PENN Archives - Keno Wizard https://kenowizard.com/tag/penn/ The Ultimate Keno Destination for Odds, Tips & Tricks Fri, 26 Jul 2024 12:42:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 PENN Archives - Keno Wizard https://kenowizard.com/tag/penn/ 32 32 230792155 Nevada Gaming Commission Confronts Penn on Compliance Shortfalls https://kenowizard.com/2024/07/26/nevada-gaming-commission-confronts-penn-on-compliance-shortfalls/ https://kenowizard.com/2024/07/26/nevada-gaming-commission-confronts-penn-on-compliance-shortfalls/#respond Fri, 26 Jul 2024 12:42:54 +0000 https://kenowizard.com/2024/07/26/nevada-gaming-commission-confronts-penn-on-compliance-shortfalls/ The Nevada Gaming Commission criticized Penn Entertainment for major issues with compliance, such as having minors in casinos, allowing self-excluded persons to place bets, and slow updating of company policies. These failures became a key subject during the evaluation of Penn’s ongoing IPO, which was approved despite the raised concerns. Penn Entertainment Pledges Policy Overhaul [...]

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The Nevada Gaming Commission criticized Penn Entertainment for major issues with compliance, such as having minors in casinos, allowing self-excluded persons to place bets, and slow updating of company policies. These failures became a key subject during the evaluation of Penn’s ongoing IPO, which was approved despite the raised concerns.

Penn Entertainment Pledges Policy Overhaul Amid Regulatory Scrutiny

Penn Entertainment, which operates 43 American casinos including M Resort Spa Casino in Henderson and Cactus Pete’s Resort Casino in Jackpot, was subjected to intense scrutiny, reported CDC Gaming. Commissioner Rosa Solis-Rainey pointed out that persistent problems with compliance had been detected since 2020 when they were flagged up by previous examinations.

Chris Soriano, vice president and chief compliance officer at Penn Entertainment, told the Commission that the firm intends to complete its policy review by August 15. This delay has been caused by a far-reaching examination conducted together with outside legal counsel and a deep dive into its interactive business operations aimed at creating strong policies that work.

But Solis-Rainey expressed dissatisfaction with this postponement and asked what temporary measures are being taken to prevent more breaches. In response, Soriano said that Penn can improve communication among its properties and is working on a corporate policy that accounts for different regulatory environments across states. He admitted that dealing with 20 regulators each having unique priorities is difficult.

Penn Entertainment Faces Pressure to Enhance Internal Controls and Staff Training

Soriano explained about a recent initiative where information is provided to general managers who are then monitored for subsequent violations. This new system is being evaluated for effectiveness. Solis-Rainey, however, emphasized that improved communication alone is insufficient without corresponding internal controls. She stressed the need for tailored controls at each property to meet the overarching policy standards.

Commissioner George Markantonis agreed with these sentiments and further suggested that tying employee compensation directly to compliance performance could be effective. Commissioner Brian Krolicki acknowledged the complexity of managing compliance across 43 properties but underscored the critical need for swift and serious action. He noted that while progress had been made, the pace was unsatisfactory.

Soriano told the Commission that the company is serious about these issues and plans to meet with the Nevada Gaming Control Board in September for updates. He said that they are considering if staff training is enough because well-drafted policies need trained employees to implement them correctly.

Abi Silver was shocked by how many violations were reported and expressed concern at the extent of the issues. Soriano reiterated Penn’s commitment to addressing these concerns, recognizing the importance of a top-down approach to ensure that management and staff take compliance seriously.

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Kambi Extends Platform Deal with PENN through December 2025 https://kenowizard.com/2024/02/20/kambi-extends-platform-deal-with-penn-through-december-2025/ https://kenowizard.com/2024/02/20/kambi-extends-platform-deal-with-penn-through-december-2025/#respond Tue, 20 Feb 2024 05:42:15 +0000 https://kenowizard.com/2024/02/20/kambi-extends-platform-deal-with-penn-through-december-2025/ Kambi Group, a provider of premium sports betting services to licensed B2C gaming operators, announced that it has extended its retail sportsbook platform deal with PENN Entertainment. As a result, Kambi will continue to supply its partner’s land-based casinos with its sports betting suite. Under the terms of the original partnership deal, Kambi was set [...]

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Kambi Group, a provider of premium sports betting services to licensed B2C gaming operators, announced that it has extended its retail sportsbook platform deal with PENN Entertainment. As a result, Kambi will continue to supply its partner’s land-based casinos with its sports betting suite.

Under the terms of the original partnership deal, Kambi was set to provide PENN with its sportsbook platform until July 2024. However, the extended deal will instead see the former firm provide the American entertainment company with sports betting solutions through December 31, 2025.

As per the original deal, Kambi will power PENN’s retail casinos across the United States with market-leading retail sports betting products, such as kiosks, point-of-sale terminals, odds board and Bring Your Own Device technology.

The deal currently spans 13 states and covers 30 PENN Entertainment properties.

Kambi Secured an Important Additional Revenue Stream

The announcement also pointed out that, over the course of the extended term, PENN Entertainment plans to migrate its retail sportsbook to its proprietary technology. Because of that, the amended agreement makes it clear that “any retail sports betting revenue generated by PENN, either via Kambi’s platform or via PENN’s proprietary sportsbook in jurisdictions previously supported by Kambi, will be subject to the same level of revenue share payments to Kambi through December 2025.”

Kambi’s co-founder and chief executive officer, Kristian Nylén, commented on the extended agreement, sharing his excitement about the opportunity to support PENN Entertainment through December 2025. This, according to him, will be an important additional revenue stream for Kambi.

Nylén promised that Kambi will continue to leverage its best-in-class products to help PENN maintain its presence in the US.

As the industry’s leading sportsbook provider, both online and in retail, we are committed to providing our partners with cutting-edge technology and a premium service which PENN’s vast retail estate will continue to benefit from throughout the duration of the extended contract.

Kristian Nylén, co-founder & CEO, Kambi Group

Speaking of Kristian Nylén, the CEO recently announced his intention to depart from the company. He, however, agreed to remain on board until a suitable successor has been appointed.

In December, Kambi agreed to power Bingoal’s new sportsbook in Belgium and the Netherlands and empower its business with reliable sports betting solutions.

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Levy Brothers Leave Penn Entertainment Amidst Strategic Restructuring https://kenowizard.com/2024/02/02/levy-brothers-leave-penn-entertainment-amidst-strategic-restructuring/ https://kenowizard.com/2024/02/02/levy-brothers-leave-penn-entertainment-amidst-strategic-restructuring/#respond Fri, 02 Feb 2024 06:34:09 +0000 https://kenowizard.com/2024/02/02/levy-brothers-leave-penn-entertainment-amidst-strategic-restructuring/ In a strategic leadership transition, the founding family behind theScore will step down from their roles at PENN Interactive, a subsidiary of PENN Entertainment, Inc. The operator retains its focus on consolidating its offerings following the successful launches of ESPN Bet and theScore Bet and should be well-positioned to pursue further growth in 2024. The [...]

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In a strategic leadership transition, the founding family behind theScore will step down from their roles at PENN Interactive, a subsidiary of PENN Entertainment, Inc. The operator retains its focus on consolidating its offerings following the successful launches of ESPN Bet and theScore Bet and should be well-positioned to pursue further growth in 2024.

The Levys Were Instrumental in Penn’s Success

TheLevy family, consisting of John Levy, Benjie Levy, Aubrey Levy, and Noah Levy, played pivotal roles in integrating theScore with PENN Interactive after the gambling giant acquired  Score Media and Gaming Inc. in October 2021. The integration involved bringing together theScore and PENN Interactive under the leadership of Benjie Levy as head of interactive and John Levy as executive chairman of theScore.

Parent company PENN Entertainment expressed gratitude for the Levy family’s contribution to its successful integrated media and betting strategy. CEO and president of PENN Entertainment Jay Snowden emphasized the Levys’ entrepreneurial spirit and pioneering role in the sports media and gaming industry, highlighting their shared passion for innovation.

I am very proud of what we’ve been able to accomplish with (the Levys), including the development of an extremely deep and talented bench at PENN Interactive.

Jay Snowden, PENN Entertainment CEO and president

Penn Entertainment is now actively searching for a replacement for Benjie Levy, the company’s head of interactive. The new hire will have large shoes to fill, as Levy was instrumental in several significant milestones for Penn Interactive. His efforts contributed to the successful sale of Barstool Sports back to David Portnoy and the $1 billion ESPN deal.

Their Departure Heralds a New Era for the Operator

John Levy will depart Penn in mid-February, while the rest of the family will leave in April 2024. This approach ensures a smooth management shift and should help avoid significant disruptions. The Levys have not yet disclosed any plans post-departure, but it is safe to guess that they will remain involved with the industry that brought them such significant success. 

Benjie Levy noted he was happy with the Penn partnership, thanking the team for their support. He highlighted the successful merger of the two organizations, allowing them to implement their integrated media and betting strategy. He added that the two companies had a shared vision, matched only by their efforts to foster a world-class working environment.

We could not be more proud of this team and what we have accomplished together, and we look forward to watching as they continue to build upon the successful foundation we established at theScore.

Benjie Levy, head of PENN Interactive and president and chief operating officer of theScore

The departure of the Levy family from their roles at PENN Interactive marks a significant transition point for the company. With its robust and experienced team, PENN Entertainment aims for a seamless leadership transition and continued growth as a leader in online gaming and sports media. The company hopes to fully leverage its resources and maintain its impressive momentum going into 2024.

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HG Vora Capital Management Bets Hard on Penn Entertainment https://kenowizard.com/2024/01/01/hg-vora-capital-management-bets-hard-on-penn-entertainment/ https://kenowizard.com/2024/01/01/hg-vora-capital-management-bets-hard-on-penn-entertainment/#respond Mon, 01 Jan 2024 19:44:07 +0000 https://kenowizard.com/2024/01/01/hg-vora-capital-management-bets-hard-on-penn-entertainment/ Penn Entertainment saw the company’s share rise by as much as 7% last week, as news transpired that HG Vora Capital Management, a hedge fund, had bought enough shares to push its total stake in the gaming and entertainment company to 18.5% of the total stock. HG Vora Capital Management Determined to Appoint Right Candidates [...]

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Penn Entertainment saw the company’s share rise by as much as 7% last week, as news transpired that HG Vora Capital Management, a hedge fund, had bought enough shares to push its total stake in the gaming and entertainment company to 18.5% of the total stock.

HG Vora Capital Management Determined to Appoint Right Candidates

The news was originally reported by Wall Street Journals, and this development comes at a time when investors are seeing heightened interest in gaming stocks which have been improving over the last several months and promising to remain resilient in the new year.

HG Vora Capital Management is also looking to assume board seats as it hopes to tighten control over the company and ensure that it steers it towards profitability. With Penn Entertainment now serving as the technological provider for the recently launched ESPN Bet, optimism is riding high.

HG Vora Capital is also run by a former Goldman Sachs banker, Parag Vora, who has long been keeping his hand on the gaming industry’s pulse and looking to further his presence in it. Yet, the bigger news here is that Vora is not going to relent until the fund has assumed board seats and is willing to challenge any refusal during Penn’s annual meetings that will begin on January 8, 2024, and run through February 7, 2024, according to reporting done by Wall Street Journal.

Essentially, HG Vora says that it has the means to handpick highly qualified directors who can help sort out what has been described as the “underperformance” of Penn’s Common Stock in a filing to the US Securities and Exchange Commission. As a reminder, Penn formerly used to be on the S&P 500’s index.

Bullish on the Outlook of Penn’s Stock in 2024

Analysts in the meantime remain bullish on Penn Entertainment’s stock and other gaming giants for that matter. A note sent to investors by Brandt Montour, an analyst at Barclays, claims that PENN Entertainment remains his favorite stock for the entire year, citing the successful launch of ESPN Bet.

Of course, this prediction, although reassuring, needs to be taken with a grain of salt as challenges may yet present themselves when looking into making good on any investment in the sector. Whether Montour’s prognostication is correct will probably depend on how Penn handles its internal affairs over the coming weeks. A boost to the common stock is already on the way – will it hold?

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Penn Entertainment Begins M Resort Expansion with Groundbreaking https://kenowizard.com/2023/12/13/penn-entertainment-begins-m-resort-expansion-with-groundbreaking/ https://kenowizard.com/2023/12/13/penn-entertainment-begins-m-resort-expansion-with-groundbreaking/#respond Wed, 13 Dec 2023 05:54:25 +0000 https://kenowizard.com/2023/12/13/penn-entertainment-begins-m-resort-expansion-with-groundbreaking/ The move comes after Penn Entertainment confirmed its plans to put down an additional $850 million on various expansion moves, which will not only apply to the M Resort, but also cover other of the company’s properties outside Nevada. Penn Entertainment Gets Started with M Resort Expansion As to M Resort, Penn has earmarked $206 [...]

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The move comes after Penn Entertainment confirmed its plans to put down an additional $850 million on various expansion moves, which will not only apply to the M Resort, but also cover other of the company’s properties outside Nevada.

Penn Entertainment Gets Started with M Resort Expansion

As to M Resort, Penn has earmarked $206 million of its purse to expand the property as it expected higher demand for gaming and accommodation. Penn is looking at adding 384 rooms, which will bring the total to 774, as confirmed in an official statement.

The property will also update the amenities and expand meeting spaces. Although the company does not own the property, the buck is on the operator of the venue to ensure that it remains competitive through innovations and refurbishments, including expansions.

Based in Henderson, the venue is in a good position to use its refreshed look to siphon off tourists and visitors from competing properties and further establish itself as a local leader in a contested market. The M Resort expansion should go business as usual with Penn Entertainment expecting no disruptions in its planned realization schedule.

Construction should begin by late January or early February, and it should take the working crews around 18 months to bring the expanded property to completion.

M Resort VP and general manager Hussain Mahrous has welcomed the opportunity to see the local property continue to grow and added that the operator was excited to hire more people and contribute to the local job market.

“We look forward to hiring new team members and expanding the wonderful offerings that make M Resort a premier destination for visitors and convention attendees from across the country,” Mahrous explained.

Operating at Capacity, Time to Meet Demand

Mahrous also commented on the recent motivation to expand the M Resort property. Essentially, the property is running at capacity on busy weekends in Las Vegas, as highlighted by a string of recent events, and more prominent gatherings coming to pass in future years, including the Super Bowl at the Allegiant Stadium in Las Vegas, Nevada on February 2024.

M Resort will certainly not be on time to meet demand for the Super Bowl, but Las Vegas and Nevada continue to draw well-heeled tourists that M Resort simply doesn’t want to miss out on. Expanding its capacity to meet this surging and sustained demand is what the company pursues right now.

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PENN Entertainment to Celebrate Construction of New Columbus Hotel https://kenowizard.com/2023/11/28/penn-entertainment-to-celebrate-construction-of-new-columbus-hotel/ https://kenowizard.com/2023/11/28/penn-entertainment-to-celebrate-construction-of-new-columbus-hotel/#respond Tue, 28 Nov 2023 03:00:20 +0000 https://kenowizard.com/2023/11/28/penn-entertainment-to-celebrate-construction-of-new-columbus-hotel/ PENN Entertainment announced its plans to hold a “groundbreaking ceremony” that will celebrate the start of the construction of a new hotel at Hollywood Casino Columbus. The ceremony is set to take place tomorrow, November 28. Starting at 1 am ET, the ceremony will highlight PENN Entertainment’s excitement about the construction of the state-of-the-art property. [...]

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PENN Entertainment announced its plans to hold a “groundbreaking ceremony” that will celebrate the start of the construction of a new hotel at Hollywood Casino Columbus. The ceremony is set to take place tomorrow, November 28.

Starting at 1 am ET, the ceremony will highlight PENN Entertainment’s excitement about the construction of the state-of-the-art property. The Columbus venue was originally opened in 2012 and has since been growing steadily. According to Jaw Snowden, PENN Entertainment’s president and chief executive officer, a hotel will turn Hollywood Casino Columbus into a “true regional destination.”

According to PENN Entertainment’s announcement, the hotel has an estimated budget of $100 million. The new facility will be added to the existing complex, improving the overall Hollywood Casino Columbus experience.

The completed building will feature a new restaurant, a meeting space and 180 rooms for guests. The hotel is expected to create approximately 100 new permanent jobs, adding an instant boost to the local economy.

PENN Is Proceeding with Four Growth Projects

PENN Entertainment’s new Columbus hotel is in line with the company’s growth strategy. The company is currently working on three other new growth projects in addition to the new Columbus hotel. These include new land-based casinos in Aurora and Joliet, Illinois, as well as an additional hotel tower in Henderson, Nevada.

The Aurora project will have $50 in funding from the local government. Gaming and Leisure Properties, on the other hand, has added a further $575 million toward PENN Entertainment’s four growth projects. The total funding of the projects, for reference, is $850 million.

Rick Skinner, PENN Entertainment’s vice president and general manager of Hollywood Casino Columbus commented on ceremony, expressing his company’s excitement about the opportunity to celebrate the occasion with its team, supporters and investors.

We can’t wait to begin hiring new team members and welcoming more visitors from around the region to showcase our new hotel and the excitement of Hollywood Casino Columbus.

Rick Skinner, VP and GM of Hollywood Casino Columbus, PENN Entertainment

Speaking of PENN, the company’s ESPN Bet app, which debuted earlier this month, just surpassed 1.1 million downloads.

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ESPN Bet Launch Propels Penn Entertainment’s Stock https://kenowizard.com/2023/11/21/espn-bet-launch-propels-penn-entertainments-stock/ https://kenowizard.com/2023/11/21/espn-bet-launch-propels-penn-entertainments-stock/#respond Tue, 21 Nov 2023 10:30:34 +0000 https://kenowizard.com/2023/11/21/espn-bet-launch-propels-penn-entertainments-stock/ Last week marked the debut of ESPN Bet, the newly rebranded sports gaming app owned by Penn Entertainment. The new sports gambling app launched for 17 US states, entering important markets such as New Jersey, Pennsylvania, Colorado, Iowa, Maryland and Michigan, among others. The latest launch comes after a $1.5 billion deal announced between Penn [...]

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Last week marked the debut of ESPN Bet, the newly rebranded sports gaming app owned by Penn Entertainment. The new sports gambling app launched for 17 US states, entering important markets such as New Jersey, Pennsylvania, Colorado, Iowa, Maryland and Michigan, among others. The latest launch comes after a $1.5 billion deal announced between Penn Entertainment and ESPN, granting the gaming company the permit to use the name for the sports gambling app for the next decade.

The recent launch of ESPN Bet immediately impacted positively the stock of the leading gaming and entertainment company. On Monday, the Bank of America upgraded the rating for Penn’s stock from neutral to buy. Shaun Kelley, the leading analyst for Bank of America, highlighted the positive change and spoke about the strong launch of ESPN Bet across the country.

In a note to clients, he explained that the new sports gambling app is gaining popularity quickly, moving its way up charts and reaching more clients. Kelley outlined that ESPN Bet has been among the top apps on the Apple store since Tuesday last week. Moreover, he outlined that the sports gaming app has accumulated a 4.8 rating on the App Store along with a staggering 865,000 downloads.

ESPN Bet is dominating initial download activity and charts, proving it is cutting through to customers. ESPN Bet has been #1 or #2 of all free apps on the iOS store since last Tuesday, with 865K cumulative downloads and a 4.8 app store rating, even without data from NFL Sunday.

Shaun Kelley, analyst for Bank of America

Penn’s Stock Price Target Increases

The upgrade in Penn’s casino stock from neutral to buy by Bank of America undoubtedly underlines the expected growth of ESPN Bet and highlights its successful launch. When it comes to the price target, it increased from $27 to $30 as of Monday. Additionally, as of Monday, Penn Entertainment’s stock was more than 7% higher.

According to Kelley, ESPN Bet “creates an asymmetric risk-reward.” He explained that the app performed much stronger than expected when it came to initial downloads. Moreover, Kelley pointed out that its promotional offers showed discipline. Finally, he highlighted the importance of Penn’s core gaming business which demonstrated stable third quarter earnings.

While ESPN Bet is just penetrating the regulated gambling sector, it is up against fierce competition in the face of giants such as DraftKings, FanDuel and Caesars, among other sportsbooks that have already established their presence in different states across the country.

Yet, ESPN Bet anticipates offering a one-stop-shop experience for sports fans and bettors alike, offering not only betting options but highlights, scores and stories, a move that is likely going to help it engage with new customers.

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Anaxi Unveils Content Agreement with PENN Interactive https://kenowizard.com/2023/05/12/anaxi-unveils-content-agreement-with-penn-interactive/ https://kenowizard.com/2023/05/12/anaxi-unveils-content-agreement-with-penn-interactive/#respond Fri, 12 May 2023 03:25:31 +0000 https://kenowizard.com/2023/05/12/anaxi-unveils-content-agreement-with-penn-interactive/ Aristocrat’s Anaxi division has unveiled a new agreement with PENN Interactive. As per the deal, Anaxi will supply PENN’s digital businesses with a variety of Aristocrat games. According to the announcement, Anaxi’s content will become available on PENN Interactive’s iGaming brands, including Barstool Sportsbook & Casino. As a result, New Jersey customers can already log [...]

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Aristocrat’s Anaxi division has unveiled a new agreement with PENN Interactive. As per the deal, Anaxi will supply PENN’s digital businesses with a variety of Aristocrat games.

According to the announcement, Anaxi’s content will become available on PENN Interactive’s iGaming brands, including Barstool Sportsbook & Casino. As a result, New Jersey customers can already log into their accounts and access some of the best titles Aristocrat has to offer.

Hit titles such as Wild Lepre’coins, Wild Wild Nugget, Miss Kitty, as well as Sun & Moon, are now available to PENN Interactive customers. The world-class titles vary in theme and mechanics, allowing the operator to engage a large variety of players.

Anaxi is Aristocrat’s online real money gaming and customer experience solutions business that was officially launched last year. It is described as a destination where players can enjoy real money iGaming with confidence.

PENN Interactive, on the other hand, is a subsidiary of PENN Entertainment, a leading provider of gaming and sports betting in North America. The Interactive division currently operates three online casino platforms, namely Barstool Casino, available in New Jersey, Pennsylvania, Michigan and West Virginia, Hollywood Casino, available in Pennsylvania and theScore Bet, available in the Canadian province of Ontario.

Anaxi Is Thrilled to Join Forces with PENN Interactive

Anaxi’s chief operating officer, Cath Burns, commented on the new agreement with PENN Interactive, saying that the partnership will generate extra gaming experiences for the operator’s online players.

Burns noted that Anaxi is thrilled to launch with such a big operator and continue providing engaging experiences to US gamblers.

We are thrilled to be partnering with PENN Interactive to create a unique gaming experience for players. By bringing our portfolio of Aristocrat classic titles to Barstool Sportsbook & Casino, as well as PI’s other platforms, we continue to provide innovative entertainment solutions to the gaming industry.

Cath Burns, COO, Anaxi

Earlier this year, PENN Interactive made history by becoming the first US operator to secure RG Check accreditation from the Responsible Gambling Council. The check is regarded as one of the most comprehensible gambling accreditation programs ever, making this a significant achievement for the iGaming company.

In other news, Anaxi recently became partners with FanDuel, agreeing to supply the American operator with its gaming content, including games such as including Dolphin Treasure and Wild Ameri’coins.

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Penn Sacks Employee Over Racial Slur, Meets Portnoy’s Wrath https://kenowizard.com/2023/05/06/penn-sacks-employee-over-racial-slur-meets-portnoys-wrath/ https://kenowizard.com/2023/05/06/penn-sacks-employee-over-racial-slur-meets-portnoys-wrath/#respond Sat, 06 May 2023 14:49:17 +0000 https://kenowizard.com/2023/05/06/penn-sacks-employee-over-racial-slur-meets-portnoys-wrath/ The US gambling sector is closely monitored and guarded. Each state that offers legal sports wagering or iGaming has its established regulator that ensures operators follow the guidelines, while authorities in states that do not offer such services can hunt down and prosecute illegal gambling activities. Given the strict rules, many gambling companies fear how [...]

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The US gambling sector is closely monitored and guarded. Each state that offers legal sports wagering or iGaming has its established regulator that ensures operators follow the guidelines, while authorities in states that do not offer such services can hunt down and prosecute illegal gambling activities.

Given the strict rules, many gambling companies fear how can a regulator react if a breach of the rules is uncovered. Whether that would be a financial penalty or worse, license revocation. Although sometimes fears are unfounded, this may not be the case for Penn Entertainment which recently fired a Barstool employee after uttering a racial slur while rapping. Earlier this week, Ben Mintz, a famous Barstool Sports personality was fired by Penn, the parent company that recently finalized the acquisition of the network, after he rapped a racial slur during his “Wake Up Mintzy” show.

Local media outlets revealed that Mintz accidentally uttered the “N-word” while rapping a song. Reportedly, the immediate action from Penn came over fears of “retaliation” from gambling regulators. However, Barstool Sports’ founder, Dave Portnoy, wasn’t particularly happy with Penn’s decision. He posted a video on social media criticizing the decision of the company.

Portnoy retold the story and explained that Mintz was seen “turn white as a ghost” instantly when he rapped the racial slur. “When he (Mintz) read it, he knew he f***ked up, he’s been super apologetic and in shambles basically. If anybody watched the clip, they’d understand that there was no way he (Mintz) meant to do that,” explained Barstool Sports’ founder.

By the way for everybody saying Barstool is dead to them I knew this would happen. I said it’s so against everything we stand for that it could be a death blow.  Penn understood this. They still did it. That’s how frightened they were of regulators who operate with no impunity,

reads a statement released by Dave Portnoy

Additionally, Portnoy explained that it is clear that Mintz didn’t say the slur out of hatred but was aware that he messed up. Still, Barstool’s founder said that he didn’t expect to see Mintz lose his job over this accident. Speaking about Penn, Portnoy said he was stunned by their reaction. He claimed that the company operates in a world that is strictly regulated and referred to Penn’s gambling licenses.

The topic quickly gained popularity on social media. As always, most opinions differed but many people showed support for Mintz, saying they understood that he made a mistake and was apologetic about it. Others criticized Portnoy for agreeing to sell Barstool to Penn saying that he will now have to abide by their rules.

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PENN Entertainment Posts Decent Q1 Results despite Economic Challenges https://kenowizard.com/2023/05/04/penn-entertainment-posts-decent-q1-results-despite-economic-challenges/ https://kenowizard.com/2023/05/04/penn-entertainment-posts-decent-q1-results-despite-economic-challenges/#respond Thu, 04 May 2023 20:52:49 +0000 https://kenowizard.com/2023/05/04/penn-entertainment-posts-decent-q1-results-despite-economic-challenges/ PENN Entertainment has posted a report on its financial performance in the first quarter of the year, highlighting a modest revenue increase and a substantial net income rise. As reported by the company, its revenues for the period increased by 7% year-on-year to $1.67 billion in Q1, 2023. In addition to that, the company reported [...]

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PENN Entertainment has posted a report on its financial performance in the first quarter of the year, highlighting a modest revenue increase and a substantial net income rise.

As reported by the company, its revenues for the period increased by 7% year-on-year to $1.67 billion in Q1, 2023. In addition to that, the company reported a net income of $514.4 million, alongside a net income margin of 30.7%. For comparison, in Q1, 2022, the company reported a net income of $51.6 million with a 3.3% margin.

Adjusted EBITDAR during the period was $478.2 million, representing a 3.3% YOY decline. Meanwhile, adjusted EBITDAR margins declined by 300 bps year-on-year to 28.6%.

Adjusted EBITDA, on the other hand, was $332.2 million, representing a 23.6% YOY decline.

VIP Activity Delivered Stable Results

In Q1, PENN Entertainment was able to launch online sports betting in both Massachusetts and Ohio, two of the USA’s freshest wagering markets.

In addition to that, the company said that it has successfully repurchased $50 million of common stock at an average price of $30.36, as outlined in its February 2022 Share Repurchase Authorization.

Most of the company’s revenues came from the spectacular performance of its retail vertical. VIP players and older demographics were instrumental in driving PENN revenues, the company pointed out.

The quarter also saw PENN complete its acquisition of Barstool Sports, which it now plans to grow.

In addition to running its business, PENN remains committed to various social responsibility initiatives, such as supporting its customers, black people, women and other mistreated demographics.

CEO Snowden Praised the Results

Jay Snowden, the company’s president and CEO, commented on the results, saying that he is pleased to report another robust quarterly performance despite the macroeconomic headwinds. He noted that the company has raised its 2023 revenue guidance and now expects between $6.37 billion and $6.81 billion. The EBITDAR guidance range remains unchanged at $1.875 billion – $2 billion.

Snowden added that the company’s retail business performed well but the EBITDAR margins were negatively impacted.

Growth in our older demographics and VIP play led to largely consistent performance across the majority of our retail properties. However, the regional shift in our gaming revenues year-over-year to higher-taxed jurisdictions, and to a lesser extent, the settlement of certain property litigation matters, negatively impacted retail EBITDAR margins by approximately 100 basis points.

Jay Snowden, president & CEO, PENN Entertainment

PENN added that its total liquidity at the end of the quarter was $2.3 billion, including $1.3 billion in cash and cash equivalents. Traditional net debt as of March 31, 2023, was $1.4 billion.

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