Penn National Gaming to Acquire Score Media for $1.74B

Penn National Gaming

In its bid to expand in the fast-growing North American sports betting market, Penn National Gaming announced on Thursday that it has entered into an agreement to acquire Score Media & Gaming Inc. for $1.74B in cash and stocks.

Under the deal, Penn will pay Score Media shareholders $34 per share in a mix of cash and stocks. Score owners will get $17 in cash plus .2398 shares of Penn National common stock per Score share. Once the transaction is consummated, Penn National will own approximately 93% of Score Media’s outstanding shares.

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close during the second quarter of 2022.

Said Penn National Gaming Chief Executive Officer Jay Snowden in an interview:

“There’s so much that theScore does that is so complementary with what Penn does and Barstool does. You put it all together and there’s so much synergy for the future in terms of revenue growth.”

Goldman Sachs and Code Advisors will provide financial advice to Penn National, with Wachtell, Lipton, Rosen & Katz and Blake, Cassels & Graydon acting as the company’s legal counsel. Score is receiving financial advice from Morgan Stanley and Canaccord Genuity Group, and legal services from Paul, Weiss, Rifkind, Wharton & Garrison and McCarthy Tétrault.

No.1 Sports App in Canada

Penn National and Score Media have a strategic partnership going on since 2019. The latter’s media app called theScore is the number one sports app in Canada and the number 3 ranked mobile app of its kind in North America.

Score media traces its roots in the television industry with a cable channel that was known as The Score. However, it could not overtake its two rival Canadian TV networks and Chief Executive Officer John Levy opted to bet his company’s future on digital assets. He sold the TV license in 2012 and focused on a sports website and a mobile app, then later moved into sports betting.

Penn’s Stock Rises

Following Thursday’s announcement by Penn Gaming, its stocks rose up to 11% to $73.43, the most since January. Meanwhile, Score went up by as much as 83% to $33.16 in New York, its most intraday trading since May 2018 when the U.S. Supreme Court repealed the Professional and Amateur Sports Protection Act.

Penn National, which purchased a 36% ownership share in Dave Portnoy’s Barstool Sports last January 2020, had seen its stocks decline in recent months amid the shortage of sporting events and as the company struggled to gain market share in recently legalized sports betting markets in Pennsylvania and Michigan.

More Information On the Hollywood Casino York is Coming Out!

Hollywood Casino York

Pennsylvania is quickly developing one of the largest gambling industries in the United States. New, exciting casinos are set to open here over the next few years. Reports have surfaced today that offered new information on the opening date of the Hollywood Casino York!

Casino fans have been excited to see this property get up and running. These fans will not have to wait much longer to visit this exciting new venue. Now is a great time to talk about when this property will open to guests.

Here’s what we know!

Pennsylvania’s Casinos Continue to Bring in High Revenue Figures

The East Coast is home to a huge number of major gambling destinations. Most think of Atlantic City, yet other nearby states are also developing a massive gambling industry. That includes Pennsylvania, which has some of the best gambling options of any state in the country.

Here, both online and land-based casinos are legal and regulated. These casino operations are helping to bring the state a huge amount of tax revenue each month. That was certainly apparant this past May.

Total Gross Gaming Revenue in Pennsylvania during the month of May came out to $413,182,161. That is a new record; surpassing the $403.1 million earned in April. Certain gambling operations here managed to bring in more revenue than others.

Online slots in Pennsylvania brought in $67.2 million last May. Slots and table games inside land-based casinos brought in $278.6 million in total revenue. Video game terminals available in certain areas of the state managed to bring in a respectable $3.6 million.

It’s exciting to see these revenue figures grow as 2021 goes on. Sports gambling is also available and continues to bring in a massive amount of money. Most analysts expect to see these revenue figures increase throughout the rest of the year.

More casinos continue to open their doors in this state. Here is a quick look at the upcoming opening of the Hollywood Casino York!

The Opening Date of the Hollywood Casino York Has Finally Been Revealed

Pennsylvania is far from the only state working to expand its gambling industry. Many areas of the country are focused on increasing their number of casinos. More gambling venues, lawmakers are arguing, will help to boost tax revenue.

There are several new casinos set to open in Pennsylvania over the next couple of years. It now appears that one new casino will open to the public here this summer! New reports have just surfaced claiming the opening date of the Hollywood Casino York is officially set for August 12.

Ruben Warren, vice president and general manager for Hollywood Casino York sent a press release this week, expressing his excitement at this property’s opening.

“The countdown to our grand opening begins today,” Warren said. “We’re very excited to soon welcome patrons to this beautiful new property, where they’ll be able to experience premier gaming, dining and entertainment.”

This property cost an impressive $120 million to construct. It’s owned by Penn National, one of the fastest-growing gaming companies in the country. The casino will feature 500 slots, 24 table games, and the first Barstool Sports-run sportsbook in the state.

Many feel this will be the best new casino in Pennsylvania. A huge number of individuals in the Springettsbury Township are expected to attend its grand opening. We’ll be sure to offer more information on the Hollywood Casino York after it opens to the public.

Sports gambling in Pennsylvania is more popular right now than ever before. Let’s take a quick look at how the sports betting companies here are faring right now.

Sports Gambling Revenue in Pennsylvania Continues to Fluctuate

Pennsylvania was the seventh state to formally legalize sports betting. The first sportsbooks launched here in November of 2018. The sportsbooks here have grown extremely popular and continue to bring in a huge amount of revenue each month.

This past May, reports surfaced claiming Pennsylvania’s sports betting revenue increased compared to April. The online and land-based sportsbooks here brought in $37.4 million that month. That is a solid increase from the $36 million in revenue earned last April.

When compared to 2020’s numbers, the sports gambling revenue situation here looks phenomenal. Of course, many of the country’s sports leagues were still shut down in June of 2020. Sports betting revenue was notably low throughout the middle of the year.

Pennsylvania is now developing one of the most profitable sports betting industries in the United States. New Jersey remains the king, for now. Illinois is second in terms of total sports betting revenue. Based on the current trend, however, it wouldn’t be a shock to see PA’s sports gambling industry take the top spot in the future.

The casino industry here continues to grow, as well. More gaming venues will open their doors here as the year goes on. Stay tuned for updates on the growing casino and sports gambling industry here as 2021 goes on.

Are you excited about the opening of the Hollywood Casino York? Let us know in the comments section below.

Penn Gaming’s Revenue Figures Surge in 2021’s Q1

Cash In Hand

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!

Hollywood York Casino Sets Earlier Opening Date

Penn National Gaming
The Hollywood York Casino at the York Galleria in Springettsbury Township in Pennsylvania has advanced its opening to August 2021, pending regulatory approval.

The Pennsylvania casino was supposed to open at the end of 2020 but the Pandemic changed its timelines. The opening was pushed back to later this year but now is expected to open in the middle of the year.

Drawing Customers From the Region

The opening of the 80,000 square foot casino is expected to draw customers from the region, specifically from south central Pennsylvania and Northern Maryland. It is located at the former Sears store at the York Galleria Mall which has a total of 50 tenants. The casino is considered as a mini-casino which is called a Category 4 casino. It is owned an operated by Penn National Gaming Corp.

The Pennsylvania casino cost a reported $120M to develop. It will have a total of 500 slot machines and 20 table games but that number could balloon to 750 slots and 40 gaming tables as allowed by law. Hollywood York Casino will have a restaurant, bar, entertainment lounge, and a coffee venue. It will also be allowed to have a sports book and a race book.

Penn National Gaming Opens Career Center

With the new development regarding the opening of Hollywood York Casino, Penn National Gaming announced on Thursday that it will be opening a career center near the location of the news Pennsylvania Casino. The career center will be open from Mondays to Fridays from 10:30 am to 5:30 pm with working hours to expand in the near future.

In its announcement, Penn Gaming revealed that it has begun accepting applications for various jobs at the Hollywood York Casino. Applicants can file applications for positions in casino operations, food and beverage, security and surveillance, human resources, marketing and many more.

Penn Gaming’s Revenue Has Been Surging Lately

Penn Gaming

For more than a year, major casino companies across the US have seen major drops in their monthly revenue earnings. There are some clear signs of recovery lately. New reports claim that Penn Gaming’s revenue has been increasing significantly over the past month.

It’s fantastic news for this company. Today, we’ll talk about what has led to this surge in revenue. We’ll also talk about some of the ways that Penn National Gaming has been expanding over the past few years.

Let’s get into it!

Casino Revenue is Fluctuating Around the US Right Now

The US casino industry suffered a huge blow in March of 2020. As most know, this was the month when nearly all casinos across the country were ordered to shut down. It took months for any of the casinos here to reopen.

Reviving this industry proved to be significantly more difficult than most predicted. Many states began allowing their commercial casinos to start operating in the early summer. Unfortunately, many were forced to shut down again by the time the fall approached.

Lately, casino revenue has been fluctuating around the country. Some major gaming hubs such as Nevada have been seeing increases in their tourism numbers. Other, smaller casino destinations have seen drops due to poor weather and a jump in infections.

There is reason to be optimistic for the rest of the year. Vaccine distribution is up and travel is beginning to increase around the country. There are several exciting new casino-resorts scheduled to open in Nevada over the next few months that are expected to boost tourism numbers.

That is great news for the many different casino companies around the US. Many have seen massive revenue declines since early last year. It is finally beginning to look as if there is light and the end of the tunnel for these casino operators.

Some of these companies are already seeing big surges in their revenue figures. That includes Penn National Gaming, one of the fastest-growing casino companies in the country.

Penn National Gaming Reports Major Revenue Surges in March

Most familiar with the US gaming industry have heard of Penn National Gaming. This company now owns and operates 41 different gaming venues around the country. It’s also becoming a major player in the quickly-emerging US sports betting industry thanks to its partnership with Barstool Sports.

Throughout most of 2020, Penn National Gaming saw massive declines in its revenue figures. Fortunately, it seems that things are turning around. CEO Jay Snowden spoke to the media this week and claimed that revenue in March is surging in a way that no one predicted.

“What we’re seeing right now in the business … is revenues and volumes that I haven’t seen in years. The month of March has been incredible,” he said. “We saw really high spend per visit when people came, but the visitation was still way down year over year because those that were 65-plus years old weren’t coming back.”

It seems that the increase in vaccines is helping casinos in a major way. Snowden claims that it’s leading to a major increase in casino visitations. He also claims that sports betting revenue from March Madness is helping to boost Penn Gaming’s revenue.

This is great news for Penn National Gaming and other casino companies around the country. It seems that the US gaming industry is finally beginning to bounce back. Major casino hubs such as Las Vegas and Atlantic City are likely to see major boosts in revenue as the year goes on.

Las Vegas, in particular, is expected to see huge surges of tourism this summer. Here’s a look at what will lead to this tourism surge.

What Will Help to Boost Tourism Rates in Las Vegas?

Las Vegas is one of the most-visited cities in America. Under normal circumstances, more than 40 million people would flock here every single year. Since March of 2020, however, tourism numbers here have been very low.

It’s clear that things are beginning to recover, though. Effective vaccine distribution is leading to a major surge of travel into Las Vegas. The casinos here are now operating at 24-hours a day and have been seeing large increases in revenue.

This vaccine distribution seems to be the primary reason for this surge in tourism. It also seems likely that the opening of new casinos here are bringing in more visitors. Several exciting new properties are set to open here over the next few months.

The Virgin Hotel-Casino opens its doors tomorrow! This venue is Virgin’s first casino and is expected to be fantastic. There are some fun things being planned for the venue’s grand opening.

Resorts World Las Vegas is expected to be one of the biggest and best casinos ever built in Las Vegas. It cost $4.2 billion to construct and is a true state-of-the-art masterpiece. Many are excited to see what this venue has to offer.

Are you surprised to see Penn Gaming’s revenue increase again? When do you expect tourism numbers in Las Vegas to reach pre-pandemic levels? Let us know in the comments section below.

Penn National Gaming Secures Partnership With NY Casino

New York

There has been a huge amount of attention placed on Penn National Gaming over the past few years. This company was founded in the 1960s and now owns and operates 43 different gambling venues around the United States. This week, news broke that Penn scored an exciting new partnership with a major NY casino.

This is a huge move for this company. New York is currently in the process of getting its online sports betting industry up and running. Today, we’ll talk about what Penn’s move into this state means moving forward.

Let’s get into it!

New York is Still Working to Approve Online Sports Betting Legislation

New York is home to a huge professional sports industry. It’s no surprise that many lawmakers here immediately began looking into sports betting regulations after PASPA was struck down in May of 2018. Finally, in 2019, the first legal sports wager was finally placed here.

Things weren’t perfect, though. New York went against many recommendations and only decided to legalize land-based sports betting. Sportsbooks opened in various casinos across the state, yet many of them struggled to generate revenue.

Online sports betting has proven to be a far more lucrative industry. Neighboring New Jersey has a regulated internet sports betting industry set in place. Throughout 2020, this state set numerous new sports betting handle records from its online betting operations.

Many have been pushing New York to finally begin allowing online sports gambling. Many lawmakers agree and have been working to draft legislation that allows this form of wagering. Even Governor Cuomo believes it’s a necessity, yet wants to ensure the state benefits from such a move.

A sports betting bill is currently making its way through the state’s legislative process. Under this bill, up to 14 different sports betting operators would have the ability to gain an online license here. There are some issues arising, yet most feel online sports gambling will finally become available in New York this year.

Some major gaming companies are now making the move into this state. That includes Penn National Gaming, which is already banking on online gambling options becoming available here soon.

Here’s What We Know About Penn National Gaming Moving into New York

There has been a lot of media coverage on Penn National Gaming in recent years. Much of that has to do with the company’s investment into Barstool Sports. Back in January of 2019, this company invested an astounding $163 million into Barstool for a 36% stake in the company.

Penn Gaming has also been working hard to expand in recent years. In 2015, for example, it purchased the popular Tropicana Hotel-Casino in Las Vegas. In 2019, the company purchased two more major properties in conjunction with VICI Properties.

Now, Penn seems focused on New York. News broke this week that the company has agreed to a new partnership with Rivers Casino & Resort in Schenectady. This 20-year deal gives Penn access to the New York mobile sports betting and casino market.

Jon Kaplowitz, Penn National’s Sr. Vice President of Interactive Gaming, expressed his excitement about breaking into New York in an official statement this week.

“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our Company,” he said. “We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.” 

This is a huge move for Penn Gaming. This company has seen tremendous success breaking into new markets in recent months including Michigan. Most agree that New York has the largest online sports betting market in the US.

As of now, New York still has not approved any legislation to allow online sports betting. Once that changes, however, Penn Gaming will have the ability to launch an internet sportsbook here. Stay tuned for more updates over the next few weeks!

Online Sports Betting Revenue Continues Increasing Around the US

New York seems to be just months away from getting its online sports betting operations up and running. The states that have already done so are profiting in a big way. Online sports betting revenue is surging around the country right now.

That includes the aforementioned state of Michigan. Online sports betting didn’t become available here until the final ten days of January. In those ten days, the state saw an online sports betting handle of $113 million.

New Jersey is also seeing impressive online sports betting revenue figures right now. The regulated sportsbooks here earned an astounding $82.6 million in January. Analysts expect even higher figures in February due to the Super Bowl.

Many different states are now working hard to legalize and regulate their online sports betting industries. That includes California and Arizona. Many analysts expect nearly every state to have a sports betting industry set in place by 2025.

Penn National Gaming is getting ahead of the game by breaking into New York. It is likely to pay off as soon as online sports gambling gets approved here.

When do you think New York will begin allowing online sports betting? Let us know in the comments section below!

Penn National Gaming to Open Three Barstool Sportsbooks This Week

Penn National Gaming
Three Barstool-branded sportsbooks will be opened by the end of the week in three regional casinos owned by Penn National Gaming.

According to the Pennsylvania-based casino operator, Barstool sportsbooks will open on December 23 at the Greektown Casino Hotel in Detroit, Michigan and at the Hollywood Casino Lawrenceburg in Indiana. Meanwhile, another Barstool sportsbook will be launched at the Ameristar East Chicago Casino & Hotel on Christmas Eve.

The Barstool sportsbook at Greektown is located at the second floor adjacent to the table gaming area. Meanwhile, Penn National rebranded the the existing sportsbooks situated in the entrance to the casino floor of Hollywood Lawrenceburg and by the entrance of Ameristar East.

Per Penn National SVP of Regional Operations Rafael Verde:

“The new designs incorporate the spirit of the Barstool Sports brand, resulting in unique sports wagering and dining experiences that we expect our customers will thoroughly enjoy.”

Part of the Rollout

The opening of the three sports betting shops is part of the rollout discussed by Penn National Gaming CEO Jay Snowden during the company’s third-quarter conference call last October. It can be recalled that Penn National Gaming kicked off the launch last month at the Ameristar Black Hawk in Colorado.

All three new locations feature a sports viewing area and dining space. It also has a betting counter with a large odds board, numerous betting kiosks, and ticker writing stations. The wagering area is close to the dining area and has several television sets showing different sports action from across the country.

Increasing its Reach

Penn National Gaming hopes to change and increase the reach of the demographic make-up of its customer base which is currently made up of the 45 and older age group. Last January, Penn National acquired a 36% stake of the sports media platform Barstool for $136M.

With the acquisition, Penn National hopes to take advantage of the estimated 66 million viewers of its website and social media content to improve its market standing. Currently, Penn National operates 41 gaming locations in a total of 19 states. That number will soon increase to 42 and 20, respectively, as it announced last week the purchase of the Hollywood Casino Perryville in Maryland.

Penn National Gaming’s Revenue Figures Have Been Released

Penn National Gaming

Penn National Gaming is one of the biggest and most successful gaming companies in the United States. It currently owns more than 40 properties across the US and Canada. This week, Penn National Gaming’s revenue figures were released to the public.

Many are impressed to see where things stand. Today, we’re going to talk about how much money Penn National made in 2020’s third quarter. We’ll also discuss what parts of this company have been the most successful this year.

Let’s get into it!

Penn National Gaming Breaks into the US Sports Betting Industry

The expansion of Penn National Gaming has been taking place for decades. Back in 1996, the company expanded from its lone race track to acquire new venues around the country. Over the past 24 years, officials within the company have worked hard to buy new gaming properties around the US and Canada.

Many were shocked when in early 2020, Penn National Gaming announced that it had purchased a 36% stake in Barstool Sports. It was clear that this was an attempt to break into the quickly-growing US sports betting industry. Barstool Sports is now one of the largest sports media companies in the country.

Penn National Gaming already controls many land-based sportsbooks. The company now wants to make a splash in the online sports betting market. Barstool is now working hard to expand its internet sportsbook to more states.

This move seems to make sense. The United States’ sports betting industry is growing every single year. Several states such as New Jersey and Colorado are now continuing to see record-earnings from their sports betting operations.

Most believe that the sports betting industry will continue to grow. Several states are set to legalize and regulate this form of gambling before the end of the year. Online sports betting is now helping to bring Penn National Gaming a huge amount of additional revenue every year.

Let’s take a look at the revenue reports that have just been released.

New Reports on Penn National Gaming’s Revenue Are Out

Many of the country’s gambling companies have released their third-quarter revenue reports this week. It’s clear that the land-based casino industry is still struggling immensely this year. Nearly all casinos have seen massive dips in revenue.

The online sports betting industry, however, is surging right now. Regulated internet sportsbooks are seeing increases in revenue and handle almost every month. This is great news for Penn National Gaming, which is benefiting massively from its partnership with Barstool Sportsbooks.

In 2020’s third quarter, Penn National generated $1,129.7 million in revenue with an adjusted EBITDAR of $452.6M. It’s a positive sign and represents an increase from the year’s second quarter. Most credit the launching of the Barstool Sportsbook app for the company’s most recent success.

President and CEO Jay Snowden spoke about Penn National Gaming’s revenue figures to the media this week.

“I am pleased to report that our property, interactive, and corporate management teams generated strong third quarter revenues, as well as all time quarterly record Adjusted EBITDAR and Adjusted EBITDAR margins, despite the continuation of social distancing and capacity constraints at all of our reopened properties,” he said. In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received.” 

That may be a bit of an understatement. According to new reports, this new online sportsbooks generated more than $78 million just 37 days after launching in Pennsylvania. This betting platform is expected to expand to several new states throughout 2021.

Unfortunately, not all gaming companies are seeing an increase in revenue right now.

Las Vegas Casino Companies See Drops in Revenue

The city of Las Vegas has been hit extremely hard throughout 2020. For months, all of the casinos in this city were closed to the public. These venues reopened in June, yet they continue to see significantly lower revenue earnings than in 2019.

Nevada, and Las Vegas specifically, is home to some of the largest casino companies in the world. All of these companies are now looking at new ways to cut down on costs while keeping their venues functional. Some are taking more extreme approaches than others.

Las Vegas Sands recently announced it is considering selling several of its major casino-resorts in Las Vegas. It’s a huge announcement. LVS currently controls some of the biggest gaming properties in the city including The Venetian.

Wynn Resorts has also been seeing drops in revenue throughout 2020. Not long ago, company officials announced that the Encore Las Vegas would be closing for three days a week moving forward. This is due to a drop in hotel visitors.

The casino industry remains in a tough spot. Based on Penn National Gaming’s revenue reports, it seems that the country’s online sports betting industry is still hugely profitable. We’ll continue offering more revenue reports over the next few weeks.

Are you surprised to see Penn National’s earnings in this year’s third quarter? When do you expect Las Vegas to recover? Let us know in the comments section below!

Penn National Gaming Completes Sale of the Las Vegas Tropicana

Despite Carolyn Goodman’s best efforts, Las Vegas remains shut down. Interestingly, property sales are still taking place in this city. News is now coming out the Penn National Gaming has officially completed the sale of the Las Vegas Tropicana.

Tropicana Las Vegas

It’s big news for the Pennsylvania-based gaming company. Today, we’re going to look at the details of this major casino sale. We’ll also check out some of the other venues in Las Vegas that are scheduled to open soon.

Let’s get into it!

Las Vegas Casino Officials Call for Restrictions to be Lifted

Things are still very tough in Las Vegas. Back in March, Governor Steve Sisolak began ordering all non-essential businesses in the state to close their doors. This includes casinos. As a result of these regulations, Las Vegas is at a standstill.

None of the casinos in this city are able to operate right now. Many of them are losing millions of dollars every single day. The closing of these casinos has also caused the tourism industry in Las Vegas to completely shut down.

It was unclear how much of an issue this would become. Some analysts predicted these regulations would only be in place for a few weeks. It’s been more than a month since casinos in the state were closed down, however, and Governor Sisolak seems unwilling to make any changes.

Some major casino officials are now voicing their opinions. Last week, Wynn Resorts CEO Matt Maddox gave some ideas for how casinos in Las Vegas can reopen. This includes implementing social distancing measures in casinos and requiring table dealers to wear masks.

No one really knows how long the regulations in Nevada will last. It’s clear that many companies are suffering, yet state officials are trying to avoid a major loss of life. Even with the regulations set in place, some companies are still managing to acquire new properties in Las Vegas.

Penn National Gaming Has Sold Las Vegas Tropicana

Penn National Gaming purchased the Las Vegas Tropicana Hotel & Casino back in 2015. As the coronavirus began affecting Las Vegas, company officials began discussing plans to sell this venue. In late March, Penn Gaming announced it had reached a new agreement with Gaming & Leisure Properties, the landlord of this property.

Under the agreement, Penn National Gaming will sell this venue for $337.5 million worth of rent credits. The company is looking for ways to cut down on costs while the current regulations are in place.

This week, this property sale was finalized. Gaming & Leisure Properties now owns the land this historic hotel-casino sits on. Penn National Gaming CEO Jay Snowden commented on the company’s plans to the media this week.

“We believe that these collective steps will allow us to successfully weather the state-mandated closures related to the COVID-19 crisis,” Snowden said.

It’s not much of a surprise. Penn National Gaming is looking for ways to save money after investing hundreds of millions into Barstool Sports. Hopefully, this new strategy is able to help the company through this crisis.

Construction Continues on Las Vegas Casino-Resorts

It’s been more than a month since all of the casinos in Nevada were forced to close down. As we’ve already mentioned, this is costing many companies millions of dollars. Unless things change quickly, some of the casinos in this state may be forced to permanently close their doors.

To the surprise of many, construction has been allowed to continue on several major casino-resorts. This includes work on Resorts World Las Vegas. This is the most expensive casino-resort ever built and many expect it to be the most impressive venue ever built in Las Vegas.

Some of these construction projects are facing difficulties, though. A recent report claims that a builder at Circa Las Vegas recently tested positive for the new coronavirus. As a result, owners of this venue are setting new guidelines for construction workers.

It’s unclear if any new work will be done on the Las Vegas Tropicana. Most feel it’s unlikely under the current regulatory situation.

Some experts claim that more major property sales are likely to take place over the next few months.

Are you surprised to see Penn National Gaming sell the Las Vegas Tropicana? Let us know in the comments section below.

Penn National Gaming Still Looking to Sell LV Tropicana

Penn National Gaming is one of the country’s biggest and most successful casino operators. The company has made headlines recently for some of its major deals and acquisitions. This week, officials within Penn Gaming announced they’re still looking to sell LV Tropicana.Tropicana Las Vegas Casino Logo

The sale of this casino-resort has been discussed for years. It’s a popular venue off the Strip and is likely to fetch a high price. Today, we’re going to look at some of the Tropicana’s recent deals and talk about when the company is looking to sell this property in Las Vegas.

Penn Gaming Purchases 36% Stake in Barstool Sports

There’s a good chance you’ve seen Penn National Gaming’s name in the headlines recently. Recently, this company paid $136 million for a 36% stake in sports blog Barstool Sports. With this investment, Barstool is now valued at an incredible $450 million.

The decision to work with this company makes sense for Penn National Gaming. Barstool Sports has one of the largest social media followings in the country. Most feel that the deal will help to bring significantly more people to Penn Gaming’s casinos.

Ron Baron, a billionaire investor in New York, believes this deal will prove extremely valuable for the casino company.

“Not only are they going to make a lot of money on this investment for this $150 million and buy the rest of it out from the founder, but also it’s going to increase the traffic in their casinos,” Baron said. “It’s going to be worth a ton.”

It’s clear that Penn National Gaming is looking to expand. Interestingly, the company wants to start generating more revenue from property sales. As a result, officials are now looking to sell the LV Tropicana. Based on several reports, this sale will take place sometime in 2020.

The Push to Sell the LV Tropicana Continues

The Tropicana Hotel-Casino in Las Vegas is one of the city’s most popular venues not located off the Strip. It opened to the public all the way back in 1962. Since that time, it’s changed ownership hands several times.

Several major renovations have also been made to this property. In 1986, the owners built a new 21-story Island Tower here. In 2007, a massive $2 billion expansion project was planned. Due to the financial crisis, these plans were eventually scrapped.

In 2015, Penn National Gaming purchased this property for $360 million. The company has worked hard to make this a more popular with locals and tourists. Unfortunately, it appears the revenue generated from this hotel-casino is not as high as initially projected.

As a result, Penn National Gaming is looking to sell LV Tropicana. Jay Snowden, CEO of Penn Gaming, told the media that several offers for this venue have already been presented.

“On the Tropicana side, there’s been so much unsolicited interest that it’s just very active,” he said. “We got another call two days ago with interest in potentially acquiring some or all of the land holdings there. It’s very active.”

Snowden claims this sale is a real priority for the company. Competition in the US casino industry continues to grow. Let’s take a look at how Penn Gaming performed last year.

Penn National Gaming’s 2019 Revenue Figures Are Released

The US casino industry is in an interesting place. More states have recently begun to expand their laws to allow more casino gambling options. As a result, many companies are beginning to earn significantly more revenue.

On the other hand, competition is growing in this industry, too. Some of the biggest companies are controlling much of the market. Penn Gaming’s investment into Barstool Sports was expected to help with this issue.

Unfortunately, the company recently reported revenue losses in 2019’s fourth quarter. The company posted revenue of $1.34 billion last quarter. This is significantly less than analysts initially projected.

This isn’t something to be concerned about, though. Most feel that this company’s share prices will continue to rise throughout 2020. Once the company is able to sell LV Tropicana, these shares will increase significantly.

It’s an exciting time for Penn Gaming and the US casino industry as a whole. Stay tuned for more casino news over the next few months!