Given the recent correction and Barstool’s market share in Pennsylvania, Trefis believes that the stock is reasonably placed for long-term gains. As highlighted in our previous article in March, where we compare the gains in Penn’s market capitalization with Wynn Resorts WYNN’ Macau business, the stock price looked stretched. Since the launch last year, Barstool has generated just $61 million of gaming revenues – almost 1% of Penn’s annual gaming revenues. Currently, the sports betting business provides just a fraction of Penn National’s total revenues, and the high stock valuation has been a cause of concern for investors. Barstool reported a 16% and 18% market share in Pennsylvania and Michigan, respectively. Per the Q1 earnings report, Penn National Gaming (NASDAQ: PENN) remains committed to the long-term success of its sports betting application with a target to achieve leadership position in all states.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |