Penn National Gaming is a favorite for online gaming.
Penn National Gaming Inc. (NASDAQ:PENN) owns and manages gaming and racing properties, and it operates video gaming terminals with a focus on slot machine entertainment.
It also offers live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania and West Virginia, and it operates an online casino under the name of iCasino in Pennsylvania.
As of 16 March 2020, the company owned, managed or had ownership interests in 41 gaming and horse racing properties in 19 jurisdictions.
It owns various trademarks and service marks, including Ameristar, Argosy, Boomtown, Greektown, Hollywood Casino, Hollywood Gaming, Hollywood Poker, L’Auberge, M Resort and MYCHOICE.
Notably Penn Gaming has seen strong initial results in iGaming in Pennsylvania, +91% YTD, and profitable, but will not really participate in sports betting until the launch of its Barstool Bets branded app.
The opportunity for Barstool is converting a portion of its 66-M unique visitors into paying sports betting customers.
Our price target is well above the 26.00 consensus target estimate. PENN Gaming ended Monday trading at 31.43/share.
My call is 59.50 long term, as all of our Key technical indicators are solid at Very Bullish and resistance is at 38, support is at 25.15. The stock broke out above the cloud on 15 May and is headed due North.
Have a healthy day, Keep the Faith!
Paul Ebeling
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