Penn National Gaming, Inc. (NASDAQ:PENN)

CAPS Rating: 4 out of 5

The Company is a diversified, multi-jurisdictional owner and operator of gaming and pari-mutuel properties.

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Member Avatar BMunkers (38.89) Submitted: 1/2/2014 2:04:35 PM : Outperform Start Price: $14.04 PENN Score: -11.38

People love to gamble. I've been to their new Toledo location and it is a nice place.

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Member Avatar klarcbarr (26.70) Submitted: 11/19/2013 7:31:21 AM : Outperform Start Price: $15.15 PENN Score: -20.11

Penn has concentrated on smaller, obscure venues across America, and that strategy has paid off in spades as a slower economy has kept people closer to home in recent years. They have shown particular wisdom in avoiding economically stressed gambling meccas like Atlantic City.

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Member Avatar djcard1 (< 20) Submitted: 11/14/2013 11:10:09 AM : Outperform Start Price: $10.99 PENN Score: +11.16

Atlantic city is over. PENN owns almost every casino within a reasonable drive in the region. Done deal

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Member Avatar PhiTrading (58.29) Submitted: 11/5/2013 2:37:01 AM : Outperform Start Price: $13.83 PENN Score: -13.99

bottom feeding. Bargain picks.

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Member Avatar TMFDeej (99.46) Submitted: 11/16/2012 4:33:49 PM : Outperform Start Price: $11.12 PENN Score: -20.98

OK, we have prisons, data centers, gas stations...and now casinos. One company after another seems to be converting either completely or partially into "tax-efficient" vehicles like MLPs and REITs lately. Today a company in yet another sector announced that it's taking the leap...gaming. Penn National Gaming (PENN) announced today that it is planning to convert into two companies, one of which will be a REIT that owns all of the organization's real estate and leasts it to a Penn National operating company. Not surprisingly, shares of PENN soared nearly 30% on the news of this move.

According to what I've read, current PENN shareholders will receive one share of the new REIT and $15.40/share in a taxable dividend...$5.35 in cash and the rest in more REIT shares. Initially each REIT share will be paid in dividends annually $2.36 per share.

One Barclays analyst was quoted saying that they value the new company at a whopping $67 to $76 per share, significantly higher than today's $48.23/share and that's after the huge pop. The stocks of a number of other regional casino operators soared on this news as well today as investors speculated that they might make smiliar moves.

If you ask me, all of these conversions to REITs and MLPs are great for investors, but probably not so much for the government. One has to wonder if Uncle Sam will eventually say enough is enough and pull the plug on the whole thing like the Canadian government did in the infamous (at least to income investors) Halloween Massacre several years ago when all sorts of non-real estate companies began converting into CANROYs. Perhaps the U.S. government will recognize the need for yield-generating investments in the zero interest rate world that it has created and look the other way. Time will tell. One way or another taxes are going to likely increase in the future and eliminating or restricting REIT / MLP conversions has to be something that politicians are considering. As someone who loves special situations and is a yield hound, I hope not, but you never know.

Deej

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Member Avatar JRDIETZ7 (< 20) Submitted: 4/19/2012 12:40:24 PM : Outperform Start Price: $10.35 PENN Score: -12.19

PROFETS AHEAD

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Member Avatar 703Hawks (92.96) Submitted: 7/26/2011 9:46:24 PM : Outperform Start Price: $9.82 PENN Score: -11.28

I see their casino expansions paying off, getting some locations for bargains. With more accessible locations, I see them being very competitive with the casinos in Atlantic City.

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Member Avatar there4im (63.77) Submitted: 7/22/2011 7:31:25 PM : Outperform Start Price: $10.04 PENN Score: -13.37

This seems to be one of the better casino stocks.

It's a gamble. But if I'm going to gamble, I want to be on the house's side of the table.

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Member Avatar QuedaddyMike (69.28) Submitted: 5/29/2011 1:14:20 PM : Outperform Start Price: $9.23 PENN Score: -0.74

momentum, recent price break out, 3 of 4 quarters increased earnings, 87% under industry value, 82% under sector value

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Member Avatar MechanicalBull1 (82.99) Submitted: 4/25/2011 2:05:09 PM : Outperform Start Price: $9.23 PENN Score: -1.78

valueline

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Member Avatar rzuckermanmd (< 20) Submitted: 11/3/2010 10:47:04 AM : Underperform Start Price: $7.51 PENN Score: -13.20

Recent up swing based on above expected earnings. Although not a company that is a loser it is currently not positioned in emerging upscale money markets. Competition is strong in the sector and services are fair at the local company store ( Pen National Grantville, Pa) which is supposed to be one of their best.

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Member Avatar Junior0577 (< 20) Submitted: 9/4/2010 10:08:56 AM : Outperform Start Price: $6.76 PENN Score: +18.88

Penn

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Member Avatar CSDT2 (< 20) Submitted: 5/17/2010 6:21:15 PM : Outperform Start Price: $6.26 PENN Score: +37.10

New projects coming online; improved consumer discretionary spending.

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Member Avatar theoxenity (< 20) Submitted: 4/14/2010 10:04:54 PM : Underperform Start Price: $6.79 PENN Score: -32.88

Short term dip over the next few weeks. I am seeing a 15% decline and bottom out back to gains

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Member Avatar ROEisking (92.78) Submitted: 9/27/2009 6:20:35 PM : Outperform Start Price: $6.32 PENN Score: +23.08

akre

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Member Avatar afbrat12 (< 20) Submitted: 3/23/2009 2:49:39 PM : Outperform Start Price: $5.45 PENN Score: +0.08

buy

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Member Avatar stookey123 (41.71) Submitted: 10/29/2008 4:42:09 PM : Outperform Start Price: $4.05 PENN Score: +114.33

Settlement monies coming in should help bottom line. It has been beaten up too much.

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Member Avatar TMFBigVice (91.40) Submitted: 8/1/2008 12:06:26 PM : Outperform Start Price: $6.71 PENN Score: +39.27

Chuck Akre of FBR Focus is an investor we admire and he's loaded up 16% of his fund with PENN. He mentioned the company to us back in early 2007 as one of his favorite stocks. It's been a tumultuous eighteen months for PENN, to be sure, first with the private equity deal falling through and then decreased consumer spending hitting the gambling sector hard. But the future looks a lot brighter for PENN than its current stock price would imply. It's to receive $1.45 billion in compensation for the PE deal and that gives the company a whole lotta options in a down market. Judging from the tone of the most recent earnings call, it sounds like management is just now getting back into the mindset of being a publicly-traded company. I guess they were convinced the buyout would go through, so it might take some time for this pick to realize its full value (probably around $30-$33 today), but as the song goes "time is on my side". And on CAPS, we have all the time in the world to let this one ride.

Todd (disclosure: owns FBR Focus)

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Member Avatar computervision (55.60) Submitted: 6/30/2008 5:43:11 PM : Outperform Start Price: $7.33 PENN Score: +21.32

Casino.

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Member Avatar TheSinBin (89.85) Submitted: 6/18/2008 4:02:46 AM : Outperform Start Price: $10.00 PENN Score: -16.69

Creating a portfolio based on calling outperform on every alcohol, tobacco, pornography and gambling stock I can find.

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