![]() In February 2020, PENN closed its investment in Barstool Sports, a leading digital sports, entertainment and media platform, an agreement in which they purchased approximately 36% of the common stock of Barstool Sports for approximately $163 million. Plans for development of those casinos have been put on hold for the time being. Prior to COVID-19, the company was also developing two Category 4 satellite gaming casinos in Pennsylvania: Hollywood Casino York and Hollywood Casino Morgantown. It owns the largest number of gambling licenses in the United States. Penn National Gaming is an omni-channel casino that owns, manages, and has ownership interests in 41 properties in 19 states in the USA. Largest Land Based Casino Operator in the USA ![]() Over the course of the next 3 to 5 years, we believe PENN will generate significant positive EBITDA and the market will re-rate its stock dramatically higher. We are holders of the stock since $13 and have recently added to our position around $30. ![]() Thanks to its recent acquisition of Barstool Sports, we believe PENN will be a dominant player in the online sports gambling and iCasino market. We believe Penn National Gaming ( NASDAQ: PENN), at $31, is dramatically undervalued relative to the upside potential from legalized sports gambling in the United States.
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