#4 - Penn Entertainment (NASDAQ:PENN)
When it comes to investing in the leading sports betting companies, Penn Enertainment (NASDAQ:PENN) has to be on the list. The company has a 36% stake in Barstool Sports. Whatever you may think of Barstool, the partnership gives Penn Entertainment (formerly Penn National Gaming) a national reach.
And in August, the company issued an SEC filing in which it expressed its intent to exercise its call rights and purchase the rest of the stake of Barstool. The total purchase price will come in at approximately $400 million. The company did not say whether the deal will be paid in cash. However, the company’s total liquidity at the end of June 2022 was $2.7 billion. The company expects the deal to close in February 2023
And this is in addition to the company’s own portfolio of casinos and interactive platforms which it operates in 19 states.
About PENN Entertainment
PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.
Read More - Current Price
- $20.52
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $23.29 (13.5% Upside)
