golden nugget casino stockThree Pennsylvania casinos ar(Image: Twitter)In a note to clients today, Deutsche Bank analyst Carlo Santarelli pared his rating on shares of the Ameristar operator to “sell” from “hold,” while lifting his price target on the name to from . This year started strong for the casinos – gross gaming revenue (GGR) up nearly seven percent through February, and sports betting readying to go live. boomtown casino jobs biloxi msPenn owns 36 percent of the sports media property.Admittedly a Contrarian CallWhile noting Penn stock is “stretched” on valuation and that near-term risk/reward prospects for the name are “skewed unfavorably,” Santarelli acknowledges the “sell” rating runs counter to current consensus on the gaming name.“Further, we recognize with this call we are likely arguing against a bull case of sports betting and iCasino being a huge windfall for Penn National, which will have no near-term resolution,” said the analyst.Even with a loss of almost four percent at this writing Monday, shares of Penn more than doubled over the past month and are up more than nine-fold from the March lows. The city collects 10.9 percent of each casino’s net win, plus annual operating payments. But in the Keystone State, operators pay a 36 percent levy on sports wagering activities.Santarelli’s call on Penn earned a stinging rebuke from island resort and casino smokingBarstool Sports founder David Portnoy, who posted an expletive-laced tirade on Twitter disagreeing with the analyst. free virtual casino slots

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oxford casino lodging“We required the casinos to propose reopening plans, and we consulted with the casino unions on the guidelines.”“We believe the guidelines will protect the public when it is safe to reopen the casinos,” Kalm concluded.Full Reopening Ways AwayDetroit is home to the only commercial casinos in Michigan. This year started strong for the casinos – gross gaming revenue (GGR) up nearly seven percent through February, and sports betting readying to go live. But in this case, Santarelli’s projection is 40 percent below where Penn stock closed on June 5.The company will have a more challenging time, relative to peers, improving margins, given its prior margin disciplines and higher than peer blended gaming taxes, which have forced Penn, over time, to be leaner than most,” said the Deutsche Bank analyst.Penn operates 41 casinos in 19 states, including some where gaming taxes are considered high, including Illinois and Pennsylvania. 3 casinos in detroit“We required the casinos to propose reopening plans, and we consulted with the casino unions on the guidelines.”“We believe the guidelines will protect the public when it is safe to reopen the casinos,” Kalm concluded.Full Reopening Ways AwayDetroit is home to the only commercial casinos in Michigan. Barstool Sports founder David Portnoy is none-too-pleased with analyst Carlo Santarelli’s call on Penn National, which owns part of Barstool. For example, the growth of sports betting is a big part of the Penn investment thesis. pechanga casino near me

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clearwater casino suquamishTen of his 13 peers rate Penn the equivalent of “buy” or “strong buy.”Not All Bad NewsSantarelli also acknowledges that there is some risk in assigning a bearish mark to Penn at a time when the broader market is strong and investors are embracing “story” island resort and casino smokingstocks.“In our view, the biggest risk to our call is the near term and a rising equity market, which is embracing story/concept stocks,” he said.Penn, while previously viewed as a brick-and-mortar casino operator, is now being seen through the lenses of sports wagering and online casinos, verticals that could each be worth billion over the next several years.Santarelli says Penn’s iGaming and sports betting business are worth .5 billion, or a share.But in the Keystone State, operators pay a 36 percent levy on sports wagering activities.Santarelli’s call on Penn earned a stinging rebuke from island resort and casino smokingBarstool Sports founder David Portnoy, who posted an expletive-laced tirade on Twitter disagreeing with the analyst. ening document also states that “casino supervisors and managers must ensure that patrons do not congregate.”The MGCB is further limiting each casino’s overall occupancy cap in an effort to better protect employees and guests.In compiling these minimum guidelines, we considered CDC recommendations, Nevada Gaming Board guidelines, and information from the National Indian Gaming Commission,” explained MGCB Executive Director Richard Kalm. But in the Keystone State, operators pay a 36 percent levy on sports wagering activities.Santarelli’s call on Penn earned a stinging rebuke from island resort and casino smokingBarstool Sports founder David Portnoy, who posted an expletive-laced tirade on Twitter disagreeing with the analyst. Recently, the stock became beloved by Wall Street, with analysts fawning for the company’s sports betting and internet casino prospects.Underscoring the point that with his “sell” grade and price estimate, Santarelli is a lone wolf on Penn. ening document also states that “casino supervisors and managers must ensure that patrons do not congregate.”The MGCB is further limiting each casino’s overall occupancy cap in an effort to better protect employees and guests.In compiling these minimum guidelines, we considered CDC recommendations, Nevada Gaming Board guidelines, and information from the National Indian Gaming Commission,” explained MGCB Executive Director Richard Kalm. slotwolf casino