Shares of Penn Entertainment spiked 20% Friday after an activist investor sent a letter to its board of directors ripping management for a failed focus on sports betting and mobile gaming and saying the company would be worth more if sold. “The Company eschewed its tried-and-true strategy of expanding its brick-and-mortar casino operations in lieu...
Tag: Barstool Sports
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Penn Stock Tumbles in First Full Quarter With ESPN Bet Data
Penn Entertainment stock fell as much as 15% on Thursday morning after the company reported its first full quarterly earnings with numbers from ESPN Bet. For the first quarter ending in March, the gaming company reported revenue of $1.61 billion, roughly in line with consensus estimates of $1.63 billion. That said, revenue from its online...