Why Penn National's Shares Jumped 51.5% in August
Shares of casino company Penn National Gaming (NASDAQ: PENN) jumped an incredible 51.5% in August, according to data provided by S&P Global Market Intelligence, after reporting earnings from the second quarter. Shares got another boost on Sept. 1 after an analyst upgrade, but have fallen back in the trading days since then.
For the second quarter, revenue was $305.5 million and adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent or restructuring costs) was $24.5 million, an impressive cash flow for a quarter affected by COVID-19. Management said that properties that were open saw just a 6% decrease in revenue versus a year ago, so customers are coming back to regional casinos rapidly.
Image source: Getty Images.
Source Fool.com
