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Penn National Gaming (NASDAQ:PENN) slumped Thursday after the company said it’s selling 14 million shares of equity. Doubledown Casino Not Working Hyjr It’s a move that will raise capital, but also dilute current investors. scarlet pearl casino ms On the news, the stock is lower by more than three percent in midday trading. Slots players at Penn National’s Hollywood Casino in Toledo, Ohio. wild horse pab casino sports book Penn stock slid today on news of a secondary offering and an analyst downgrade. (Image: Toledo Blade)Underwriters of the transaction also have a 30-day window in which they can purchase an additional 2. 1 million shares, according to a statborgata casino towelsement issued by the casino operator. sycuan casino wedding

Key Insights and Expert Analysis

Assuming Penn sells 16. 1 million shares, it’d raise . 11 billion, based on Wednesday’s close of . In the aforementioned statement, the company doesn’t say at what price the new shares will be sold. But secondary offerings are usually marketed at prices below current market value. Www Golden Nugget Casino Online Com Rxoq Hence, stocks frequently decline on the news. Penn is continuing a trend of gaming companies capitalizing on resurgent equity to raise capital via secondary sales. river spirit casino suite

As stocks rallied off the March lows, casino and sportsbook operators sold billions worth of new equity to bolster balance sheets. Riverwind Casino Showplace Theatre Rcbj Penn previously tapped capital markets in May when it sold 0 million worth of bonds and equity. riversweeps online casino apk download thunder valley casino news At the end of the second quarter, the gaming company had . slot casino 88 fortune 2 billion in cash and . 8 billion in debt. More Thursday TroubleContributing to Penn’s trouble today is a rare analyst downgrade. blackjack online 21 Macquarie analyst Chad Beynon lowered his rating on the gaming outfit to “neutral” from “outperform,” citing “stretched valuation,” among other reasons.

Beynon also pointed to high leverage, fixed costs Penn faces in the form of property leases, and the likelihood of an “arms race” when it comes to marketing costs, as the company ramps up competition against rivals such as DraftKings and FanDuel. hard rock hotel casino 8a when did angel of the winds casino open Still, the analyst boosted his price target on Penn stock to , up from . Following earlier life-rafting events in 1Q, PENN made strategic moveborgata casino towelss (Trop LV trade for rent credits, equity/debt raise, cost cutting) to shore up the balance sheet for 2020. Investors became increasingly more comfortable with the core business, while beginning to recognize the Barstool value to the PENN brand,” said Beynon in a note to clients. live casino corporate office He’s the second analyst in a month to downgrade Penn on valuation concerns. However, most of the sell-side community is wildly enthusiastic about the name, with some forecasting moves to or . Barstool Sportsbook UpdatePenn’s Barstool Sportsbook mobile app went live across Pennsylvania last weekend, providing Wall Street with another source of excitement.

In a filing with the Securities and Exchange Commission (SEC) today, the company said the sports betting app was downloaded 30,000 times last weekend in the Keystone State and 35,000 times during a three-day soft launch. Penn said in the filing