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Penn National Gaming (NASDAQ: PENN) was one of the best-performing stocks in 2020 with shares up over 200%.
What Happened: KeyBanc analyst Brett Andress initiated a Sector Weight rating on Penn National on Thursday due to a lofty assumption versus peers. Penn National was also downgraded from Hold to Sell by Loop Capital.
Barstool Sports offers a promising online sports betting and iGaming future, KeyBanc analysts said. The sports betting and iGaming market is given a total addressable market size of $13.5 billion by the analyst, ranking among the lowest figures from analysts.
“The stock has meaningfully outperformed over the past year, which we attribute to investors’ hope that Penn can successfully capitalize on the growing online gaming opportunity in the U.S.,” the Loop team said.
Choice Hotels And Penn National Gaming Team Up To Offer More Fun And Entertainment Through The Ascend Hotel Collection
Members of Choice Hotels and Penn National Gaming s Loyalty Programs Will Soon Earn and Redeem Points When Staying at Hotel or Gaming Properties Across the Country
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ROCKVILLE, Md. and WYOMISSING, Pa., Jan. 13, 2021 /PRNewswire/ Choice Hotels International, Inc. (NYSE: CHH) has entered into a strategic agreement with Penn National Gaming, Inc. (NASDAQ: PENN), the nation s largest regional and most broadly diversified gaming company with 41 properties across 19 states. The agreement signals an expansion in benefits for loyalty members of both companies, allowing members of Choice s award-winning loyalty program, Choice Privileges, to book Penn properties directly with Choice while earning and redeeming Choice Privileges points for their stays once fully implemented. Slated to roll out in phases this yea
Not just one bite: Barstool Fund has raised more than $20.9M for small businesses
By Howard Stutz, Executive Editor, CDC Gaming Reports
January 9, 2021 at
5:00 am
Back in October, Dave Portnoy, founder and “El Presidente” of media platform Barstool Sports, decided to help save the historic Reading Terminal Market in downtown Philadelphia, which had been hit hard by COVID-19 lockdowns.
With an assist from casino operator Penn National Gaming, which owns 36% of Barstool, more than $250,000 was raised for location. Penn donated $100 for every new Barstool Sportsbook app that was activated over a 24-hour period with a deposit of $100 or more.
“This is largely due to Dave and his profile online,” Penn CEO Jay Snowden said at the time, crediting Barstool’s loyal 66 million-plus followers – often referred to as “Stoolies” – who are avid viewers of the platform’s social-media and internet channels.
Penn National Expands Barstool Brand Onward into Michigan and Indiana
Seizing momentum, PNG/Barstool begins operation in Michigan & Indiana for 2021
Timing should be excellent as Michigan re-opens casinos after government shutdown
Maryland on-deck for Penn National with the announced deal & plans to enter a new market
Penn National Gaming may have been a bit slow out of the sportsbook operating gate but seem to be gaining marketing share momentum now through their Barstool Sportsbook brand.
PNG will open Barstool sportsbooks located in three of its properties in Indiana and Michigan pending final regulatory approvals. Local customers at Detroit’s Greektown Casino in Michigan and Lawrencetown’s Hollywood Casino in Indiana will be able to enjoy sports wagering at these locations. A third sportsbook will be opening this week at Ameristar East Chicago in Indiana.