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Penn National Gaming, Inc. (PENN)

  • Fri, May 15, 11:44 AM
    • JPMorgan digs through the gaming sector to name its top three picks.
    • None of the three selections are pure-play Macau stocks and only has operations in the gambling mecca.
    • Penn National Gaming (NASDAQ:PENN): The strategic buy of the famed Tropicana on the Las Vegas Strip could pay off for this regional gaming stock, predicts the investment firm.
    • MGM Resorts (NYSE:MGM): Positive factors on MGM include the company's debt continuing to be refinanced at lower rates and the nicely-hedged mix of Las Vegas and Macau revenue. JPMorgan has a $25 price target on MGM.
    • Gaming and Leisure Properties (NASDAQ:GLPI): JP calls Gaming and Leisure the best REIT play in the sector. A distribution rate of 6% helps to make an investment attractive.
    | Fri, May 15, 11:44 AM | Comment!
  • Thu, Apr. 30, 6:54 AM
    • Penn National Gaming (NASDAQ:PENN) says it will fund its $360M acquisition of Tropicana Las Vegas Casino Hotel Resort with cash on hand.
    • The addition of the property will give the company a larger presence on the Las Vegas Strip.
    • The Tropicana is expected to benefit in the near future from its proximity to a new 20K-seat arena being built by MGM Grand.
    • Previously: Las Vegas gaming revenue drops in March (Apr. 29 2015)
    | Thu, Apr. 30, 6:54 AM | 1 Comment
  • Wed, Apr. 29, 12:09 PM
    • Gaming revenue fell 3.15% to $951.25M during March, according to the latest report from the State Gaming Control Board.
    • The Las Vegas Strip saw a sales decline of 9.58% during the month.
    • Fiscal YTD LV Strip revenue is -4.81%.
    • Last night, Steve Wynn gave a bleak assessment of demand in Las Vegas during the Wynn Resorts earnings call.
    • Gaming Control Board report (.pdf)
    • Wynn Resorts conference call transcript
    • Related stocks: Caesars Entertainment (CZR -0.7%), Penn National Gaming (PENN -2%), Wynn Resorts (WYNN -16.1%), MGM Resort (MGM -4.9%), Boyd Gaming (BYD -0.6%), Tropicana Entertainment (OTCQB:TPCA).
    | Wed, Apr. 29, 12:09 PM | 2 Comments
  • Thu, Apr. 23, 7:06 AM
    • Penn National (NASDAQ:PENN): Q1 EPS of $0.12 beats by $0.01.
    • Revenue of $664.1M (+3.6% Y/Y) misses by $4.47M.
    • Press Release
    | Thu, Apr. 23, 7:06 AM | Comment!
  • Fri, Apr. 17, 7:31 AM
    • JPMorgan upgrades Penn National Gaming (NASDAQ:PENN) to Overweight from Neutral.
    • PENN closed yesterday at $15.70 vs. a 52-week trading range of $10.07 to $17.06.
    | Fri, Apr. 17, 7:31 AM | Comment!
  • Tue, Mar. 31, 11:41 AM
    • Nevada gaming revenue fell 1.1% to $916.1M during February, according to figures released by the Gaming Control Board.
    • Las Vegas Strip casinos saw a 4.4% Y/Y decline to $531.3M during the month
    • A poor month for baccarat play was behind much of the tail-off in Las Vegas, although it's not clear if soft traffic or a dismal hold percentage was behind the drop.
    • The casino sector is seeing some buying action today on yet more REIT speculation.
    • Advancing stocks against a weak tape include Penn National Gaming (PENN +2.2%), Las Vegas Sands (LVS +1%), Wynn Resorts (WYNN +0.7%), Caesars Acquisition (CACQ +2.7%), Caesars Entertainment (CZR +3.4%), Boyd Gaming (BYD +0.7%), Century Casinos (CNTY +1%), Empire Resorts (NYNY +1.1%), and Pinnacle Entertainment (PNK +0.3%).
    • Full Nevada Gaming Control Board report (.pdf)
    • Previously: A warning on casino REITs (Mar. 28 2015)
    | Tue, Mar. 31, 11:41 AM | Comment!
  • Mon, Mar. 30, 1:25 PM
    • Penn National Gaming (PENN -1.3%) announces it will pull out of the pending Lawrence Downs Casino and Racing Resort project in Pennsylvania.
    • The company cited economic weakness and market saturation in the Lawrence County region.
    | Mon, Mar. 30, 1:25 PM | Comment!
  • Tue, Mar. 10, 8:00 AM
    • The casino industry is starting to make some noise about an IRS proposal to drop the reporting level of casino winnings to $600.
    • The IRS wants to lower the threshold on slots and bingo to $600 from $1,200.
    • Keno would be taken down to the $600 level from $1,500.
    • The new levels would create more work for gaming companies and could cut into hold rates as winners are slowed down.
    • Casino lobbyists plan to argue that the thresholds should be raised to adjust for inflation instead of dropped.
    • Previously: The IRS eyes casino winnings (Mar. 06 2015)
    | Tue, Mar. 10, 8:00 AM | 9 Comments
  • Mon, Mar. 9, 9:53 AM
    • A powerful bid from Gaming & Leisure for Pinnacle's (PNK +18.6%) real estate is helping to give a lift to other regional casino stocks in early trading.
    • The sector, which already has been an out-performer in 2015 due to a recovery in casino traffic amid lower gas prices in the U.S., has some underlying REIT potential bubbling under the surface, according to analysts.
    • Previously: Pinnacle Entertainment soars as Gaming & Leisure bids for its real estate (Mar. 09 2015)
    • Gainers: Isle of Capri (NASDAQ:ISLE) +2.3%, Boyd Gaming (NYSE:BYD) +7.0%, Penn National Gaming (NASDAQ:PENN) +2.1%, Century Casinos (NASDAQ:CNTY) +0.8%.
    | Mon, Mar. 9, 9:53 AM | 1 Comment
  • Fri, Mar. 6, 7:03 AM
    • The IRS is considering lowering the industry reporting level for casino winnings to $600 from $1,200.
    • Casino companies have 90 days to respond to the proposal from the tax agency.
    • A lowering of the reporting threshold would pile on extra costs for casinos, according to gaming officials.
    | Fri, Mar. 6, 7:03 AM | 17 Comments
  • Mon, Mar. 2, 10:15 AM
    • Regional casino stocks show some early momentum as more positive signals for the sector filter in.
    • Gainers: Isle of Capri (NASDAQ:ISLE) +8.9%, Pinnacle Entertainment (NYSE:PNK) +3.9%, Boyd Gaming (NYSE:BYD) +3.9%, Penn National Gaming (NASDAQ:PENN) +3.4%, Empire Resorts (NASDAQ:NYNY) +2.2%.
    • A strong note from Macquarie recommending Isle of Capri to investors added some pep to the sector last week.
    • Previously: Casinos love $2 gas (Feb. 28 2015)
    | Mon, Mar. 2, 10:15 AM | 1 Comment
  • Sat, Feb. 28, 11:57 AM
    • Casinos in Nevada saw a 7.75% increase in revenue to $953M during January, according to the Gaming Control Board.
    • Revenue on the Las Vegas Strip - dominated by MGM Resorts (NYSE:MGM), Caesars Entertainment (NASDAQ:CZR), and Wynn Resorts (NASDAQ:WYNN) - was up 15.4% Y/Y during the month.
    • Total revenue in Atlantic City rose 1% Y/Y in Jan. - although the tally improves to +19% if shuttered casinos are backed out.
    • Analysts say improved employment rates in the U.S. and lower gas prices ($2.04 avg in Jan.) helped to drive traffic, although an unusually high baccarat hold percentage in LV also played a factor there.
    • But perhaps the biggest driver of the Vegas momentum was the higher RevPAR churned up by hotels (see MGM's Q4) and a meaningful increase in convention business.
    • The strong attendance around the Consumer Electronics Show bodes well for major 2015 conventions, notes Macquarie Securities.
    • Earlier in the week, a strong report from Isle of Capri (NASDAQ:ISLE) helped to give a boost to regional casino stocks. Regionals have seen a steady increase in traffic over the last 6 months, although capacity concerns still impact some regions.
    • Previously: Regional casino stocks get a look as trends improve (Feb. 25)
    • Related casino industry stocks: NYNY, FLL, DDE, OTCQB:TPCA, CHDN, CNTY, PNK, BYD, SGMS, OTCPK:AMYGF, CACQ, PENN, MCRI
    | Sat, Feb. 28, 11:57 AM | 16 Comments
  • Wed, Feb. 25, 1:05 PM
    • Regional casino stocks are out ahead of market averages after Isle of Capri (ISLE +13.6%) shows strong revenue growth.
    • The company's results have some broad implications with its properties spread across Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania.
    • Gainers: Caesars Entertainment (NASDAQ:CZR+3.3%, Penn National Gaming (NASDAQ:PENN+1.4%, Boyd Gaming (NYSE:BYD+2.2%, Pinnacle Entertainment (NYSE:PNK+1.1%, Dover Downs Gaming & Entertainment (NYSE:DDE+0.9%, Churchill Downs (NASDAQ:CHDN+1.0%.
    • Casino supplier Scientific Games (SGMS +1.4%) is also up on the day.
    • Previously: Isle of Capri beats by $0.11, beats on revenue
    • Previously: Isle of Capri shows strength across properties in Q4
    • Related ETF: BJK.
    | Wed, Feb. 25, 1:05 PM | 2 Comments
  • Mon, Feb. 23, 9:26 AM
    • Penn National Gaming (NASDAQ:PENN) is upgraded by Bank of America Merrill Lynch to a Buy rating from Neutral.
    • Gross gaming revenue is tracking strong in February for U.S. regionals, according to BAML.
    • A price target of $20 is lined up by the investment firm on Penn.
    • PENN +2.51% premarket to $16.80.
    | Mon, Feb. 23, 9:26 AM | Comment!
  • Fri, Feb. 13, 1:23 PM
    • The Borgata (MGM, BYD) announces it will offer a skills-based basketball competition after landing approval from New Jersey regulators.
    • Casino visitors can enter a basketball free-throwing shooting contest in a poker-style tournament that pays off a majority of the pot to the last few survivors.
    • The contest is even open to professionals.
    • The development in Atlantic City follows news from earlier this week on pending legislation in Nevada proposing to allow video game contests in casinos.
    • What to watch: An apathetic attitude by millennials toward slot machines and video poker is partially behind the innovation push in the casino sector.
    • Related stocks: CZR, WYNN, SGMS, ISLE, PNK, PENN, MCRI, CNTY, IGT.
    • Related ETF: BJK.
    | Fri, Feb. 13, 1:23 PM | 5 Comments
  • Thu, Feb. 5, 1:24 PM
    • The Restoration of America's Wire Act bill was re-introduced in Congress this week.
    • Supporters of the bill, which aims to ban online gambling, are testing the new climate in D.C. with the introduction.
    • Nevada, New Jersey, and Delaware are the only states to have established online gambling since the DOJ decision of 2011 on the issue.
    • Related ETFs: BJK
    | Thu, Feb. 5, 1:24 PM | 18 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