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HomeCasinoPenn Nationwide Gaming Rebrands to Penn Leisure

Penn Nationwide Gaming Rebrands to Penn Leisure


Posted on: August 4, 2022, 01:49h. 

Final up to date on: August 4, 2022, 01:50h.

Penn Nationwide Gaming is not any extra. Efficient instantly, the regional on line casino powerhouse that controls the Hollywood model is named Penn Leisure.

Penn National Gaming Penn Entertainment Hollywood casino
Penn Nationwide Gaming is now Penn Leisure. The Pennsylvania-based on line casino operator says the brand new company id higher displays its enterprise mannequin. (Picture: On line casino.org)

The Wyomissing, Pa.-based gaming operator right now revealed combined outcomes for its third quarter. However the monetary submitting was overshadowed by the corporate ending hypothesis as to what the agency’s new id is likely to be.

As On line casino.org reported in Might, Penn Nationwide had filed quite a few trademark functions for “Penn Leisure” with the US Patent and Trademark Workplace. In its second and half-year outcomes, Penn Leisure CEO Jay Snowden says the brand new id higher aligns with the corporate’s future.

Immediately is an thrilling day for us as we grow to be Penn Leisure, Inc. Our new title maintains ties to our legacy whereas higher reflecting our evolution into North America’s main supplier of built-in leisure, sports activities content material, and on line casino gaming experiences,” Snowden stated in ready remarks.

Penn Leisure owns and/or operates 44 gaming properties in 20 states, plus on-line sports activities betting in 13 markets and iGaming in 5. Among the many firm’s manufacturers are Hollywood On line casino, L’Auberge, Barstool Sportsbook, and theScore Wager.

Penn Previous

Penn Nationwide Gaming is the oldest gaming operator in Pennsylvania. The corporate’s roots hint again to the Nineteen Sixties with the event of the Penn Nationwide Race Course.

The racetrack, which is about 15 air miles northeast of the Harrisburg capital, is the place Penn — then generally known as the Penn Nationwide Race Course Corp. — first ventured into on line casino playing with its inaugural Hollywood On line casino at Penn Nationwide Race Course.

As soon as confined to working its flagship on line casino in Pennsylvania and operating pari-mutuel wagering on the racetrack and at a number of off-track betting (OTB) amenities throughout the commonwealth, Penn Nationwide Race Course Group rebranded to Penn Nationwide Gaming in 1994. That title change coincided with the corporate venturing exterior its dwelling state with new regional on line casino investments.

Penn Nationwide Gaming started exploring a brand new id after the corporate in 2020 agreed to spend $163 million to accumulate a 36% stake in Barstool Sports activities. Snowden says Penn Leisure higher represents the corporate’s diversified pursuits.

“Over the previous few years, Penn has remodeled our enterprise by a extremely differentiated technique centered on natural cross-sell alternatives, which is strengthened by our investments in market-leading retail casinos, sports activities media property, owned expertise, together with a state-of-the-art, totally built-in digital sports activities and on-line on line casino betting platform, and an in-house iCasino content material studio,” Snowden defined.

The brand new id is not going to require a brand new ticker image. Penn has been traded on the Nasdaq below the ticker “PENN” since its public debut in Might of 1994.

Share Buyback

Talking of these publicly traded shares, Penn Leisure introduced right now that it repurchased greater than 9.3 million shares of its widespread inventory through the first half of the 12 months at a mean worth of $36.62 every. Buyers have been glad to promote, as PENN shares have tumbled considerably over the previous 12 months.

A 12 months in the past right now, PENN shares have been buying and selling round $66. In September 2021, they have been north of $84. Immediately, a PENN inventory goes for simply $36 — a 57% drop off from their 12-month excessive.

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