Penn National Gaming, Inc. (PENN) - NASDAQ
  • 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.
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    | 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
  • Jun. 29, 2015, 11:34 AM
    • MGM Resorts (MGM -2.5%) wants to delay the opening of its casino in Springfield, Massachusetts back to September of 2018.
    • The casino operator wants to wait for a major viaduct construction project in the region to be completed before the opening.
    • Penn National Gaming (PENN +0.1%) launched the first casino in Massachusetts last week with the Plainridge Park Casino opening.
    • Previously: First casino in Massachusetts opens (June 24)
    | Jun. 29, 2015, 11:34 AM | 1 Comment
  • Jun. 24, 2015, 10:01 AM
    • Penn National Gaming (PENN -0.6%) opens the first casino in Massachusetts today in Plainville about 35 miles from Boston.
    • The gaming floor of the casino is 44K square feet with a mix of old and new games.
    • The Boston Globe gave the complex "high marks" for a trial run of operations.
    | Jun. 24, 2015, 10:01 AM
  • May 20, 2015, 9:33 AM
    • Penn National Gaming's (NASDAQ:PENN) acquisition of the Tropicana Las Vegas gives it a new option to market to its 3M member customer database as it will be the first Las Vegas Strip property it operates.
    • Penn COO Jay Snowden says 25% of the company's customers visit Las Vegas on a regular basis.
    • Previously: Penn National Gaming lands Tropicana in Vegas (Apr. 30 2015)
    | May 20, 2015, 9:33 AM
  • May 18, 2015, 8:03 AM
    • Goldman Sachs upgrades Penn National Gaming (NASDAQ:PENN) to a Buy rating.
    • The investment firm thinks recent acquisitions and expansion projects by Penn will lead to EBITDA growth and justify a higher multiple on the regional casino stock.
    • PENN +20.83% YTD.
    | May 18, 2015, 8:03 AM
Company Description
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
Sector: Services
Industry: Resorts & Casinos
Country: United States