manhattan due to the threat just across the Hudson.
- "New York City will retaliate violently," summed up Resorts Casino Hotel president Mark Giannantonio.
- The prognosis on Atlantic City is that the city will lose three to five of its existing casinos if gambling opens up to the north.
- Related stocks: BYD, CZR, MGM, NYNY, PENN.
Thu, Apr. 28, 7:12 AM
- Penn National (NASDAQ:PENN): Q1 EPS of $0.26 beats by $0.03.
- Revenue of $756.45M (+13.9% Y/Y) in-line.
Tue, Apr. 5, 10:41 AM
- MGM Resorts (MGM -1.2%) debuts its new 20K-seat arena in Las Vegas tomorrow with a performance by local band The Killers.
- Guns N' Roses, Billy Joel, Nicki Minaj, and Janet Jackson are also scheduled for concerts at the new venue over the next six weeks.
- MGM, which already has the Pac-12 basketball tournament lined up for next year at the arena, sees attracting a large number of high-profile sports events. The long-term plan is to lure a NHL or NBA team (or both) to Las Vegas in a development that could be a benefit to other Strip operators such as Wynn Resorts (NASDAQ:WYNN), Caesars Entertainment (NASDAQ:CZR), Penn National Gaming (NASDAQ:PENN) via The Tropicana, and Las Vegas Sands (NYSE:LVS) via The Venetian. On that note, professional sports commissioners have been less standoffish to Las Vegas expansion with regional gambling now found in nearly all major cities.
- Naming rights to the modern arena went to T-Mobile (NASDAQ:TMUS).
Tue, Mar. 29, 12:03 PM
- Penn National Gaming (PENN +5.5%) is on the move after JPMorgan boosts its price target to $22.
- The casino operator has been slowly recovering since its share price bottomed out at $12.51 in mid-February.
- Looking ahead, Penn management thinks the company can take advantage of some improving trends in Las Vegas with its enhanced Tropicana property.
Tue, Mar. 15, 3:27 PM
- Penn National Gaming (PENN -1.8%) announces it filed its 10-K with the SEC after completing its restatements for all periods following the spinoff of the company's real estate assets.
- Penn is now back in compliance with Nasdaq listing requirements.
Fri, Feb. 26, 12:26 PM
- Casino stocks are churning higher today as the mix of macroeconomic news and earnings reads continues to lean to the favorable side.
- Earlier today, casino industry supplier Scientific Games reported earnings which included a solid increase in gaming machine shipments by the company to U.S. and Canadian customers (+12% pro forma w/Bally's acquisition factored in).
- Gainers include Caesars Entertainment (CZR +11.1%), Boyd Gaming (BYD +7.5%), Isle of Capri Casinos (ISLE +3.2%), MGM Resorts (MGM +3.3%), Wynn Resorts (WYNN +2.9%), and Penn National Gaming (PENN +1.8%).
- The Market Vectors Gaming ETF (NYSEARCA:BJK) is up 1.1%, compared to a flat S&P 500 Index.
- Related: Casino Stocks Are Coming Up Aces (Feb. 23 2016)
- Related: March Madness In Las Vegas: More Proof That Gaming Has Become An Event Driven Industry (Feb. 26 2016)
Thu, Feb. 25, 3:58 PM
- The Trump Organization is considering building a casino in Las Vegas adjacent to the company's luxury hotel and condo tower on the north end of the Strip, according to a long-time business partner of Donald Trump.
- Donald Trump has a long history in Atlantic City, but has never owned a casino in Las Vegas. His son Eric Trump is running the hotel end of the business, while the GOP nomination drama plays out.
- On a broader look at development in Las Vegas, old projects on the north end of the Las Vegas Strip have been re-energized with revenue growth in the region improving. That development could be positive for Wynn Resorts and its Wynn Las Vegas and Encore properties.
- Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, PENN.