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Pennsylvania-based Penn National Gaming, its stock around all-time highs just under $90 a share and market capitalization above $13.5 billion, just tossed $1 million into the Barstool Fund for bailing out virus-battered businesses.
Barstool is the sports and entertainment juggernaut 36% owned by Penn, with platforms created by Dave Portnoy.
PR Tauriga Virtual Booth The Company is an Approved Affiliate Vendor of The NACS (Vendor ID # 113921) NEW YORK, NY, Feb. 16, 2021 (GLOBE NEWSWIRE) - via NewMediaWire - Tauriga. Penn National: The Barstool Sportsbook app from Penn National Gaming (NASDAQ: PENN) will launch on Friday, with an iCasino offering from Penn expected to launch shortly after. Penn National Gaming, Inc. Has strategic agreement with Choice Hotels International, Inc. The company was formerly known as PNRC Corp. And changed its name to Penn National Gaming, Inc. Penn National Gaming, Inc. Was founded in 1972 and is based in Wyomissing, Pennsylvania.
In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience.
Penn rebranded its sports gambling presence, retail and online, as Barstool. The company continues to roll out the Barstool app in new jurisdictions after first launching last fall only in PA. The company plans to offer the app in all jurisdictions where it has a presence and online wagering is legal.
Barstool Fund began with Portnoy’s money
Portnoy kicked off the Barstool Fund with $500,000 of his own money. This week, he announced on his Twitter feed that Penn had joined with him, kicking in a million.
That came after he rallied his fans – “Stoolies” – in October to donate to the historic Reading Terminal Market, a Center City staple of primarily food suppliers and eateries hit by low foot traffics due to the pandemic. Portnoy’s followers raised $250,000 for the iconic location.
Penn National also threw into the fund
Penn spokesman Eric Schippers explained in an email this week:
“We’re contributing $1 million to the Barstool Fund to help small business owners across the country. In addition to that, in Pennsylvania, we’re planning to match all first time deposits to the Barstool App this weekend, provided they wager what they deposit, with our matching dollars going to support small businesses in this state reeling from the pandemic.”
Penn’s philanthropy comes even as COVID-19 continues to disrupt their properties, with 159 new layoffs at the beginning of the month at M Resort, 17 miles from Las Vegas. Their other nearby Nevada property, the Las Vegas Tropicana, was late to re-open and the property was sold at a loss of $52.5 million.
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Penn still has challenges
Schippers did not directly address how many former Penn employees have permanently lost their jobs or remain furloughed. But he pointed to assistance programs.
“Our number of furloughed team members fluctuates based on ongoing casino closures and increased capacity restraints in our jurisdictions.”
He said the company established a special COVID-19 Emergency Relief Fund back in March to assist.
“We have contributed more than $3.7 million to the fund through private donations from our senior executives, board of directors, and our foundation. In addition, we extended medical and pharmacy benefits coverage for impacted employees.”
But their philanthropy doesn’t stop there.
“We have also contributed $2.5 million to help our community and team members impacted by Hurricane Laura in the Gulf Coast.”
Penn’s leader, Jay Snowden, spelled out the relief funds for employees in December, including $2 million to help employees move on to new careers. The company also gave one-time cash bonuses to many employees.
Fund draws positive coverage
The Barstool Fund has generated a ton of positive buzz for Portnoy – often seen as a bad boy – and Penn, most recently a stint on NBC’s Today Show.
And why not?
More than 145,000 people have contributed more than $19 million to the fund, with 81 businesses assisted so far. Here’s a list of businesses in PA getting assistance.
To apply, email [email protected].
You can also make contributions here.
Penn National Gaming, Inc. PENN recently announced plans for the opening of Barstool sportsbook at Greektown Casino Hotel and rebranded Barstool sportsbook at Hollywood Casino Lawrenceburg on Dec 23, 2020. It also expects to open Barstool sportsbook at Ameristar East Chicago Casino & Hotel on Dec 24. However, the openings are subject to final regulatory approvals.
Notably, the Sportsbook comprises sports viewing area, redesigned dining space, betting counter (featuring large odds boards), numerous sports betting kiosks and ticket writer stations to support multiple sports wagering options. It also allows customers to earn tier points and mycash using the company’s myChoice loyalty program.
In this regard, Rafael Verde, senior vice president of Regional Operations for Penn National, stated, “The new designs incorporate the spirit of the Barstool Sports brand, resulting in unique sports wagering and dining experiences that we expect our customers will thoroughly enjoy.”
Increased Focus on Barstool Sports Partnership
In February 2020, Penn National had reached an agreement to acquire 36% interest in Barstool Sports for nearly $163 million. Per the agreement, Penn National will be Barstool Sports, a leading digital sports media company’s gaming partner. Moreover, the partnership provides Penn National with access to a database of 66 million sports enthusiasts (or Barstool loyalist), out of which 60% are into sports betting while the remaining are avid betters.
During third-quarter 2020, the company unveiled Barstool Sports online sports betting app in Pennsylvania. Within the first two weeks of launch, the company acquired a significant number of new customers on the back of higher promotional allowances.
Going forward, the company plans to launch standalone Barstool branded entertainment destinations, thereby acting as a virtual sports books where sports betting is allowed. It also plans to launch Barstool Sportsbook app and new iCasino products in Michigan, pending final regulatory approval.
Price Performance
© Provided by Zacks.comComing to price performance, shares of Penn National have surged 274.5% so far this year, compared with the industry’s 6.9% growth. The outperformance can be primarily attributed to the company’s expansion initiatives and cost-saving efforts. Going forward, the company remains confident about its long-term prospects on the back of its differentiated omni-channel approach. Also, partnership with Barstool Sports is likely to drive revenues during the upcoming periods. Meanwhile, earnings estimates for 2021 have moved up in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.
However, the coronvirus pandemic has dramatically reduced travel and demand for casino gaming and related amenities. If the virus is not contained, further chances of temporary suspension of operations cannot be ruled out.
Penn National— which shares space with Caesars Entertainment Corporation CZR, MGM Resorts International MGM and Red Rock Resorts, Inc. RRR in the Zacks Gaming industry — has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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