Company Performance and Governance Issues - PENN's shares have declined by 81% over the past four years, significantly underperforming the S&P 500 Index (+69%) and Boyd Gaming (+73%) [2] - The Board has overseen a failed Interactive strategy, resulting in nearly $4 billion in reckless spending on overpriced M&A transactions and media partnerships, leading to large ongoing operating losses [3] - Weak corporate governance has disenfranchised shareholders and entrenched board members while excessively compensating the CEO [4] Proposed Board Changes - HG Vora has nominated three independent director candidates (William J Clifford, Johnny Hartnett, Carlos Ruisanchez) to PENN's Board at the 2025 Annual Meeting [1] - This marks the first time in HG Vora's 15-year history that it has nominated directors, reflecting the urgency for change [5] Director Nominees' Qualifications - William J Clifford has over 30 years of gaming industry experience, including 12 years as CFO of Penn National Gaming, driving a 20x return for shareholders [6] - Johnny Hartnett has decades of online sports betting and gaming experience, including growing Superbet Group's revenue 7x and profitability 5x during his tenure as CEO [6][7] - Carlos Ruisanchez has a strong track record in capital allocation and value creation, including driving a nearly 5x total return for Pinnacle Entertainment shareholders during his tenure as CFO [7] Shareholder Position - HG Vora collectively owns approximately 4 8% of PENN's outstanding shares through its Master Fund and Downriver entities [11]

Core Insights - PENN Entertainment's subsidiary, PENN Sports Interactive, has formed a long-term multi-channel agreement with Monumental Sports & Entertainment, enhancing its market presence [1][2] - The partnership will allow ESPN BET to secure online market access in Washington D.C., expanding its reach to 19 states and nearly 46% of the U.S. population [2][6] - PENN's stock saw a 3% increase during trading hours, reflecting positive market sentiment towards the new partnership [1] Group 1: Partnership Details - The strategic partnership will make ESPN BET the sports betting partner for Monumental Sports' teams, including the Washington Capitals, Wizards, and Mystics [3] - The agreement includes various marketing components such as in-arena signage, out-of-home advertising, and unique hospitality experiences [4] - PENN's Chief Technology Officer highlighted the deal's potential to connect ESPN BET with a passionate sports community [5] Group 2: Growth and Market Expansion - In August 2023, PENN entered a transformative alliance with ESPN to rebrand its Barstool Sportsbook as ESPN BET, overseeing daily operations [5] - The launch of ESPN BET in New York in September 2024 significantly enhanced PENN's scale, leveraging ESPN's media reach for customer acquisition [6] - PENN's shares have increased by 6.8% over the past three months, outperforming the Zacks Gaming industry's growth of 4.1% [8]

Key TakeawaysPenn Entertainment shares surged Friday after JPMorgan upgraded the casino operator's stock, anticipating growth as its investments begin to pay off. The analysts boosted their rating for Penn to "overweight" from "neutral," and lifted their price target to $27 from $19.Despite Friday's gains, Penn shares have lost nearly one-fifth of their value since the start of the year. Penn Entertainment (PENN) shares surged Friday after JPMorgan upgraded the casino operator's stock, anticipating growth ...

Company Overview - PENN Entertainment, Inc. operates 43 regional land-based casinos across the United States, covering the Northeast, South, West, and Midwest regions [1] - The company is actively pursuing opportunities in the online gambling market with the launch of ESPN Bet [1] Investment Strategy - The investment philosophy focuses on identifying mispriced securities by analyzing the drivers behind a company's financials, often revealed through a DCF model valuation [1] - This approach allows for a flexible investment strategy that encompasses traditional value, dividend, and growth investing, assessing all prospects of a stock to determine risk-to-reward [1]

PENN Entertainment, Inc. (PENN) reported a narrower-than-expected loss in third-quarter 2024 results. Meanwhile, the top line missed the Zacks Consensus Estimate but increased on a year-over-year basis.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The company's performance was backed by better-than-expected results in its Interactive segment. Improved hold and a higher parlay mix contributed to this growth. Also, lower promotional expenses supported the upside. However, stable con ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 0-24206 PENN Entertainment, Inc. (Exact name of registrant as specified in its charter) ...

PENN Entertainment, Inc. (NASDAQ:PENN) Q3 2024 Earnings Conference Call November 7, 2024 9:00 AM ET Company Participants Joe Jaffoni - Investor Relations Jay Snowden - Chief Executive Officer & President Felicia Hendrix - Executive Vice President & Chief Financial Officer Todd George - Executive Vice President, Operations Aaron LaBerge - Chief Technology Officer Conference Call Participants Barry Jonas - Truist Securities Carlo Santarelli - Deutsche Bank Brandt Montour - Barclays Joe Greff - JPMorgan Joe St ...

| --- | --- | |------------------------------------------|-------| | | | | | | | | | | THIRD QUARTER 2024 EARNINGS PRESENTATION | | | November 7, 2024 | | FORWARD-LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "expects," "believes," "estimates," "projects," "intends," "plans," "goal," "seeks," "may," "will," "should," or ...

PENN Entertainment (PENN) reported $1.64 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 1.2%. EPS of -$0.24 for the same period compares to $1.21 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.65 billion, representing a surprise of -0.83%. The company delivered an EPS surprise of +14.29%, with the consensus EPS estimate being -$0.28.While investors closely watch year-over-year changes in headline numbers -- revenue and earni ...

PENN Entertainment (PENN) came out with a quarterly loss of $0.24 per share versus the Zacks Consensus Estimate of a loss of $0.28. This compares to earnings of $1.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.29%. A quarter ago, it was expected that this casino operator would post a loss of $0.27 per share when it actually produced a loss of $0.18, delivering a surprise of 33.33%.Over the last four quarters, the compa ...