PENN(PENN) Prnewswire·2025-01-29 21:30Company 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]