Why Penn National Gaming Is Up 9% Today
Shares of casino operator Penn National Gaming (NASDAQ: PENN) are higher by 8.9% late Thursday following the company's second-quarter earnings beat and an announcement that the company intends to acquire Score Media and Gaming (NASDAQ: SCR). The deal will deepen Penn's reach into the sports and sports-betting markets.
For the three-month stretch ending in June, Penn National Gaming earned $1.17 per share on revenue of $1.55 billion. Both figures were up compared to pandemic-crimped results produced in the second quarter of last year, but more important, those results topped analyst expectations of $1.45 billion worth of sales and profits of $0.90 per share. It also appears the company will be able to continue its recovery from the pandemic-prompted lull.
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Source Fool.com
