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Penn National (PENN) to Expand Presence in Pennsylvania

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Penn National Gaming, Inc. PENN recently announced the expected opening of Hollywood Casino York on Aug 12, 2021, subject to pending final customary regulatory approvals.

Located in the York Galleria Mall in Springettsbury Township, Hollywood Casino York comprises roughly 80,000 square foot facility, featuring approximately 500 slot machines and 24 table games. The option for capacity expansion is available up to 750 slot machines and 40 table games. Apart from this, the casino will offer Barstool Sportsbook and race book; Diner & Drinks, a casual restaurant and bar; and the Classic Grill grab-and-go eatery.

Meanwhile, the opening will mark the company’s third facility in Pennsylvania following the likes of Hollywood Casino at Penn National Race Course in Grantville and The Meadows Racetrack & Casino in Washington. Moreover, the company stated that the opening of the fourth property — Hollywood Casino Morgantown — is scheduled later this year.

With respect to the opening, Ruben Warren, vice president and general manager for Hollywood Casino York, stated, “We’re very excited to soon welcome patrons to this beautiful new property, where they’ll be able to experience premier gaming, dining and entertainment.”

Most of the gaming companies are now banking on sports betting following its legalization outside Nevada. Penn National announced historic strategic partnerships with DraftKings, PointsBet, theScore and The Stars Group. These partnerships will help the company maximize sport betting and iGaming across 19 states. Going forward, the company is open for growth opportunities in Ohio, New York, Texas, Massachusetts and Missouri.

Price Performance

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Coming to price performance, shares of Penn National have surged 150.9% in the past year compared with the industry’s 51.7% growth. The upside can be attributed to the company’s expansion initiatives and cost-saving efforts. Going forward, the company remains confident about its long-term prospects on the back of its differentiated omni-channel approach. Also, partnership with Barstool Sports is likely to drive revenues during the upcoming periods. Meanwhile, earnings estimates for 2021 have moved up in the past 30 days, depicting analysts’ optimism regarding the stock’s growth potential.

Zacks Rank & Other Key Picks

Penn National currently has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some other top-ranked stocks in the same space include Boyd Gaming Corporation BYD, Red Rock Resorts, Inc. RRR and Century Casinos, Inc. CNTY, each sporting a Zacks Rank #1.

Boyd Gaming has a three-five year earnings per share growth rate of 19.8%.

Red Rock has a trailing four-quarter earnings surprise of 166.2%, on average.

Century Casinos’ 2021 earnings are expected to surge 119.9%.


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Boyd Gaming Corporation (BYD) : Free Stock Analysis Report

Century Casinos, Inc. (CNTY) : Free Stock Analysis Report

Penn National Gaming, Inc. (PENN) : Free Stock Analysis Report

Red Rock Resorts, Inc. (RRR) : Free Stock Analysis Report

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