Penn National Gaming: Still Bullish, But...
Thu, Apr. 28, 7:12 AM
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
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.
Sat, Feb. 20, 11:05 AM
- The U.S. casino industry is looking at ways to attract more millennials as baby boomer traffic begins to soften. The addition of fitness centers, spas, and a stronger sports book/sports bar presence with more betting options are seen as ways to increase visits by the younger demographic.
- Companies are also edging closer to adopting skills-based gambling machines as a way to lure in millennials who aren't enchanted with traditional slot machines. Nevada and New Jersey already have regulations in place, while at least six other states are looking seriously at the issue.
- The next-gen slot machines could incorporate well-known games such as Angry Birds or Guitar Hero, as well as retro versions of Pac Man and Space Invaders.
- What to watch: One category that is a known winner for attracting huge millennial interest is daily sports fantasy games. Whether it plays out in Washington D.C. or through the courts, casinos could carve out a large piece of that pie in the future.
- Related stocks: LVS, MGM, WYNN, FLL, CZR, BYD, ISLE, DRII, PNK, PENN, NYNY, OTCQB:TPCA, ERI,
- Related ETF: BJK.
Fri, Feb. 12, 10:54 AM
- Consumer spending in the U.S. showed some strength in January to defy some of the signals being sent by equity markets.
- "The markets may have decided that the U.S. is headed for recession, but obviously no one told U.S. consumers," said econimist Paul Ashworth.
- Though data shows consumers have pulled back on some big-ticket categories to save more, there's some pockets of retail that could surprise this year - especially if gas prices move closer to $1/gallon.
- Companies that consumers interface with daily or weekly are more likely to benefit than those in the luxury discretionary space where falling 401K or profit-sharing plan values weigh a bit heavy on demand (home improvement, jewelry, high-end auto, etc), note analysts.
- Potentially sitting in that sweet space: Ross Stores (NASDAQ:ROST), TJX Companies (NYSE:TJX), Ulta Salon (NASDAQ:ULTA), Columbia Sportswear (NASDAQ:COLM), Skechers (NYSE:SKX), Nike (NYSE:NKE), Foot Locker (NYSE:FL), Dollar General (NYSE:DG), Target (NYSE:TGT), Party City (NYSE:PRTY), Churchill Downs (NASDAQ:CHDN), Isle of Capri (NASDAQ:ISLE), Penn National Gaming (NASDAQ:PENN), Boyd Gaming (NYSE:BYD), Casey's General Stores (NASDAQ:CASY), McDonald's (NYSE:MCD), Cracker Barrel (NASDAQ:CBRL)... add your own in the comments.
Thu, Feb. 4, 11:56 AM
- Penn National Gaming (PENN +4.6%) trades higher after reporting Q4 results.
- Adjusted guidance of $206.2M for the quarter topped last year's mark and company guidance.
- Revenue by segment: East/Midwest +11.3% Y/Y to $428.32M, West +41% to $88.86M, Southern Plains +6.6% to $211.81M.
- Previously: Penn National reports Q4 results (Feb. 04 2016)
Thu, Feb. 4, 7:12 AM
- Penn National (NASDAQ:PENN): Q4 Adjusted EBITDA of $206.2M.
- Revenue of $734M (+12.7% Y/Y)
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.
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.
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.
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.
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. 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).
Penn National Gaming, Inc. owns and operates casinos and racetracks. The company operates its business through three segments: Midwest, East/West and Southern plains. The Midwest segment consists of the following properties: Hollywood Casino Lawrenceburg, Hollywood Casino Aurora, Hollywood... More
Industry: Resorts & Casinos
Country: United States
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