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Business
September 8, 2020
Kindred Signs with Penn National, Enters Illinois and Ohio
Kindred announced today its expansion across regulated US markets will continue as the sports wagering company entered into an agreement with Penn National Gaming to ensure market access to Illinois and Ohio. The new agreement will provide access for Kindred’s brand, Unibet, to pursue licensing in Illinois, through Argosy Casino Alton, and in Ohio, through […]
Business
August 24, 2020
Mass Layoffs in Nevada Continue, Some Properties Face Permanent Closure
Casinos and other hospitality businesses in Las Vegas continue to lay off people due to the adverse effect from the coronavirus spread, with the latest being Casino Royale. According to a notice which became public Friday, effective August 10 the casino operator is permanently laying off 98 employees. Immediate Layoff Announcement The notice that was […]
Business
June 21, 2020
Penn National Reopened 70% of Its Casinos, Tropicana Las Vegas Remains Closed
More than 70% of the properties by Penn National have already reopened. Penn’s CEO says that the achievement is an “important milestone”. Some 70% of All Penn National Gaming Properties Now Welcome Visitors The US largest regional casino operator, Penn National Gaming, has announced that more than 70% of its venues are now reopened. The […]
Casino
May 15, 2020
Massachusetts Regulator Extends Closure, State Casinos to Re-Open Last
The Massachusetts Gaming Commission unanimously voted Wednesday to extend casino closures to the three state casinos, pushing a potential re-opening date to June 1, mainly following the guidance from St. Gov. Charlie Baker, but casino operators in Massachusetts may not be in a hurry to re-open for business. Gloomy Picture Ahead Representatives of the three […]
Casino
May 11, 2020
Penn Boosts Liquidity through Common Stock and Senior Notes Public Offerings
Pennsylvania-based Penn National Gaming Inc announced today it started an underwritten public offering of common stocks, as well as an underwritten offering of convertible senior notes, to the amount of $250 million each. The new debt security the company is issuing has maturity in 2026 and can be converted into Penn’s common stock anytime until […]
Casino
May 8, 2020
Penn National Q1 Revenue Impacted by Closures, iGaming Gathering Pace
Penn National Gaming issued its first quarter financial results, painting a clear picture of how the health crisis that started in mid-March, due to the wide implementation of the social distancing measures across the states, had taken the wind out of its sails revenue-wise. The Pennsylvania-based gaming operator with strong presence across all gambling verticals […]
Casino
April 22, 2020
GLPI Acquires Tropicana, Leases Casino Operations to Penn
Gaming and Leisure Properties /GLPI/ has acquired ownership of Tropicana Las Vegas Casino Hotel Resort, after its owner, Penn Gaming National, decided to sell the property to its principal landlord. The Las Vegas Strip property was sold for $307.5 million, around $52 million less than what Penn paid for it 5 years ago, obviously a […]
Business
April 21, 2020
Penn Assures Stakeholders Business Continuity Has Been Secured
Penn National Gaming issued a stakeholder letter to investors on Monday, updating them about the measures undertaken by the company to mitigate the significant risks generated by the ongoing situation with the spreading coronavirus. The Pennsylvania-based gaming operator Penn National was ranked among the casino operators that would not last long in case casino closure […]
Business
March 29, 2020
Penn National to Sell Tropicana, Furlough 26,000 Employees
As casino companies get hit one after another, Penn National Gaming is the latest sector player to announce drastic measures and proceed with the furloughing of 26,000 employees. Penn National Takes Tough Decisions Amid COVID-19 Crisis With the coronavirus pandemic taking on more threatening dimensions, the world is preparing to brace the economic impact the […]
Legal
March 7, 2020
Colorado: DraftKings Among The Latest Licensed For Operations
Colorado’s gaming regulator has granted 8 more licenses during its special meeting held on Thursday due to the high number of license applications. High Number Of Applications Having received 60 applications in total, 32 for master licenses, 18 for internet operators and 10 for sports operators, the Limited Gaming Control Commission in Colorado decided that […]