{"id":243055,"date":"2022-11-14T16:57:44","date_gmt":"2022-11-14T22:57:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=243055"},"modified":"2022-11-14T17:23:47","modified_gmt":"2022-11-14T23:23:47","slug":"penn-entertainment-may-be-drawing-activist-investor-interest","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/","title":{"rendered":"Penn Entertainment Rallies Amid Activist Investor Chatter"},"content":{"rendered":"

Shares of Penn Entertainment (NASDAQ:PENN) jumped 4.59% today on volume that was nearly double the daily average. The movement came on speculation an activist investor took a stake in the gaming company.<\/p>\n

\"Penn
A slide from a Penn Entertainment investor presentation. An activist investor may be building a stake in the stock. (Image: Penn Entertainment)<\/figcaption><\/figure>\n

That surge, which occurred on volume that was nearly double the daily average, was good for one of the best showings among gaming equities today. Penn stock shot higher after a Goldman Sachs 13F filing with the Securities and Exchange Commission (SEC) revealed the investment bank purchased 4.5 million shares of the regional casino operator, or 3% of the shares outstanding.<\/p>\n

\n

That prompted chatter on Wall Street that an unidentified activist investor could be building a stake in the Ameristar operator. That’s because prime brokers, of which Goldman is one, can act as counterparties for clients, including activist investors. Translation: It\u2019s unlikely that the bank is the actual owner of those 4.5 million Penn shares. But it\u2019s more likely that it acquired the stock on behalf of a client.<\/p>\n<\/div>\n

The 13F filing is required of all institutional money managers with at least $100 million in assets under management. It\u2019s a quarterly report revealing those investors\u2019 equity holdings.<\/strong><\/p>\n

Goldman Buy of Penn Stock Could Be Tied to HG Vora<\/h2>\n

In a Monday note to clients, Gordon Haskett\u2019s head of event-driven research, Don Bilson<\/a>, noted it\u2019s possible that Goldman\u2019s buy of Penn stock could be tied to activist investor HG Vora, which recently added to its stake in the gaming equity, taking its position to 4.7%. However, he\u2019s cautious to note that\u2019s not immediately clear if Goldman bought those shares on behalf of the hedge fund.<\/p>\n

By itself, this would be interesting and if it’s attached to another position that has been disclosed, it is even more interesting,\u201d<\/strong> wrote Bilson.<\/p><\/blockquote>\n

HG Vora Capital Management is an activist hedge fund<\/a> with long-running experience in gaming equities. Founded in 2009 by Parag Vora, the firm describes itself as focused on \u201cvalue and event-driven investments.\u201d Currently, the hedge fund is the seventh-largest institutional owner of Penn stock.<\/p>\n

\u201cAs for what someone would want done at PENN, we’re not sure, though it’s a pretty cheap stock,” Bilson said<\/p>\n

More Impact<\/h2>\n

The impact of Goldman\u2019s buy of Penn stock was also felt in the options market, where Monday activity in Penn calls was well above the norm. Volume was noticeably higher in the November $39 and $36.50 calls — the contracts options traders purchase when making bullish wagers on the underlying security.<\/p>\n

With Penn closing at $37.63, the $36.50 strike is already in the money. The stock is down 27.43% year-to-date.<\/p>\n

It\u2019s not yet clear what HG Vora or any other activist investors could push Penn to do, but moves to reduce debt<\/a> and potentially divest lagging casinos could be on the agenda.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Penn Entertainment (NASDAQ:PENN) jumped 4.59% today on volume that was nearly double the daily average. The movement came on speculation an activist investor took a stake in the gaming company. That surge, which occurred on volume that was nearly double the daily average, was good for one of the best showings among gaming […]<\/p>\n","protected":false},"author":46,"featured_media":243056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810,1],"tags":[81903,81898,81967],"acf":[],"yoast_head":"\nPenn Entertainment May Be Drawing Activist Investor Interest<\/title>\n<meta name=\"description\" content=\"Penn Entertainment could be a target for an unidentified activist investor.\" \/>\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\/penn-entertainment-may-be-drawing-activist-investor-interest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn Entertainment May Be Drawing Activist Investor Interest\" \/>\n<meta property=\"og:description\" content=\"Penn Entertainment could be a target for an unidentified activist investor.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/\" \/>\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=\"2022-11-14T22:57:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-14T23:23:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"578\" \/>\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=\"2 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-entertainment-may-be-drawing-activist-investor-interest\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/\",\"name\":\"Penn Entertainment May Be Drawing Activist Investor Interest\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg\",\"datePublished\":\"2022-11-14T22:57:44+00:00\",\"dateModified\":\"2022-11-14T23:23:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn Entertainment could be a target for an unidentified activist investor.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg\",\"width\":1200,\"height\":578,\"caption\":\"A slide from a Penn Entertainment investor presentation. Analysts don't believe a buyer will come calling anytime soon. (Image: Penn Entertainment)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#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\":\"Penn Entertainment Rallies Amid Activist Investor Chatter\"}]},{\"@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":"Penn Entertainment May Be Drawing Activist Investor Interest","description":"Penn Entertainment could be a target for an unidentified activist investor.","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\/penn-entertainment-may-be-drawing-activist-investor-interest\/","og_locale":"en_US","og_type":"article","og_title":"Penn Entertainment May Be Drawing Activist Investor Interest","og_description":"Penn Entertainment could be a target for an unidentified activist investor.","og_url":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2022-11-14T22:57:44+00:00","article_modified_time":"2022-11-14T23:23:47+00:00","og_image":[{"width":1200,"height":578,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.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":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/","url":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/","name":"Penn Entertainment May Be Drawing Activist Investor Interest","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg","datePublished":"2022-11-14T22:57:44+00:00","dateModified":"2022-11-14T23:23:47+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Penn Entertainment could be a target for an unidentified activist investor.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/penn2.jpg","width":1200,"height":578,"caption":"A slide from a Penn Entertainment investor presentation. Analysts don't believe a buyer will come calling anytime soon. (Image: Penn Entertainment)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/penn-entertainment-may-be-drawing-activist-investor-interest\/#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":"Penn Entertainment Rallies Amid Activist Investor Chatter"}]},{"@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\/243055"}],"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=243055"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/243055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/243056"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=243055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=243055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=243055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}