{"id":139136,"date":"2020-06-18T13:13:19","date_gmt":"2020-06-18T20:13:19","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=139136"},"modified":"2020-06-18T14:18:56","modified_gmt":"2020-06-18T21:18:56","slug":"boyd-penn-national-seen-as-winners-as-regionals-reopen","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/","title":{"rendered":"Boyd, Penn National Leaders as Regionals Rebound, Says Bank of America Analyst"},"content":{"rendered":"

Regional operators, including Boyd Gaming (NYSE:BYD) and Penn National Gaming (NASDAQ:PENN), are benefiting as their properties come back online following the coronavirus shutdown. But a Bank of America (BofA) analysts sees other favorable fundamental tailwinds for the group.<\/p>\n

\"Regional
Boyd Gaming’s Ameristar in St. Charles, Missouri. The company is a top regional gaming pick from BofA analyst Shaun Kelley. (Image: St. Louis Post-Dispatch)<\/figcaption><\/figure>\n

In a note to clients today, analyst Shaun Kelley said regional gaming firms offer the best fundamentals in the industry. It’s a mix bolstered not only by strong demand in the reopening phase, but improving margins and the oft-cited sports betting catalyst.<\/p>\n

Over 70 percent of all casinos are now open and the early trends are encouraging,\u201d wrote Kelley.<\/p><\/blockquote>\n

The analyst also highlighted a \u201csubstantial rebound\u201d in demand trends in select states, with some data points blowing out to new records in Arkansas, Kansas and Louisiana, just to name a few. Boyd Gaming, one of Kelley’s buy-rated names, owns a combined six gaming properties in Kansas and Louisiana. Penn National, which the analyst recently dubbed his preferred pick in the sector<\/a>, operates several venues across both states, and the Pelican State is one of the company’s most important markets in terms of percentage of generated revenue<\/a>.<\/p>\n

Bad News in Good News<\/h2>\n

Analysts’ preference for regional names was a prominent theme during the COVID-19 shutdown. The market observers speculated visitors would be more eager to return to local gaming properties than they would be to hop on planes to fly to destination markets, such as Las Vegas.<\/p>\n

Some company-specific commentary support that thesis. Earlier this week, Caesars Entertainment (NASDAQ:CZR) provided a reopening update, saying revenue at its restarted Nevada properties plunged on a year-over-year basis.<\/a> But Caesars also said that its regional venues that recently came back online had flat to modestly higher turnover.<\/p>\n

\n

Kelley notes operators are saying margins are poised to be \u201cmeaningfully higher in the post-reopening months.\u201d Some of that is being driven by reduced marketing expenses and the elimination of some lower profit amenities, like buffets. However, there’s a human side to the equation.<\/p>\n<\/div>\n

The analyst points out lower staffing levels are boosting margins. Some of those jobs may not return. Boyd recently said it may eliminate more than 10,000 roles across its portfolio, while Penn announced as many as 2,575 jobs could be permanently trimmed<\/a> at 13 casinos and two corporate offices.<\/p>\n

Looking Ahead<\/h2>\n

Broadly speaking, the BofA analyst sees 2021 turnover for regional operators falling five percent to 12 percent short of 2019 levels. But he acknowledges those numbers could be conservative.<\/p>\n

Kelley highlighted a robust margin profile for Eldorado Resorts (NASDAQ:ERI) and said his 2021 forecasts for Boyd and Penn could prove to be on the low side. All three companies have exposure to the booming iGaming and sports wagering markets, segments that experienced strong growth in May.<\/p>\n

The analyst has \u201cbuy\u201d ratings on Boyd and Penn and a \u201cneutral\u201d rating on Eldorado. Off the March lows, Penn is the best-performing member of that trio, having surged more than 750 percent.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Regional operators, including Boyd Gaming (NYSE:BYD) and Penn National Gaming (NASDAQ:PENN), are benefiting as their properties come back online following the coronavirus shutdown. But a Bank of America (BofA) analysts sees other favorable fundamental tailwinds for the group. In a note to clients today, analyst Shaun Kelley said regional gaming firms offer the best fundamentals […]<\/p>\n","protected":false},"author":46,"featured_media":139148,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nBoyd, Penn National Seen as Winners as Regionals Reopen<\/title>\n<meta name=\"description\" content=\"Bank of America analyst Shaun Kelley is enthusiastic about regional gaming opertors, including Boyd and Penn National, citing several catalysts.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boyd, Penn National Seen as Winners as Regionals Reopen\" \/>\n<meta property=\"og:description\" content=\"Bank of America analyst Shaun Kelley is enthusiastic about regional gaming opertors, including Boyd and Penn National, citing several catalysts.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-18T20:13:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-18T21:18:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"758\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/\",\"url\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/\",\"name\":\"Boyd, Penn National Seen as Winners as Regionals Reopen\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg\",\"datePublished\":\"2020-06-18T20:13:19+00:00\",\"dateModified\":\"2020-06-18T21:18:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bank of America analyst Shaun Kelley is enthusiastic about regional gaming opertors, including Boyd and Penn National, citing several catalysts.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg\",\"width\":1200,\"height\":758,\"caption\":\"Boyd Gaming's Ameristar in St. Charles, Missouri. The company is a top regional gaming pick from BofA analyst Shaun Kelley. (Image: St. Louis Post-Dispatch)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Boyd, Penn National Leaders as Regionals Rebound, Says Bank of America Analyst\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Boyd, Penn National Seen as Winners as Regionals Reopen","description":"Bank of America analyst Shaun Kelley is enthusiastic about regional gaming opertors, including Boyd and Penn National, citing several catalysts.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Boyd, Penn National Seen as Winners as Regionals Reopen","og_description":"Bank of America analyst Shaun Kelley is enthusiastic about regional gaming opertors, including Boyd and Penn National, citing several catalysts.","og_url":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-06-18T20:13:19+00:00","article_modified_time":"2020-06-18T21:18:56+00:00","og_image":[{"width":1200,"height":758,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/","url":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/","name":"Boyd, Penn National Seen as Winners as Regionals Reopen","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg","datePublished":"2020-06-18T20:13:19+00:00","dateModified":"2020-06-18T21:18:56+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Bank of America analyst Shaun Kelley is enthusiastic about regional gaming opertors, including Boyd and Penn National, citing several catalysts.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/06\/amstar.jpg","width":1200,"height":758,"caption":"Boyd Gaming's Ameristar in St. Charles, Missouri. The company is a top regional gaming pick from BofA analyst Shaun Kelley. (Image: St. Louis Post-Dispatch)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/boyd-penn-national-seen-as-winners-as-regionals-reopen\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Boyd, Penn National Leaders as Regionals Rebound, Says Bank of America Analyst"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/139136"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=139136"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/139136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/139148"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=139136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=139136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=139136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}