Penn National Gaming Rebrands to Penn Entertainment
Penn National Gaming is no more. Effective immediately, the regional gambling casino powerhouse that controls the Hollywood make is known as William Penn Entertainment.
The Wyomissing, Pa.-based gaming operator today revealed mixed results for its 3rd quarter. But the financial filing was overshadowed past the accompany finish venture as to what the firm’s unexampled personal identity might be.
As Casino.org reported inwards May, William Penn National had filed numerous trademark applications for “Penn Entertainment” with the US Patent and Trademark Office. In its s and half-year results, Penn Entertainment CEO John Jay Snowden says the young identity operator amend aligns with the company’s future.
Today is an exciting twenty-four hour period for us as we become William Penn Entertainment, Inc. Our new public figure maintains ties to our legacy piece better reflecting our evolution into Frederick North America’s leading provider of integrated entertainment, sports content, and gambling casino gaming experiences,” Snowden said in prepared remarks.
Penn Entertainment owns and/or operates 44 gaming properties inward 20 states, plus online sports betting inward 13 markets and iGaming in five. Among the company’s brands are Hollywood Casino, L’Auberge, Barstool Sportsbook, and theScore Bet.
Penn Past
Penn National Gaming is the oldest gaming operator in Pennsylvania. The company’s roots trace backrest to the 1960s with the developing of the William Penn National Race Course.
The racetrack, which is most 15 airwave miles nor'-east of the Harrisburg capital, is where William Penn — then known as the William Penn National Race Course Corp. — firstly ventured into cassino gaming with its maiden Hollywood Casino at William Penn National Race Course.
Once confined to operating its flagship casino in Keystone State and running pari-mutuel wagering at the racetrack and at several off-track betting (OTB) facilities crossways the commonwealth, Penn National Race Course Group rebranded to Penn National Gaming inward 1994. That epithet change coincided with the company venturing alfresco its place land with new regional gambling casino investments.
Penn National Gaming began exploring a young personal identity after the companion inward 2020 in agreement(p) to pass $163 million to win a 36% stakes inward Barstool Sports. Snowden says William Penn Entertainment better represents the company’s diversified interests.
“Over the past few years, William Penn has transformed our business through a extremely differentiated strategy focused on organic cross-sell opportunities, which is strengthened by our investments inward market-leading retail casinos, sports media assets, owned technology, including a state-of-the-art, to the full structured digital sports and online cassino betting platform, and an in-house iCasino mental object studio,” Snowden explained.
The young identicalness testament non require a new ticker symbol. Penn has been traded on the Nasdaq under the stock ticker “PENN” since its public debut in May of 1994.
Share Buyback
Speaking of those publically traded shares, William Penn Entertainment proclaimed today that it repurchased more than 9.3 zillion shares of its vernacular inventory during the first off half of the yr at an ordinary cost of $36.62 each. Investors have got been happy to sell, as PENN shares feature tumbled significantly o'er the past 12 months.
A twelvemonth agone today, PENN shares were trading around $66. In Sept 2021, they were northwards of $84. Today, a PENN buy in is going for simply $36 — a 57% dip off from their 12-month high.