Unfortunately, things started going downhill from March 2020 as the contagion took hold and forced closures of businesses across the country.Īs a result, first-quarter revenues fell $166.5 million year over year to $1.12 billion. The company’s introduction of retail sports betting at several properties served as a catalyst for both, gaming and non-gaming revenue, driving up its stock price to an all-time high. Penn National Gaming had an outstanding start to the year, with record-breaking results in January and February. Penn Gaming was founded in 1982 and is headquartered in Wyomissing, PA. The company also controls a 36% stake in Barstool Sports. Its Penn Interactive Ventures offers online gaming as well. Other facilities include the Tropicana on the Las Vegas Strip racetracks (for horse racing and greyhounds) in Florida, New Jersey, and Texas and riverboat and dockside casinos mostly in the Midwest and the South.

Many of its properties operate under the Hollywood Casino and Argosy brands. is an American operator of casinos and racetracks with ownership interests in 43 casinos, riverboat gaming, racing facilities, and video gaming terminals operations with a focus on slot machine entertainment. Penn National Gaming Owns 43 Casinos So Far. With sports gambling getting the official nod, stocks of gaming companies like Penn, with its impressive growth platform, could be an ideal choice for investors wanting to get into the action. With the Covid pandemic sending shockwaves through the economy, states across the US have started to regulate sports betting, hoping to derive some tax revenue from the transactions in the process. However, once the lockdown begins to ease and optimism rise over the successful development of a vaccine, analysts believe Penn Gaming has the potential to head north at an accelerated pace. Long term investors, too, found themselves at the short end of the stick, with Las Vegas Sands and Caesars Entertainment suffering over 50% erosion in stock value since the chaos began. Other gambling companies have fared no better, with reports of MGM Resorts and Boyd Gaming reportedly losing millions of dollars per day. In fact, the contagion has had a devastating effect on the casino stocks with Lady Luck eluding them like never before. Is Penn National Gaming Stock A Buy? Because of the Covid-19 pandemic, gambling companies like Penn Gaming have been hemorrhaging cash at an unprecedented rate, instead of raking in the green stuff.

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