Shares of Penn Entertainment surged after the casino operator announced its plans to launch an ESPN-branded online sports-betting app before Thanksgiving.
Stock Rise and Q3 Revenue
The stock saw an impressive increase of nearly 13% to $22.10 during midday trading. However, it is important to note that shares are still down by approximately 26% for the year.
Penn Entertainment reported its third-quarter revenue, which amounted to $1.62 billion. This figure reflects a marginal decrease of less than 1%, aligning with analysts’ expectations.
Introducing ESPN Bet
Penn Entertainment divulged its intent to launch ESPN Bet on November 14th, making it available in all 17 states where the company currently operates its online sports-betting services. As part of its marketing strategy, the company plans to collaborate with anchors from ESPN’s SportsCenter, hinting at additional integrations in the near future.
Despite its overall revenue performance, Penn Entertainment incurred a significant loss in the quarter due to charges related to the sale of Barstool. However, after excluding these charges and others, the company’s profit stands at $1.21 per share.