Penn National Gaming, Inc.
 (PENN)

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  • Thu, Feb. 4, 7:12 AM
    • Penn National (NASDAQ:PENN): Q4 Adjusted EBITDA of $206.2M.
    • Revenue of $734M (+12.7% Y/Y)
    • Press Release
    | Thu, Feb. 4, 7:12 AM
  • Tue, Jan. 26, 1:38 PM
    • The U.S. casino business could generate revenue up to $93B by 2020 as growth picks up, according to a forecast by Technavio.
    • The upside could be higher for regional casinos which aren't battling to offset the loss of VIP baccarat revenue like Las Vegas operators, although Strip revenue is still seen besting 2015 totals.
    • Forecasts for Macau have been cautious due to the carnage in Chinese equity markets, although analysts note the sector will run up against soft comparables for at least the first part of the year. New openings on the Cotai Strip are expected to bring in new international visitors.
    • Related stocks: ISLE, PENN, PNK, BYD, GLPI, CHDN, MCRI, OTCQB:TPCA, CNTY, ERI, NYNY, DDE, UWN, FLL, CZR, CACQ, MGM, LVS, WYNN, MPEL, OTCPK:SJMHY, OTCPK:GXYEF.
    | Tue, Jan. 26, 1:38 PM | 4 Comments
  • Wed, Jan. 20, 10:40 AM
    • Casino stocks are getting battered as the cases for revenue recoveries in Macau and Las Vegas start to crumble. Analysts note that the correlation between stock market turmoil and a drop in VIP casino traffic is hard to ignore.
    • Major losses are being racked up by Wynn Resorts (WYNN -10.1%), Melco Crown (MPEL -9.7%), MGM Resorts (MGM -9.5%), Las Vegas Sands (LVS -8.7%), Caesars Entertainment (CZR -8.3%), Boyd Gaming (BYD -8.2%), Century Casinos (CNTY -7.6%), Pinnacle Entertainment (PNK -6.8%), and Penn National Gaming (PENN -6.1%).
    • Related ETF: BJK.
    | Wed, Jan. 20, 10:40 AM | 10 Comments
  • Fri, Jan. 8, 10:40 AM
    • Regional casino stocks are notable outperformers on the day as investors bet that a strong jobs report could help traffic. An upgrade on Boyd Gaming is also helping to tip sentiment.
    • Gainers include Isle of Capri (NASDAQ:ISLE) +3.2%, Caesars Entertainment (NASDAQ:CZR) +4.1%, Penn National Gaming (NASDAQ:PENN) +3.0%, Churchill Downs (NASDAQ:CHDN) +1.2%, and Full House Resorts (NASDAQ:FLL) +1.4%.
    • The Macau majors are also showing gains, although the rough start to the year in China has all of them in negative territory for the week. Las Vegas Sands (NYSE:LVS) is the leader on the day with a 2.7% rise, while Wynn Resorts (NASDAQ:WYNN) is level at $60.
    • Related ETF: BJK.
    | Fri, Jan. 8, 10:40 AM
  • Dec. 30, 2015, 7:12 AM
    • Penn National Gaming (NASDAQ:PENN) expects to submit new financial statement filings to the SEC no later than February 29, 2016.
    • The restatement is tied to a changes in how Penn classified master leases with GLPI.
    • Penn still sees reporting revenue of $722.5M in Q4 and adjusted EBITDA of $181.6M.
    | Dec. 30, 2015, 7:12 AM
  • Nov. 25, 2015, 9:26 AM
    • The average price for a gallon of gas in the U.S. has now dropped to $2.06 per gallon - a mark that is 27% lower than where gas prices stood heading into the holiday period last year. Despite the extra dollars in the wallets of consumers, most forecasts for holiday retail sales are on the modest side (below 4%).
    • The extended period of sub-$3 gas prices in the U.S. hasn't exactly lit consumer spending across broad retail on fire (just ask Wal-Mart) - although it has stoked auto sales for the Detroit Three (GM, F, FCAU). The regional casino sector (ISLE, PENN, BYD, ERI, MTN, MCRI) and cruise line stocks (NCLH, RCL) have also benefited more than major chain stores. Some have suggested that lower gas prices are also an understated driver for Starbucks (NASDAQ:SBUX) and Netflix (NASDAQ:NFLX) which both score high on customer stickiness.
    • What next? Seeking Alpha's Stock Pitch Contest on retail is still open until November 30 amid the reset on consumer spending expectations. Current long ideas include PLAY, FRAN, CASY, SKX, WMT, PSUN, HGG, PRTY, TJX, TA, VSTO - while short bets on WMAR, TIF, RT, AMZN, UA, LB, and OUTR are on record.
    • Related ETFs: XLP, XLY, VDC, XRT, VCR, RTH, RETL, FXG, PBJ, IYK, IYC, FXD, PEJ, FDIS, RHS, FSTA, SCC, UCC, RCD, PMR, PEZ, UGE, PSL, PSCC, PSCD, SZK, BITE.
    | Nov. 25, 2015, 9:26 AM | 49 Comments
  • Nov. 13, 2015, 4:33 PM
    • Penn National Gaming (PENN -1%) is off 0.4% after hours as it says it's received a noncompliance notice from Nasdaq, for not timely filing its 10-Q for the quarter ended Sept. 30.
    • The company notes the delay is due to a change in classifying its Master Lease with Gaming and Leisure Properties (GLPI -0.9%) to a financing obligation, from an operating lease.
    • It's the first notice of noncompliance that Penn has received from Nasdaq; it says it will file the 10-Q by year-end to regain compliance.
    • The restatement won't have an effect on cash position, leverage ratios, revenues or its rents under the Master Lease. As a result of the change in classification, it expects it will report additional liabilities of about $3.5B (the present value of future minimum lease payments to GLPI).
    | Nov. 13, 2015, 4:33 PM | 2 Comments
  • Oct. 23, 2015, 2:26 PM
    • Penn National Gaming (PENN +3.5%) will restate all of its quarterly financials going back to 2013 to reclassify rent payments made to Gaming and Leisure Partners.
    • Those payments will be recorded as a financial obligation, instead of as operating lease payments.
    • Management said the changes won't impact key performance indicators.
    • The restatements are expected to be completed by the company before the filing of its year-end report.
    • Previously: Penn National beats on revenue (Oct. 22 2015)
    | Oct. 23, 2015, 2:26 PM | 1 Comment
  • Oct. 22, 2015, 7:13 AM
    • Penn National (NASDAQ:PENN): Q3 Adjusted EBITDA of $210.1M.
    • Revenue of $739.3M (+14.5% Y/Y) beats by $11.84M.
    | Oct. 22, 2015, 7:13 AM
  • Oct. 21, 2015, 5:30 PM
    | Oct. 21, 2015, 5:30 PM | 25 Comments
  • Sep. 18, 2015, 7:52 AM
    • The Nevada Gaming Commission approved a set of rules to allow a new category of games which mix skill and chance.
    • The aim of industry players is to introduce hybrid slot machines which appeal to millennials by incorporating skills such as knowledge of trivia, strategic thinking, or dexterity. Traditional slot machines haven't been popular with millennials in general.
    • Related stocks: CZR, WYNN, SGMS, ISLE, PNK, PENN, MCRI, CNTY, IGT, MGM, BYD, OTCQB:TPCA, ATVI, TTWO, EA.
    • Related ETFs: BJK
    | Sep. 18, 2015, 7:52 AM | 8 Comments
  • Aug. 25, 2015, 2:00 PM
    • A federal appeals court in Philadelphia upheld a ruling that keeps sports betting illegal in all but four states.
    • The state of New Jersey was looking for relief in its bid to offer sports betting at casinos and racetracks across the state.The Third Circuit ruled that the state's plan to open up sports wagering violates the Professional and Amateur Sports Protection Act of 1992.
    • Nevada is the only state where it's legal to bet on individual games, although Delaware, Oregon, and Minnesota have other forms of sports betting. Legislation pending in Indiana, Minnesota, New York, South Carolina, and Texas could be stalled after the legal ruling.
    • Regional casinos and racetracks have the most to gain from sports betting legalization.
    • Related stocks: PENN, PNK, ISLE, DDE, CHDN, MCRI, CNTY, CZR, MGM, WYNN, UWN, OTCQB:TPCA, NYNY.
    | Aug. 25, 2015, 2:00 PM | 6 Comments
  • Aug. 20, 2015, 12:32 PM
    • A new report from the Association of Gaming Equipment Manufactures argues that tighter slot machines have contributed to a drop in revenue.
    • Slot hold percentages increased 6.2% from 2007 to 2014 as total slot revenue fell off.
    • Despite a variety of economic factors in play, the higher hold percentage is seen as diminishing traffic and reducing the overall time visitors spend in a casino. Some analysts have suggested a disconnect between slot machines and the interests of the under-30 generation is a larger factor.
    • Full report on slot market by the Association of Gaming Equipment Manufacturers (.pdf)
    • Related stocks: PENN, PNK, ISLE, DDE, CHDN, MCRI, CNTY, CZR, MGM, WYNN, UWN, OTCQB:TPCA, NYNY.
    | Aug. 20, 2015, 12:32 PM | 18 Comments
  • Jul. 24, 2015, 1:51 PM
    • Execs with Penn National Gaming (PENN -0.3%) discussed future initiatives during the firm's post-earnings conference call last night.
    • The new property in Massachusetts and potential revisions for the recently-acquired Tropicana in the heart of the Las Vegas Strip are being analyzed. The company is expected to take control of the Tropicana property later this year.
    • It's also making strategic investments in social gaming and has an eye on Pennsylvania where a budget impasse could lead to new gambling regulations.
    • Earnings call transcript
    • Previously: Penn National beats by $0.06, beats on revenue (July 23)
    | Jul. 24, 2015, 1:51 PM
  • Jul. 23, 2015, 7:02 AM
    • Penn National (NASDAQ:PENN): Q2 EPS of $0.19 beats by $0.06.
    • Revenue of $700.95M (+7.5% Y/Y) beats by $20.28M.
    | Jul. 23, 2015, 7:02 AM
  • Jul. 20, 2015, 8:15 AM
    • Bank of America Merrill Lynch has raised estimates on the regional gaming sector.
    • Regional casinos saw solid year-over-year traffic increases in April and May, leading to optimism that Q2 profit estimates will be topped.
    • Related stocks: ISLE, PENN, PNK, BYD, GLPI, CHDN, MCRI, OTCQB:TPCA, CNTY, ERI, NYNY, DDE, UWN, FLL, LACO.
    | Jul. 20, 2015, 8:15 AM | 4 Comments
Company Description
Penn National Gaming Inc along with its subsidiaries, is a diversified, multi-jurisdictional owner and manager of gaming and pari-mutuel properties.
Sector: Services
Country: United States