Penn National Gaming (abbreviated as PNG) is a fast-rising gaming company in the United States. Recently, PNG has achieved some remarkable feats for itself. First, PNG established a content studio called Penn Game Studios. This is a studio consisting of in-house content development individuals.
This team is focused on creating iGaming content that is exclusive to its customers. This achievement has also moved PNG to purchase HitPoint Studios and its sister real money gaming company called LuckyPoint. These studios are expected to close in the near term, subject to their customers being satisfied with the conditions (Casino Beats, 2021).
They stated that the reason for acquiring the Massachusetts-based gaming studio is to draw customers to their exclusive online games thereby boosting brand loyalty (Rose, 2021). With this acquisition, the shares of PNG increased by 1.51% totaling $90.47 as of the 3rd of May, 2021 (Market Watch, 2021).
This is a piece of great news to online gamers in the United States. But for those people who are still contemplating on whether to join this emerging company because they are unsure of their credibility, let me tell you about PNG…
About Penn National Gaming
Penn National Gaming Inc. is a gaming company that owns and manages racing and gaming facilities. They also manage video gaming terminal operations focusing on slot machine entertainment (Forbes, 2021). They have ownership interests in 41 gaming and racing properties present in 19 states.
Some of the states where PNG properties are located are Illinois, Colorado, Iowa, Indiana, Mississippi, Michigan, West Virginia, and Pennsylvania. Their operations involve different business segments. They are the Northeast, Midwest, South, and West. These segments consist of various properties scattered across the United States.
The PNG headquarters is based in Wyomissing, Pennsylvania. Their operation is done in over 43 facilities around the United States and Canada, but many of them are within the brand Hollywood Casino. In November 2013, Penn National Gaming established a sister company called Gaming and Leisure Properties.
PNG’s Stake on Barstool Sports
Penn National Gaming manages and controls a 36% stake in a company called Barstool Sports. Barstool Sports is a leading digital sport, lifestyle, entertainment, and media company. This was done in the year 2020.
PNG also officially launched the Barstool Sportsbook app and products in the cities of Pennsylvania, Illinois, and Michigan. This launching enables PNG to leverage the Barstool brand and marketing engine thereby driving a meaningful market share (pngaming, 2021).
PNG also introduced the Barstool Sports products across their leading customer loyalty program called mychoice. At the moment, they have over 20 million casino customers and Barstool loyal fans of over 66 million people. PNG has continued to be dynamic in its strategy. It changes from having an owner and manager of racing and gaming properties to becoming an omnichannel provider of retail and online gaming, sports betting entertainment, and live racing.
Conclusion
PNG has continued to grow and expand over the years, they have varieties of properties across the United States totaling about 48,000 gaming machines, 8,800 hotel rooms, and 1,300 table games. Also, PNG operates an interactive and entertaining gaming division across its various subsidiaries.
Penn Interactive Ventures, LLC, which is a subsidiary of PNG, launched a casino called iCasino in Michigan and Pennsylvania. They also own and operate online sports betting in the cities of West Virginia, Indiana, Iowa, and Pennsylvania (pngaming, 2021).
Penn National Gaming
What is the net revenue of PNG?
As of 2017, PNG records a revenue of about $3.1 billion (pngaming, 2021).
What is the market capitalization of PNG?
According to Forbes, PNG currently has a market capitalization of about $14.31 billion (Forbes, 2021).
References
- Pngaming (2021). Penn National Gaming Inc. About Penn National Gaming, Inc.
About Us | Penn National Gaming (pngaming.com) - Market Watch (2021). Penn National Gaming Inc. stock rises Monday, outperforms the market. Market Watch Automation. 3rd May 2021.
www.marketwatch.com - Casino Beats (2021). PNG acquires HitPoint Studios & LuckyPoint amid in-house focus. 4th May 2021.
https://www.casinobeats.com/2021/05/04/png-acquires-hitpoint-studios-luckypoint-amid-in-house-focus/ - Forbes (2021). Penn National Gaming (PENN). 5th May 2021.
https://www.forbes.com/companies/penn-national-gaming/?sh=163f08f77c8d - Rose (2021). The Business Journals. Penn National to launch new Barstool Sports products after acquiring a game developer. 3rd May 2021. https://www.bizjournals.com/philadelphia/news/2021/05/03/penn-national-gaming-acquires-dev-in-house-studio.html
