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Penn National Gaming's Path Forward

TheMotleyFool

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Earlier this year, Penn National Gaming (NASDAQ: PENN) completed the first of two planned equity purchases of Barstool Sports. The deal gave Penn 36% of Barstool with warrants to acquire up to 50% of the company at a $450 million valuation.

For a company with a market cap of roughly $4 billion, this was a significant move by Penn and one that investors initially used as a reason to propel the stock price to a new high of almost $40 per share. Shares have since cooled back off to roughly $32 per share amid casino shutdowns and the halting of professional sports. For investors with a long-term mindset and stomach for volatility, Penn National Gaming is a great play.

Image source: Getty Images.

Source Fool.com

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