|Bid||0.00 x 1800|
|Ask||0.00 x 4000|
|Day's Range||21.06 - 21.84|
|52 Week Range||18.76 - 36.90|
|Beta (3Y Monthly)||2.32|
|PE Ratio (TTM)||3.67|
|Earnings Date||Feb 6, 2019 - Feb 11, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||32.92|
Penn National (PENN) is known for its acquisition strategies, which helps the company to expand its presence and improve revenue yields.
While Las Vegas Sands (LVS) has an edge over MGM Resorts (MGM) in terms of projected EPS, the latter has a better debt-to-asset ratio.
rose nearly 8% Wednesday to close at $21.32 a share on news that the gambling company is buying Detroit's Greektown Casino-Hotel's operations for $300 million from Cleveland Cavaliers owner Dan Gilbert. Gilbert, who founded Detroit-based Quicken Loans and has long worked on redeveloping his native Detroit, also agreed to sell the casino property itself to real estate investment trust VICI Properties Inc. VICI's shares fell 0.1% to $21.44 on the news.
An investment arm of Quicken Loans founder and billionaire Dan Gilbert said on Wednesday it agreed to sell the Greektown Casino-Hotel in Detroit to a real estate investment trust and a partner for $1 billion, in a sign of industry consolidation. VICI Properties Inc, which owns Caesars Palace in Las Vegas and other gaming sites, will acquire the land and real estate assets of Greektown for about $700 million, said JACK Entertainment LLC, an affiliate of Athens Acquisition LLC, whose majority shareholder is Gilbert.
Penn will pay $300 million and run the Greektown Casino Hotel, the companies said Wednesday. Vici, a publicly traded real estate investment trust, will pay $700 million and own the property. Separate talks between Gilbert and Caesars Entertainment Corp. for his other gaming interests, including casinos in Cleveland and Cincinnati, have stalled, according to people with knowledge of the matter.
Penn National will pay $55.6 million in rent annually for 15 years with options to renew the lease four times for five years each. Penn National, which expects to finance the deal with cash on hand and debt, is acquiring Greektown from Jack Entertainment LLC. Greektown Casino-Hotel, opened in 2000, features 100,000 square feet of casino space, about 2,700 gambling machines and 60 table games among other amenities and features. The deal, expected to close in mid-2019, will increase Penn National’s portfolio of facilities to 41.
Dan Gilbert, the founder and chairman of Quicken Loans, agreed to sell Greektown Casino for $1 billion. Greektown was opened in 2000 and contains approximately 2,700 gaming machines and 60 table games along with a 400-room luxury hotel and 14,000 square feet of event and catering space. For the city of Detroit, the purchase is a vote of confidence in the vitality of downtown from one of the leading regional casino operators in the country.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National” or the “Company”), announced today that it has entered into a definitive agreement to acquire the operations of Greektown Casino-Hotel in Detroit, Michigan (“Greektown”) for approximately $300 million in cash. Simultaneous with the closing of the transaction, Penn National will enter into a triple net lease agreement with VICI Properties Inc. (VICI) (“VICI”) for the Greektown facility.
Penn National's (PENN) margin-improvement initiatives and acquisitions are the key growth drivers while competition creates headwinds for the company.
With shares of casino giant Wynn Resorts (WYNN) tanking in the wake of its latest earnings report, Ryan McQueeney explains how growth & income investors can find better options by focusing on REITs that own gaming properties.
NEW YORK, Nov. 06, 2018 -- In new independent research reports released early this morning, Fundamental Markets released its latest key findings for all current investors,.
LAS VEGAS, Nov. 05, 2018 -- Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), the casino gaming industry’s single source provider of gaming products and financial.
Penn National Gaming Inc (NASDAQ:PENN), which is in the hospitality business, and is based in United States, saw significant share price volatility over the past couple of months on the Read More...
The Wyomissing, Pennsylvania-based company said it had profit of 38 cents per share. The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research ...
- All Three Operating Segments Generate Continued Improvements to Industry Leading Adjusted EBITDA Margins -
- Completes Acquisition Financing -- Establishes 2018 Fourth Quarter and Revises Full Year Guidance -- Completes Acquisition of the Real Estate Assets of Tropicana Entertainment.
Penn National Gaming, Inc. (PENN:Nasdaq) (“Penn National” or the “Company”) announced today that it has filed an application with the Pennsylvania Gaming Control Board (“PGCB”) for Hollywood Casino Morgantown, the Company’s second Category 4 satellite gaming facility, to be located on a vacant 36-acre site in Caernarvon Township, Berks County. The planned facility will be near the intersections of three major roadways: the Pennsylvania Turnpike (I-76), I-176, and the Morgantown Expressway (Rt.
Despite short-term turmoil in the entertainment and gaming space, rise in consumer spending and upbeat outlook for the economy are encouraging.