{"id":212268,"date":"2022-05-05T14:15:43","date_gmt":"2022-05-05T21:15:43","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=212268"},"modified":"2022-05-05T14:34:29","modified_gmt":"2022-05-05T21:34:29","slug":"penn-national-among-casino-stocks-drubbed-today","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/","title":{"rendered":"Penn National Pummeled Despite Lifting Revenue Outlook"},"content":{"rendered":"

On a brutal day for broader equity benchmarks, casino stocks weren\u2019t immune from intense selling pressure, and Penn National Gaming (NASDAQ:PENN) was one of the victims.<\/p>\n

\"casino
Penn National’s Hollywood Casino in Pennsylvania. The casino stock slumped today, but there is some good news. (Image: TheStreet<\/em>)<\/figcaption><\/figure>\n

On volume that was more than 25% above the daily average, shares of the largest regional casino operator sank 5.6% today, extending the casino stock\u2019s one month decline to 12.45%. The Nasdaq — Penn\u2019s listing venue — experienced its worst one-day decline since September 2020, sliding 5%.<\/p>\n

Penn\u2019s problematic Thursday, which extends the stock\u2019s 12-month decline to 57.63%, arrived despite the gaming company boosting its 2022 revenue outlook. In revealing first-quarter results earlier today, the Pennsylvania-based casino operator said it expects 2022 sales of $6.15 billion to $6.55 billion, up from prior guidance of $6.07 billion to $6.39 billion. The consensus estimate was $6.31 billion.<\/p>\n

The increased guidance reflects some momentum for Penn\u2019s often scrutinized online gaming portfolio, including Barstool Sportsbook<\/a>.<\/p>\n

We are also driving momentum at our Interactive Segment with ongoing sports betting and iCasino growth in the U.S., and the successful launch of mobile sports betting and iCasino in Ontario on April 4th on theScore’s proprietary player account management system (\u2018PAM\u2019) and bonusing engine,\u201d<\/strong> said Penn CEO Jay Snowden in a statement.<\/p><\/blockquote>\n

Single-game sports wagering and iGaming debuted in Ontario, Canada last month, which is relevant to Penn investors because of its ownership of theScore Bet<\/a>.<\/p>\n

Weak Macro Environment Obfuscates Silver Linings<\/h2>\n

Like other casino stocks, Penn is slumping due in large part to macroeconomic headwinds, including rising interest rates, soaring inflation, and speculation about a recession.<\/p>\n

\n

Among others, those factors are conspiring to punish gaming equities while, in some cases, forcing investors to miss some encouraging news. Specific to Penn, the operator reported first-quarter earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) and revenue that topped Wall Street estimates. Additionally, margins were impressive in the first three months of 2022.<\/p>\n<\/div>\n

\u201cWe view 1Q22 results as a core beat alongside impressive property margins, where 1Q is typically seasonally weaker than 2Q and 3Q. While PENN’s decision to maintain margin guidance may be related to conservatism or mix (interactive vs. land-based), investors may focus on 2H inflationary pressures,\u201d said Roth Capital analyst Edward Engel in a note to clients today.<\/p>\n

He has a \u201cneutral\u201d rating on Penn shares with a $46 price target.<\/p>\n

‘More Positives Than Negatives’<\/h2>\n

Seeing the casino stock forest through the trees of macroeconomic woes isn\u2019t easy. But in the case of Penn National,<\/a> some analysts see more good than bad in the operator\u2019s first-quarter results.<\/p>\n

\u201cPENN\u2019s 1Q22 earnings report clearly showed us more positives versus negatives,\u201d writes Stifel analyst Steven Wieczynski in a note. \u201cNot even sure we would call this a negative. But it might be viewed that way to some, as there was margin erosion for the second straight quarter. However, we would rather look at property level EBITDA margins, which came in at 37.1%.\u201d<\/p>\n

He has a \u201cbuy\u201d rating on Penn with a $61 price target. In the first three months of this year, Penn repurchased $175 million of its own shares, confirming management sees value in its downtrodden stock. The company has $575 million remaining on a previously announced buyback plan.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On a brutal day for broader equity benchmarks, casino stocks weren\u2019t immune from intense selling pressure, and Penn National Gaming (NASDAQ:PENN) was one of the victims. On volume that was more than 25% above the daily average, shares of the largest regional casino operator sank 5.6% today, extending the casino stock\u2019s one month decline to […]<\/p>\n","protected":false},"author":46,"featured_media":212274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nPenn National Among Casino Stocks Drubbed Today<\/title>\n<meta name=\"description\" content=\"Casino stocks falter, but Penn National has some encouraging details.\" \/>\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=\"Penn National Among Casino Stocks Drubbed Today\" \/>\n<meta property=\"og:description\" content=\"Casino stocks falter, but Penn National has some encouraging details.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/\" \/>\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=\"2022-05-05T21:15:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-05T21:34:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/penn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\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\/penn-national-among-casino-stocks-drubbed-today\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/\",\"name\":\"Penn National Among Casino Stocks Drubbed Today\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/penn.jpg\",\"datePublished\":\"2022-05-05T21:15:43+00:00\",\"dateModified\":\"2022-05-05T21:34:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Casino stocks falter, but Penn National has some encouraging details.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-national-among-casino-stocks-drubbed-today\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/penn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/05\/penn.jpg\",\"width\":1200,\"height\":800,\"caption\":\"Penn National's Hollywood Casino in Pennsylvania. 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