jamul casino hotelFor example, the growth of sports betting is a big part of the Penn investment thesis. (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. soaring eagle casino waterparkBut 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. The three properties won a record .45 billion in 2019. He’s the only one of 14 analysts covering the stock with a bearish mark on the name, and his price call is well below the consensus average of almost . slotocash casino no deposit bonus 2020

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black lotus casino free bonus codesBut in the Keystone State, operators pay a 36 percent levy on sports wagering activities.Santarelli’s call on Penn earned a stinging rebuke from free online slots win real moneyBarstool Sports founder David Portnoy, who posted an expletive-laced tirade on Twitter disagreeing with the analyst. For example, the growth of sports betting is a big part of the Penn investment thesis. The mayor says that each day the casinos are closed costs the city 0,000 in lost tax revenue.In 2019, the Detroit casinos delivered 4.2 million in city taxes and fees. roulette casino hasardThe funds are allocated for police and fire department costs, economic development programs that creatfree online slots win real moneye local jobs, anti-gang and youth development initiatives, and city infrastructure improvements.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 free online slots win real moneyBarstool Sports founder David Portnoy, who posted an expletive-laced tirade on Twitter disagreeing with the analyst. Penn 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. roulette casino live

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