Why Penn Entertainment's Stock Plunged 15.8% Today

Regional gaming giant Penn Entertainment (PENN -15.76%) reported fourth-quarter 2023 financial results and the market didn't like what it saw. Shares fell as much as 15.8% in trading on Thursday and were still down 14.2% at 2:30 p.m. ET.The terrible quarterRevenue fell from $1.59 million a year ago to$1.40 billion, and Penn Entertainment lost $358.8 million, or$2.37 per share. Most of the revenue drop was related to the sale of Barstool and losses related to relaunching an online betting business under th ...