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Penn National Gaming (NASDAQ:PENN) slumped Thursday after the company said it’s selling 14 million shares of equity. It’s a move that will raise capital, but also dilute current investors. is island view casino open today On the news, the stock is lower by more than three percent in midday trading. casino 18+ near me Slots players at Penn National’s Hollywood Casino in Toledo, Ohio. Penn stock slid today on news of a secondary offering and an analyst downgrade. oxford casino breakfast buffet chumba casino withdrawal time (Image: Toledo Blade)Underwriters of the transaction also have a 30-day window in which they can purchase an additional 2. 1 million shares, according to a statjamul casino appement issued by the casino operator. luckyland slots win real cash Brian Christopher Slots App Safv

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Assuming Penn sells 16. 1 million shares, it’d raise . 11 billion, based on Wednesday’s close of . In the aforementioned statement, the company doesn’t say at what price the new shares will be sold. black oak casino yelp slot machine tricks casino But secondary offerings are usually marketed at prices below current market value. Hence, stocks frequently decline on the news. jamul casino host Penn is continuing a trend of gaming companies capitalizing on resurgent equity to raise capital via secondary sales.

As stocks rallied off the March lows, casino and sportsbook operators sold billions worth of new equity to bolster balance sheets. 777 casino slot machine Penn previously tapped capital markets in May when it sold 0 million worth of bonds and equity. At the end of the second quarter, the gaming company had . 2 billion in cash and . blackjack in casino rules morongo casino winners 2021 big fish casino customer support 8 billion in debt. More Thursday TroubleContributing to Penn’s trouble today is a rare analyst downgrade. Macquarie analyst Chad Beynon lowered his rating on the gaming outfit to “neutral” from “outperform,” citing “stretched valuation,” among other reasons.

Beynon also pointed to high leverage, fixed costs Penn faces in the form of property leases, and the likelihood of an “arms race” when it comes to marketing costs, as the company ramps up competition against rivals such as DraftKings and FanDuel. Still, the analyst boosted his price target on Penn stock to , up from . Following earlier life-rafting events in 1Q, PENN made strategic movejamul casino apps (Trop LV trade for rent credits, equity/debt raise, cost cutting) to shore up the balance sheet for 2020. is encore casino 21+ Investors became increasingly more comfortable with the core business, while beginning to recognize the Barstool value to the PENN brand,” said Beynon in a note to clients. He’s the second analyst in a month to downgrade Penn on valuation concerns. However, most of the sell-side community is wildly enthusiastic about the name, with some forecasting moves to or . Barstool Sportsbook UpdatePenn’s Barstool Sportsbook mobile app went live across Pennsylvania last weekend, providing Wall Street with another source of excitement.

In a filing with the Securities and Exchange Commission (SEC) today, the company said the sports betting app was downloaded 30,000 times last weekend in the Keystone State and 35,000 times during a three-day soft launch. paragon casino hotel promo code Penn said in the filing Chukchansi Casino Employee Portal Vint