Penn Gaming’s Las Vegas Plans are Coming to Light

Penn National Gaming Las Vegas Strip Background

Penn National Gaming has quickly transformed into one of the world’s most successful gambling operators. Company officials remain focused on expansion and appear interested in the casino industry in Nevada. Today, we’ll talk about Penn Gaming’s Las Vegas plans.

2021 was a fantastic year for Las Vegas. It seems likely that 2022 will be even better for the gambling companies here.

Let’s take a look at what Penn Gaming is interested in.

More Information on Penn Gaming’s Las Vegas Plans have Surfaced

Penn National Gaming was founded back in the late 1960s as a horse racing company. It began to shift its focus in the 1990s and began opening various casinos around the country. Shortly after PASPA’s removal in 2018, this company began looking to break into the emerging US sports betting industry, too.

The growth of Penn National Gaming has been apparent over the last few years. It currently owns a huge number of gambling venues around the United States. This company also owns a large stake in Barstool Sports and its sports gambling operations.

More of Penn Gaming’s Las Vegas plans have started to come out this week. Penn President and CEO Jay Snowden recently spoke to the media about moving into this city. During the conversation, he claimed that buying a Strip property is possible, yet only if the price is right.

“It would be nice to have one in the portfolio,” Snowden said. “[But not] in an irrational competitive bid process… With all of that said, we have the balance sheet that not every company can do. So if the price is right, if the property is right for us and location is something we’re comfortable with, we would probably take a look at it and at minimum kick the tire.”

Several casinos have gone up for sale in Las Vegas over the last couple of years. It may not be long before Penn National Gaming takes control of one of these properties.

Which Las Vegas Casinos Could Go for Sale Soon?

Las Vegas is no stranger to major property sales. This city has experienced a huge number of these sales over the past two years. There is reason to believe more casinos on the Las Vegas Strip will end up being put up for sale in 2022.

Many were surprised to see MGM Resorts International selling The Mirage to Hard Rock International for just over $1 billion. This property has been one of the most popular in LAs vegas for many years. It is now the first Las Vegas Strip property owned and operated by Hard Rock International.

It’s difficult to predict which casinos will go up for sale in 2022. Several of the casino companies here have expressed a desire to take part in these sales. Not many will want to relinquish any casinos that are likely to thrive this year, though.

Wynn Resorts recently announced that it plans to sell its sports betting operations, known as WynnBet, at a heavy discount. Company officials claim the market is currently too competitive. It remains to be seen which company will decide to purchase WynnBet.

Las Vegas is constantly changing and several new casinos here are expected to open in the next few years. Stay tuned for any updates on a major casino sale over the next couple of months!

Competition in the US Casino Industry Continues to Grow

There is no doubt that Las Vegas remains the gambling capital of the United States. This city experienced huge revenue surges throughout 2022. Tourism rates increased throughout the year and the casinos here posted impressive revenue gains.

Competition in the US casino industry continues to grow. Many states around the country are currently working to expand their number of casinos. This is in an attempt to generate more tax revenue that can be used to fund various social projects.

Illinois is one of these states. Six new casinos will open here by 2025. That includes one in Chicago. Mayor Lori Lightfoot is working hard to get construction started on this Chicago casino, yet certain issues continue to delay these plans.

New York may soon allow for new casinos to begin opening, too. The state recently launched its first online sportsbooks and many lawmakers are now pushing for a casino to be built in New York City. A majority of voters will likely need to give approval in order for this to happen.

What do you think of Penn Gaming’s Las Vegas plans? Will this company own a casino on the Las Vegas Strip anytime soon? Let us know in the comments section below.