{"id":227480,"date":"2022-08-19T13:43:22","date_gmt":"2022-08-19T18:43:22","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=227480"},"modified":"2022-08-19T17:05:49","modified_gmt":"2022-08-19T22:05:49","slug":"portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/","title":{"rendered":"David Portnoy Plugs Penn Stock, Flirts with Florida Move in Interview"},"content":{"rendered":"<p><em>Barstool Sports<\/em> founder David Portnoy is bullish <em>on <\/em>Penn Entertainment (NASDAQ:PENN) stock. And he\u2019s open to legal, tax-advantaged strategies to reduce his obligations to the federal government.<\/p>\n<figure id=\"attachment_227481\" aria-describedby=\"caption-attachment-227481\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-227481\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2-142x80.jpg\" alt=\"Portnoy Penn stock\" width=\"1200\" height=\"675\" \/><figcaption  id=\"caption-attachment-227481\"class=\"text-description\">Barstool Sports founder David Portnoy in an interview. He&#8217;s bullish on Penn Entertainment stock. (Image: <em>Fox Business<\/em>)<\/figcaption><\/figure>\n<p>In an interview earlier today with \u201cVarney &amp; Co.\u201d on <em>Fox Business<\/em>, Portnoy was enthusiastic about the future for Penn. That makes sense because with the casino operator announcing earlier this week that it\u2019s <a href=\"https:\/\/www.casino.org\/news\/penn-entertainment-exercises-option-to-buy-all-of-barstool\/\">moving to acquire <em>Barstool<\/em> in its entirety<\/a>, the bulk of his net worth comes by way of Penn equity.<\/p>\n<p>Portnoy also responded to assertions that he\u2019s using methods often deployed by the ultra-wealthy to avoid paying their fair share of taxes. Critics claim he\u2019s borrowing against his Penn stake to avoid paying capital gains levies.<\/p>\n<blockquote class=\"main-blockquote\"><p><strong>I don&#8217;t know where all these tricks are coming from, but I don&#8217;t have them and I&#8217;m paying out the guts for it,&#8221;<\/strong> Portnoy said in the interview. <strong>&#8220;So if you know any little inside tricks on how to get around taxes legally, I&#8217;m all ears. But I pay 50%. I feel like an idiot.&#8221;<\/strong><\/p><\/blockquote>\n<p>He also entertained the idea of establishing residency in Florida, which doesn\u2019t have a state income tax. He currently lives in high-tax New York. Portnoy wouldn\u2019t be the first to make that move.<\/p>\n<p><strong>I<\/strong><strong>n 2020, the tax bases in California and New York shrank by a combined $37.3 billion, while the tax bases in Florida and Texas jumped by $30 billion combined, according to IRS data<\/strong>.<\/p>\n<h2>Portnoy Bullish on Penn<\/h2>\n<p>The <em>Barstool Sports<\/em> founder has good reason to be bullish on Penn stock. As the shares rise, so does his net worth. But he\u2019s frustrated the investment community isn\u2019t looking at the stock in the proper light.<\/p>\n<p>&#8220;If you look at the Penn stock, it trades with the rest of the gambling stocks almost lockstep for the past year, year and a half. We don&#8217;t operate like those guys,&#8221; Portnoy said. &#8220;Those guys are spending billions of dollars on advertising and literally burning money and losing hundreds of millions of dollars. And we trade exactly like them. There&#8217;s no actual differentiation.&#8221;<\/p>\n<div class=\"callout\">\n<p>With Penn shares down 46.29% over the past year, it\u2019s not unreasonable to claim the name is being treated more like a money-losing iGaming\/sports wagering stock than a casino name. Penn is the largest operator of regional casinos, and those <a href=\"https:\/\/www.casino.org\/news\/draftkings-penn-could-bounce-back-says-jmp-securities-analyst\/\">venues have impressive margins<\/a>.<\/p>\n<\/div>\n<p>His argument that Barstool Sportsbook operates differently than rivals is relevant. That&#8217;s because the business leverages the media entity\u2019s vast database of fans to convert them to sports bettors cost-effectively. That means the operator is spending significantly less on marketing than competitors.<\/p>\n<h2>Penn Potential<\/h2>\n<p>Portnoy\u2019s optimism on Penn stock isn\u2019t unfounded. It\u2019s up 18.28% since the start of the third quarter, and <a href=\"https:\/\/www.casino.org\/news\/draftkings-stock-upgraded-to-buy-ahead-of-football-season\/\">the company\u2019s digital business<\/a> is nearing profitability.<\/p>\n<p>\u201cOn the Interactive side of the business, management continues to execute on their targets put forth. If you go back to close to a year ago, PENN was guiding to an $80M loss for 2022. Now even after adding $12.5M in expenses around the CA ballot initiative, management remains committed to their $50M loss target,\u201d wrote Stifel analyst Steven Wieczynski in a recent note to clients.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barstool Sports founder David Portnoy is bullish on Penn Entertainment (NASDAQ:PENN) stock. And he\u2019s open to legal, tax-advantaged strategies to reduce his obligations to the federal government. In an interview earlier today with \u201cVarney &amp; Co.\u201d on Fox Business, Portnoy was enthusiastic about the future for Penn. That makes sense because with the casino operator [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":227481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81903,81898],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portnoy Bullish On Penn Stock, Says Cap Gains Taxes Are Too High<\/title>\n<meta name=\"description\" content=\"David Portnoy is bullish on Penn stock though he&#039;d like to pay less in taxes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portnoy Bullish On Penn Stock, Says Cap Gains Taxes Are Too High\" \/>\n<meta property=\"og:description\" content=\"David Portnoy is bullish on Penn stock though he&#039;d like to pay less in taxes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/\" \/>\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=\"2022-08-19T18:43:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-19T22:05:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/\",\"url\":\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/\",\"name\":\"Portnoy Bullish On Penn Stock, Says Cap Gains Taxes Are Too High\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg\",\"datePublished\":\"2022-08-19T18:43:22+00:00\",\"dateModified\":\"2022-08-19T22:05:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"David Portnoy is bullish on Penn stock though he'd like to pay less in taxes.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Barstool Sports founder David Portnoy in an interview. He's bullish on Penn Entertainment stock. 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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":"Portnoy Bullish On Penn Stock, Says Cap Gains Taxes Are Too High","description":"David Portnoy is bullish on Penn stock though he'd like to pay less in taxes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/","og_locale":"en_US","og_type":"article","og_title":"Portnoy Bullish On Penn Stock, Says Cap Gains Taxes Are Too High","og_description":"David Portnoy is bullish on Penn stock though he'd like to pay less in taxes.","og_url":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-08-19T18:43:22+00:00","article_modified_time":"2022-08-19T22:05:49+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.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\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/","url":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/","name":"Portnoy Bullish On Penn Stock, Says Cap Gains Taxes Are Too High","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg","datePublished":"2022-08-19T18:43:22+00:00","dateModified":"2022-08-19T22:05:49+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"David Portnoy is bullish on Penn stock though he'd like to pay less in taxes.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/portnoy-bullish-on-penn-stock-says-cap-gains-taxes-are-too-high\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/DP2.jpg","width":1280,"height":720,"caption":"Barstool Sports founder David Portnoy in an interview. 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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. 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