+ Watch PENN
on My Watchlist
The Company is a diversified, multi-jurisdictional owner and operator of gaming and pari-mutuel properties.
Jul15 Put $2.65, $15 Strike
People love to gamble. I've been to their new Toledo location and it is a nice place.
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.
Atlantic city is over. PENN owns almost every casino within a reasonable drive in the region. Done deal
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.
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.
momentum, recent price break out, 3 of 4 quarters increased earnings, 87% under industry value, 82% under sector value
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.
New projects coming online; improved consumer discretionary spending.
Short term dip over the next few weeks. I am seeing a 15% decline and bottom out back to gains
Settlement monies coming in should help bottom line. It has been beaten up too much.
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)
Creating a portfolio based on calling outperform on every alcohol, tobacco, pornography and gambling stock I can find.
depends on sale.
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