WYOMISSING, Pa. - PENN Entertainment, Inc. (NASDAQ:PENN), a $2.9 billion market cap gaming company, has introduced its Hollywood Casino (EPA:CASP) mobile application to the Pennsylvania market. The app, which is now available on Android, iOS, and desktop platforms, features over 700 iCasino games, including slots, table games, and live dealer content. Players in Pennsylvania can access the app through the ESPN BET app or directly via the Hollywood Casino app using their ESPN BET login credentials. According to InvestingPro analysis, PENN's stock currently appears undervalued, though investors should note the company's significant debt burden and volatile stock performance, with a beta of 2.07.
The Hollywood Casino app is built on PENN's proprietary technology platform and includes unique offerings such as bespoke live dealer tables and a 'Casino Floor' lobby, designed to replicate the experience of the company's retail properties. Additionally, the app features original titles from PENN Game Studios, further expanding its digital gaming portfolio. With annual revenue of $6.3 billion, PENN continues to invest in digital innovation despite challenging market conditions, as reflected in its -26.36% year-to-date stock performance. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks.
Aaron LaBerge, Chief Technology Officer at PENN Entertainment, expressed enthusiasm for the launch, highlighting the app's role in bridging the online and retail gaming experiences of their customers. He also noted that the company plans to expand the Hollywood Casino app to additional jurisdictions in early 2025, pending regulatory approvals.
The new app is fully integrated with PENN Play, the company's omnichannel loyalty program, allowing users to earn and redeem rewards across different platforms. In line with responsible gaming practices, the app offers comprehensive tools and resources to help users manage their gaming activities.
This development by PENN, a leading provider of integrated entertainment and gaming experiences in North America, is based on a press release statement. The company operates in 26 jurisdictions and is known for its diversified portfolio of casinos, racetracks, and online sports betting and iCasino offerings.
PENN Entertainment has emphasized its commitment to providing a safe gaming environment and promotes responsible gaming. For more information on their responsible gaming initiatives, individuals can visit the company's website.
The forward-looking statements included in the press release are subject to risks, uncertainties, and other factors that could cause actual results to differ from those projected. InvestingPro data reveals several key risk factors, including negative earnings per share forecasts and downward earnings revisions by multiple analysts for the upcoming period. For a detailed understanding of these risks, refer to PENN Entertainment's filings with the Securities and Exchange Commission.
In other recent news, PENN Entertainment has experienced a series of significant developments. The company was recently upgraded from Neutral to Overweight by JPMorgan, with a revised price target of $27.00, reflecting a positive outlook for the company's future. This upgrade was based on anticipated growth from $850 million invested in four retail projects and expected improvements in the company's regional land-based casino cash flow.
The company's Interactive segment, which includes online sports betting and iGaming, is also expected to generate modestly positive EBITDA by 2026. This is largely attributed to the success of ESPN BET, which is seen as a key driver for PENN's stock. The company has also secured favorable loan terms, reducing interest rates on its existing term loans, which could aid in reducing its debt and interest expenses.
On the earnings front, PENN Entertainment reported stable financial performance in its Q3 earnings call, with retail revenue reaching $1.4 billion and adjusted EBITDA at $472 million, surpassing preliminary estimates. However, the Interactive segment reported an adjusted revenue of $141 million with an EBITDA loss of $91 million.
BofA Securities initiated coverage on PENN Entertainment with a Neutral rating, following the company's third-quarter performance. The firm anticipates core regional EBITDA to be 3% lower than their previous predictions by 2025, attributing this to increased supply and margin pressures. In other company news, PENN Entertainment has four growth projects in progress, including the Hollywood Joliet, scheduled to open in the second half of 2025.
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