Penn National Gaming's Path Forward

Penn National Gaming's Path Forward

Earlier this year, Penn National Gaming (NASDAQ: PENN) completed the first of two planned equity purchases of Barstool Sports. The deal gave Penn 36% of Barstool with warrants to acquire up to 50% of the company at a $450 million valuation. Shares have since cooled back off to roughly $32 per share amid casino shutdowns and the halting of professional sports.