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ESPN Bet Operator Penn Shares Spike as Investor Rips Sports Strategy

ESPN Bet Operator Penn Shares Spike as Investor Rips Sports Strategy

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...