Penn National Gaming has slowly become one of the most powerful gaming companies in the world. Its recent move into the sports betting world seems to be paying off in a big way. Reports have confirmed that Penn Gaming’s revenue figures hit record-highs in 2021’s first quarter.
It’s fantastic news for the Pennsylvania-based gaming operator. Now is a great time to talk about what led to this revenue surge. We’ll also discuss some of the company’s plans for the future.
Let’s get into it!
More States Show Interest in Legalized Sports Betting
The US sports industry began to surge in May of 2018. That month, the US Supreme Court decided to strike down PASPA. Doing so immediately gave every state in the country the ability to legalize and regulate sports betting.
As time goes on, it is becoming more clear how much money can be earned from this industry. Many states, particularly those with online sports wagering options set in place, are seeing a huge amount of money come in every month. Places like New Jersey and Pennsylvania are benefiting from revenue in the form of taxes.
Just about every state around the country is now expressing interest in legalizing sports betting. That includes some of the states known for their harsh anti-gambling laws. The revenue potential from this industry is simply too much to ignore.
It seems likely that several more states will formally approve sports gambling legislation before the end of 2021. It’s fantastic news for sports fans around the country. Before long, sports gambling could be legally available in almost every state.
Many areas are also choosing to expand their sports gambling options. New York, for example, is in the process of launching its own internet sports betting industry. Only land-based sportsbooks are currently up and running here.
Penn National Gaming is one of the companies working hard to expand in the US sports betting market. It appears these efforts are paying off in a big way.
Here’s a Look at Penn Gaming’s Revenue Figures in 2020’s Q1
Penn National Gaming has been a major player in the US gambling industry for years. Not long ago, the company began focusing considerably more on the rapidly expanding sports betting industry. It famously invested a massive amount of Barstool Sports ahead of that company’s own sportsbook launch.
This is proving to be a fantastic decision. This week, reports on Penn Gaming’s revenue figures were released. Incredibly, the company has already set new record-highs for its earnings in 2021’s first quarter.
Penn Gaming is also focused on expanding its casino industry in Las Vegas. The company already owns several properties in this city. It now appears that the Las Vegas Strip is a major point of focus for the company. CEO Jay Snowden spoke about the company’s plans to the media this week.
“I think the Vegas Strip is a great market and I think when you look at the Penn story could you envision down the road there being a sort of a hub-and-spoke as it relates to our longterm retail strategy, absolutely,” he said. It has to be the right asset, the right location and it has to be an asset that we feel is representative of a destination that we want to send people to.”
It’s a smart move for Penn Gaming to begin focusing more on the Strip. This area of Las Vegas has been seeing a steady increase in visitors for the past few months. Many analysts expect this summer to be one of the most successful seasons for Las Vegas in years.
Several major casino-resorts have recently gone for sale on the Strip recently. It wouldn’t be a shock to see Penn take control over one of these properties if it sees an opportunity. Stay tuned for updates over the next few months!
All Signs Point Toward a Successful Summer for Las Vegas
The US casino industry has been in recovery move for more than a year. Fortunately, gambling revenue in major casino hubs such as Las Vegas has been steadily increasing throughout 2021. Each month this year has proven to be more successful than the month prior.
There are some clear signs that Las Vegas will experience a successful summer this year. The first is the lifting of major restrictions throughout the city. Casinos like the Cosmopolitan are now operating at 100% capacity.
More entertainment options are also becoming available in the city. With restrictions being lifted, the major casino-resorts in Las Vegas are able to resume live shows. This is instrumental in boosting tourism rates in the city.
Many believe that the opening of Resorts World Las Vegas will bring an influx of visitors to the city, too. This venue cost $4.2 billion to construct, making it the most expensive gaming venue ever built here. It’s expected to be the most impressive gambling venue ever built in the US.
Things are already getting better here. June, July, and August should prove to be record months for the city. Stay tuned for updates!
Are you surprised to see where Penn Gaming’s revenue figures stand? How do you think the company will fare later this year? Let us know in the comments section below!