Penn National Gaming changes Its brand name to Penn Entertainment

Pennsylvania-based gaming establishment Penn National Gaming recently gave a rundown of its second quarter results and revealed that it had undergone a name change. The regional casino house is now officially known as Penn Entertainment.

According to reports, earlier on, Penn National had turned in several trademark applications to the US Patent and Trademark Office for the name “Penn Entertainment.” While announcing their quarterly financial filing, the organization’s CEO, Jay Snowden, revealed that the new name was more in tune with what the company had in store for the future. The new term was reportedly coined with the intention of maintaining the company’s “ties to its legacy” while simultaneously expressing its growth in North America.

The CEO said, “Today is an exciting day for us as we become PENN Entertainment. Our new name maintains ties to our legacy while better reflecting our evolution into North America’s leading provider of integrated entertainment, sports content, and casino gaming experiences.”

The company’s brands include Hollywood Casino, BarStool Sportsbook, L’Auberge, and theScore Bet. It currently operates and owns around 44 gaming locations in 20 states. Penn Entertainment also handles online betting in 13 markets as well as iGaming in five areas.

The Pennsylvania-based gaming company is one of the oldest operators in the country. It was created as far back as the 1960s, around the same time the Penn National Race Course was in development. The area is reportedly where Penn began its journey into casino gambling.

At the time, the company was known as the Penn National Race Course Corp. and was limited to carrying out its flagship casino duties in Pennsylvania. They were also allowed to host parimutuel betting at the racetrack as well as a number of other locations that were off-track across the Commonwealth. The organization was eventually renamed Penn National Gaming in 1994; at around the same time, it decided to move with new regional casino investments outside Pennsylvania.

The quest for a name change started in 2020 when Penn National Gaming decided to buy a 36% stake in Barstool Sports for $163 million. The company’s president revealed that the new name correctly showcased the diverse interests of the firm. Penn previously made transactions on the Nasdaq using “PENN” since they changed their name in 1994, so the new name will not need a new ticker symbol.

Snowden said, “Over the past few years, PENN has transformed our business through a highly differentiated strategy focused on organic cross-sell opportunities, which is reinforced by our investments in market-leading retail casinos, sports media assets, owned technology, including a state-of-the-art, fully integrated digital sports and online casino betting platform, and an in-house iCasino content studio.”

Penn stocks drop

The gaming company also recently revealed that it had bought back over 9.3 million of its common stock shares. As a result of the share’s price significantly reducing over the past year, several investors have expressed interest in selling.

The shares were worth $84 in September 2021, and exactly a year ago, they were $66 each. They were recently sold for around $36.62 each, which is a 57% reduction from their price a year ago.

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