PENN is profitable but most of

2023-08-10

PENN is profitable but most of the 500+ million profit in Q1 was non-cash and it will be reversed when PENN writes down the Barstool investment in Q3. However, PENN is producing significant free cash flow from their traditional business which they can invest into the OSB business without needing external capital.

I think it is quite likely that ESPN insisted that Portnoy and Barstool get pushed out and might have sweetened the terms of the deal to achieve that. Otherwise, last year Draftkings was reported to in discussion for a similar deal with ESPN for 3+ billion dollars.

PENN traded at $29.30 after earnings, and the calls went up from $0.90 to more than $3.80 intraday, for a fantastic 4.20X Profit! Impressive!

Congrats to those who bought the calls! $Penn National Gaming(PENN)$

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Comments

alien2025
2023-10-25
alien2025
Wonder if it will still go post earnings.

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However, PENN is producing significant free cash flow from their traditional business which they can invest into the OSB business without needing external capital. I think it is quite likely that ESPN insisted that Portnoy and Barstool get pushed out and might have sweetened the terms of the deal to achieve that. Otherwise, last year Draftkings was reported to in discussion for a similar deal with ESPN for 3+ billion dollars. PENN traded at $29.30 after earnings, and the calls went up from $0.90 to more than $3.80 intraday, for a fantastic 4.20X Profit! 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PENN traded at $29.30 after earnings, and the calls went up from $0.90 to more than $3.80 intraday, for a fantastic 4.20X Profit! Impressive!Congrats to those who bought the calls! <a data-mention-id=\"PENN\" class=\"teditor-mention\" data-mention-name=\"Penn National Gaming\" href=\"https://ttm.financial/S/PENN\">$Penn National Gaming(PENN)$</a> <img src=\"https://community-static.tradeup.com/news/b0650bd0a64a19aede959a085b4e661b\" tg-width=\"1269\" tg-height=\"459\"></body></html>","text":"PENN is profitable but most of the 500+ million profit in Q1 was non-cash and it will be reversed when PENN writes down the Barstool investment in Q3. However, PENN is producing significant free cash flow from their traditional business which they can invest into the OSB business without needing external capital. I think it is quite likely that ESPN insisted that Portnoy and Barstool get pushed out and might have sweetened the terms of the deal to achieve that. 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