Why Penn National Gaming Stock Fell Today
Shares of Penn National Gaming (NASDAQ: PENN) declined by 9.4% on Wednesday, as rapidly rising COVID-19 case counts threw its casino reopening plan into question.
Penn's stock surged on Tuesday, after the casino company said it had reopened 30 of its 41 properties and planned to open the rest in the weeks ahead. However, with novel coronavirus infections increasing at an alarming rate in multiple U.S. states, government officials are warning that economic reopening plans may need to be slowed and even reversed in some areas. That could force Penn to halt its plans to restart operations at its remain casinos.
Penn National Gaming stock fell on Wednesday as COVID-19 cases surged across the U.S. Image source: Getty Images.
Source Fool.com
