Entertainment

Competitor reportedly interested in acquiring Penn Entertainment

Penn Entertainment Inc. has reportedly been approached by Las Vegas-based Boyd Gaming about a possible acquisition.

Reuters reported Thursday evening that Boyd had expressed interest in acquiring Wyomissing-based Penn.

A Penn Entertainment spokesperson told MediaNews Group on Friday afternoon that the company “declines to comment on these reports.” Boyd Gaming did not respond to requests for comment on a possible acquisition.

Shares of Penn Entertainment were trading at $19.58 per share as of mid-afternoon Friday, after closing Thursday at $20.04. The company's 52-week high was $29.28, while its 52-week low was $13.50, according to NASDAQ.

Meanwhile, Boyd's stock was trading at $53.44 mid-afternoon Friday, after closing Thursday at $52.74.

Reuters reported that Penn has a market value, including debt, of more than $9 billion, while Boyd is a smaller company with a market value, including debt, of $7.8 billion.

In May, shareholder Donerail Group sent a letter to David A. Handler, chairman of Penn's board, urging the company to consider a sale. In the letter, Donerail Group expressed its belief that the company's current share price is “significantly below the intrinsic value of the company and that PENN's suite of highly strategic casino assets alone could be worth more than double the company’s current market capitalization.”

Penn operates 43 properties in 20 states and offers online sports betting in 19 jurisdictions and iCasino in five jurisdictions.

In August 2023, Penn has entered into an exclusive U.S. online sports betting deal with ESPN Inc. and ESPN Enterprises Inc. to obtain rights to the ESPN BET brand for online sports betting in the United States for an initial term of 10 years. This agreement can be extended for another 10 years if both companies agree.

Penn Entertainment agreed to pay $1.5 billion in cash to ESPN over the initial 10-year term. In addition, Penn will also grant rights worth approximately $500 million to ESPN to purchase Penn stock.

ESPN BET launched in 17 states in November 2023. As of March of this year, it was broadcast in 18 states in total.

As part of the ESPN deal, Penn spun off its sports media site Barstool Sports, selling 100% of Barstool Sports Inc.'s common stock to founder David Portnoy in exchange for certain non-compete and other restrictive covenants . The company acquired a 36% stake in Barstool in January 2020, for $163 million.

Before a potential deal can be reached between Boyd and Penn, it would need approval from regulators in the states in which both entities operate. Additionally, Disney would have to approve any potential deal, due to its ownership of ESPN.

According to information posted on its website, Boyd Gaming operates 28 gaming and entertainment properties across 10 US states. It also manages a tribal casino in Northern California and operates an online casino gaming business. The company is also a 5% shareholder of the FanDuel group.

Sources

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2/ https://www.dailylocal.com/2024/06/21/competitor-reportedly-interested-in-acquiring-penn-entertainment/

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