Penn National Gaming Moves All In on Reopening Efforts
An update on its gaming and racing properties helped boost Penn National Gaming Inc. (NASDAQ: PENN) shares to close out the week. As government lockdowns are largely over, more companies are getting back to work, and that’s just what Penn National Gaming is doing.
The update indicated that 30 of the company’s 41 gaming and racing properties have resumed operations, representing more than 70% of the firm’s regional gaming portfolio is 13 of 19 states.
The most recent round of reopenings is happening Friday in Pennsylvania, at Hollywood Casino at Penn National Race Course, and at four properties in Ohio.
With this reopening comes new safety measures. The company has implemented comprehensive social distancing and safety protocols at all of its reopened properties, developed in close consultation with state regulators and local and state public health officials.
Jay Snowden, president and chief executive, noted that, “As the nation’s largest regional gaming operator, we are excited and grateful to have reached this important milestone of reopening more than 70 percent of our properties across the country.”
Snowden also pointed to an ongoing collaboration with regulators at the state and local levels to expedite the process of reopening.
Obviously, such a reopening is not easy, and Penn National Gaming is only part of the way there. However, with no foreseeable lockdowns in the future (at least according to the current administration), this will make the road a little easier.
Penn National Gaming stock traded up about 3% Friday to $32.66, in a 52-week range of $3.75 to $40.14. The consensus price target is $30.36.