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Penn National Gaming (NASDAQ:PENN) slumped Thursday after the company said it’s selling 14 million shares of equity. It’s a move that will raise capital, but also dilute current investors. 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. 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. golden nugget casino food seven feathers casino employment

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Assuming Penn sells 16. 1 million shares, it’d raise . nearest casino to joplin mo 11 billion, based on Wednesday’s close of . is 888 casino a con cliff castle casino facebook Casino Table Games Strategy Xepj In the aforementioned statement, the company doesn’t say at what price the new shares will be sold. winstar world casino oklahoma usa But secondary offerings are usually marketed at prices below current market value. 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.

As stocks rallied off the March lows, casino and sportsbook operators sold billions worth of new equity to bolster balance sheets. Penn previously tapped capital markets in May when it sold 0 million worth of bonds and equity. boomtown casino human resources At the end of the second quarter, the gaming company had . 2 billion in cash and . 8 billion in debt. More Thursday TroubleContributing to Penn’s trouble today is a rare analyst downgrade. 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. thunder valley casino hotel rooms Still, the analyst boosted his price target on Penn stock to , up from . casino near me map resorts casino gym 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. the bellagio hotel and casino 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. online slots real money pa He’s the second analyst in a month to downgrade Penn on valuation concerns. Fanduel Casino Illinois Thxm 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. mgm casino updates Penn said in the filing