first test of its relationship<\/a> with David Portnoy’s Barstool Sports.<\/i><\/span><\/p>\n<\/div>\n\u201cAs of October 24th, nearly 48,000 people have registered through the app in Pennsylvania alone, and over the course of the first 37 days of operation, the app generated a total handle of $78 million across 30,000 first-time depositors,\u201d <\/span><\/strong>according to Penn.<\/span><\/p>\nBarstool Sportsbook is delivering the goods again this month without relying heavily on promotional activity.<\/span><\/p>\n“Month-to-date in October, the app has generated $48.4M in the handle while only having a 3% promo credit percentage of handle,\u201d he said. \u201cThis is important to us, as we want to see PENN\/Barstool stay calm as it relates to promotions\/advertising.\u201d<\/span><\/p>\nFavorable Setup <\/span><\/h2>\nPenn is targeting Michigan over the next few months as the next stop for the Barstool Sportsbook app before a broader rollout occurs over the course of 2021.<\/span><\/p>\nEnthusiasm for sports betting, coupled with a diverse regional casino portfolio and limited exposure to the Las Vegas Strip, are factors that the investment community expects will combine for upside in Penn stock.<\/span><\/p>\n\u201cAdditionally, we do not expect the momentum behind the broader US sports betting growth theme to dissipate anytime soon,\u201d said Wieczynski.<\/span><\/p>\nHe reiterates a \u201cbuy\u201d rating on Penn, with an $85 price target, implying upside of roughly 51 percent from Wednesday’s close<\/strong>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Shares of Penn National Gaming (NASDAQ:PENN) are trading modestly higher Thursday. The regional casino company delivered third-quarter results that soundly topped Wall Street estimates. The operator of gaming venues under the Argosy and Hollywood brands, among others, said it earned 93 cents a share on revenue of $1.13 billion in the July through September period. […]<\/p>\n","protected":false},"author":46,"featured_media":153750,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Penn National Q3 Earnings Top Estimates with Regional Help<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n