Tuesday, June 6, 2023
HomeUncategorizedPENN Entertainment stock has reset and is poised to rebound

PENN Entertainment stock has reset and is poised to rebound

Shares of domestic casino and gaming operator PENN Entertainment (NASDAQ: PENN) have been renamed to reflect the nature of its gaming business. The stock has traded down for the year (-32%), but the company has been profitable throughout the pandemic while rivals like Las Vegas Sands (NYSE: LVS ) and Wynn Resorts (Nasdaq: ) Starq: WYNN) is still in the red. It’s major online sportsbook and iGaming rival DraftKings (NASDAQ:DKNG) still suffering hundreds of millions of dollars in losses. It also helps that PENN is a purely domestic casino chain that doesn’t have to worry about the Chinese blockade, the closure of Macau and the uncertainty of Communist Party regulators. The company just acquired 100% ownership of the popular Barstool Sports app ahead of the NFL football betting season. The transaction is expected to close in February 2023. The combination of brick-and-mortar locations and online interactive gambling enables synergistic network effects where customers can earn compensation and prizes while staying connected to brands from virtually anywhere. PENN is able to connect, or rather, PENN’s customers are able to reach them through multiple channels in a cashless, cardless and contactless manner.

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Omnichannel Gambling…Game

Formerly Penn National Gaming , PENN Entertainment is a new name that more accurately describes the nature of its business of gambling through multiple channels. The company operates 44 properties in 20 states and operates digital sportsbooks in 13 jurisdictions, five of which have iCasino gaming. It operates in five divisions: Northeast, South, West, Midwest and Interactive. The gambling industry has intentionally replaced the sinful term “gambling” with gaming, which often carries negative connotations of hardcore addictive imagery, a milder light-hearted term that can infer wholesome entertainment like video games and entertainment. PENN offers all forms of gaming, from casino games and slot machines to racetracks and live or online sportsbooks, to suit all needs.

PENN Entertainment Stock is Reset and Ready to ReboundMassachusetts Gaming

Massachusetts becomes the next state to legalize sports betting. On August 1, 2022, lawmakers passed a bill legalizing professional and college football betting. Bets can only be placed by persons 21 years of age and older and are subject to a 15% tax on live bets at the casino and 20% tax online. One of the key selling points is the state’s $60 million to $65 million in tax revenue. As part of the compromise, no betting is allowed on games involving Massachusetts schools, such as March Madness, except in the playoffs. There will be six mobile gaming licenses, and Penn is likely to apply for one. It currently has a horse racing and slot store in Plainview, Massachusetts, and could benefit from increased sports betting. Also, their Bar Stool Sports app originated in Boston and is very popular with the college and millennial crowd.

  • A new dawn, kinda Like

    August 4, 2022, PENN Announced fiscal 2022 second quarter earnings for the quarter ended June 2022. The company reported GAPP earnings of $0.15 per share, while analysts’ consensus estimate was for earnings of $0.50 per share, less (-$0.35). Revenue rose 5.4% year over year to $1.63 billion, beating the consensus estimate of $1.61 billion. PENN reiterated its full-year 2022 revenue guidance of $6.15 billion to $6.55 billion, compared with analysts’ consensus estimate of $6.36 billion. Jay Snowden, CEO of Penn Gaming, commented: “Today is an exciting day for us as we become PENN Entertainment, Inc. Over the past few years, PENN has been able to deliver through a highly differentiated strategy focused on organic cross-selling opportunities. Transforming our business, this strategy is enhanced by our investments in market-leading retail casinos, sports media properties, owned technology, including state-of-the-art, fully integrated digital sports and online casino gaming platforms, and in-house iCasino Content Studio. Our new name remains the same. Connects to our heritage while better reflecting our growth into North America’s leading provider of integrated entertainment, sports content and casino gaming experiences.”

    PENN Entertainment Stock is Reset and Ready to Rebound

    This is what the graph says

    Use the Rifle charts on the weekly and daily timeframes to see exactly how PENN stock is doing. Rifle weekly chart at $26.96 PENN Entertainment Stock is Reset and Ready to Rebound Fibonacci (fib) level PENN Entertainment Stock is Reset and Ready to Rebound Top Bottom and Staged Weekly Market Structure Low (MSL) buying triggers a rally to $31.95. The weekly 5-period moving average (MA) supports flat at $34.91 and the 15-period moving average at $32.53. Weekly random mini-puppies push up to the 70 band. The weekly upper Bollinger Bands (BBs) are at $40.23. The daily uptrend reversed as the 5-period SMA at $36.35 began to fall towards the 15-period SMA at $15.77. The 50-period SMA is flat at $32.62 and the daily lower BB overlaps the weekly MSL trigger at $31.95. The daily stochastic suddenly reversed back below the 60 band, indicating a pullback in momentum.

  • Attractive pullback levels at $2.50 at $32.14, $30.89, $29.71, $28.30, $26.96, $24.74 and $22.54 stickiness level.

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