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Penn Entertainment, Inc., formerly Penn National Gaming, is an American entertainment company and operator of integrated entertainment, sports content, and casino gambling. It operates 43 properties in 20 states, under brands including Hollywood Casino, Ameristar, and Boomtown.
The company was created as a corporate spin-off from Penn National Gaming (now Penn Entertainment), effective November 1, 2013. [3] The corporate breakup was designed to increase investor returns by taking advantage of the lack of federal income taxes on REITs.
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On January 29, 2020, casino company Penn National Gaming purchased a 36% stake in Barstool Sports for $135 million in cash and $28 million in preferred stock, valuing Barstool at $450 million. Penn National would have the option to pay an additional $62 million in 3 years to increase its stake to 50%.
Penn's shares jumped 8% on Thursday afternoon in New York to $19.89 after Reuters reported Boyd's approach. Boyd's stock fell 3% to $51.90. Exclusive-Boyd Gaming makes acquisition approach to Penn ...
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