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Penn National Gaming, Inc. (PENN)

- NASDAQ
  • Tue, Aug. 25, 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.
    | 5 Comments
  • Thu, Aug. 20, 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.
    | 18 Comments
  • Fri, Jul. 24, 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)
    | Comment!
  • Thu, Jul. 23, 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.
    • Press Release
    | Comment!
  • Mon, Jul. 20, 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.
    | 4 Comments
  • Mon, Jun. 29, 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)
    | 1 Comment
  • Wed, Jun. 24, 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.
    | Comment!
  • Wed, May 20, 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)
    | Comment!
  • Mon, May 18, 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.
    | Comment!
  • Fri, May 15, 4:07 PM
    • Senate Bill 9 has been passed by both legislative chambers in Nevada, clearing the way for skills-based casino floor games.
    • The development also opens a door for videogame sellers to create or license casino versions of their popular titles.
    • The casino industry has its eyes on attracting millennials after seeing the group show tepid demand for classic table games and slot machines.
    • New Jersey and Mississippi have also set the stage for casino floor innovation with similar legislation.
    • Previously: Paging Steve Nash to the Borgata (Feb. 13)
    • Related stocks: CZR, WYNN, SGMS, ISLE, PNK, PENN, MCRI, CNTY, IGT, MGM, BYD, OTCQB:TPCA, ATVI, TTWO, EA.
    • Related ETFs: BJK
    | 10 Comments
  • 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.
    | 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)
    | 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).
    | 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
    | 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.
    | 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)
    | Comment!
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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