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Penn National Gaming (NASDAQ:PENN) slumped Thursday after the company said it’s selling 14 million shares of equity. Is Foxwoods Resort Casino Open Crws 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. big dollar casino sign in (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 statbicycle casino drement issued by the casino operator.

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Assuming Penn sells 16. angel of the winds casino gas station 1 million shares, it’d raise . 11 billion, based on Wednesday’s close of . paradise 8 online casino login golden nugget casino online app In the aforementioned statement, the company doesn’t say at what price the new shares will be sold. boomtown casino harvey louisiana But secondary offerings are usually marketed at prices below current market value. xl casino no deposit bonus 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. At the end of the second quarter, the gaming company had . casinos en lake tahoe 2 billion in cash and . 8 billion in debt. More Thursday TroubleContributing to Penn’s trouble today is a rare analyst downgrade. Take 5 Free Slots Ccxr Austria 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. quality inn near soaring eagle casino chumba casino hack cheats chukchansi casino buffet open Still, the analyst boosted his price target on Penn stock to , up from . Following earlier life-rafting events in 1Q, PENN made strategic movebicycle casino drs (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. He’s the second analyst in a month to downgrade Penn on valuation concerns. fanduel casino ny guns n roses hard rock casino However, most of the sell-side community is wildly enthusiastic about the name, with some forecasting moves to or . Nearest Casino To Houston Yahz 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. liberty 7s slot machine casino Penn said in the filing