- NASDAQ:PENN shoots up 14.25% as the casino industry begins to reopen.
- The Barstool sports-betting app is set to launch in September.
- Penn’s iCasino online gambling platform provides revenue growth of 108% over the last quarter.
NASDAQ:PENN has rewarded patient investors with a new 52-week high on Thursday as shares spiked after the company reported its second-quarter earnings at the opening bell. The gambling industry stalwart was able to beat analyst estimates by posting a loss of $1.69 per share versus Wall Street estimates of $2.06 per share. PENN also reported a year over year decline in revenues of 75% – a figure that would normally cause panic amongst investors. Nevertheless, such is the state of earnings calls during the COVID-19 pandemic – especially in industries like gambling – which were hit hard by closures.
Moving forward, Penn Gaming has announced the release of its Barstool sports-betting app in September. The app would be a timely addition to the firm’s portfolio – especially with the scheduled return of the NFL and NCAA sports seasons. If Penn’s iCasino online gambling platform is any indication of the popularity of mobile sports betting – the Barstool app would be an instant stream of revenue when it launches.
PENN Stock Forecast
Penn Gaming also announced that 39 of their 41 casinos around America have reopened, albeit with strict social distancing guidelines in place for customers. The return of professional sports should provide an instant impact to Penn’s bottom line via sports-betting on their digital platforms. While all of this news is promising for Penn, investors need to be wary of a couple of risks. First, with social distancing rules in place, a lower volume of customers could have a long-term effect on revenues. Second, a subsequent wave of COVID-19 could shut all of the casinos down once again.
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