Monday December 4, 2023

Penn Reports $1.51B In Revenue, Shares Plunge After Portnoy Report

  • Penn National generated $1.51 billion in revenue in Q3 2021.
  • However, the company saw its stock plunge by as much as 22%.
Paul Kuehnel-Imagn/Design: John Regula
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Penn National generated $1.51 billion in revenue in Q3 2021, an increase of $382.1 million year-over-year. 

The company, however, saw its stock plunge by as much as 22% — a 52-week low — on Thursday after weak profit results and a report that accuses Barstool Sports founder Dave Portnoy of sexual misconduct.

Portnoy denied the accusations on Thursday in a 12-minute video posted on Twitter.

The casino operator’s net income was $86.1 million in Q3, down from $141.9 million in the same period a year prior. 

Penn is looking to benefit from the growth of sports betting and its Barstool Sports brand. 

  • In April, it agreed to acquire Score Media and Gaming for $2 billion.
  • It launched the Barstool Sportsbook app in five states in Q3, bringing the total to 10. 
  • Barstool has signed 135,000 students to its NIL program.
  • It plans to open Barstool-branded sports bars in Philadelphia and Chicago. 

In September, Barstool Sports CEO Erika Nardini told Front Office Sports she predicts the company will top $200 million in revenue by early 2022. 

Penn National acquired a 36% stake in the media brand in January 2020 for $160 million.

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