As expected, coronavirus closures offer online business a golden opportunity. The rise of Internet activities has never been so high. Taken in this gear, Penn National Gaming, just like its competitors, saw the doors of its real casinos close. Fortunately for this one, Penn Interactive Venture is here. The latter represents indeed, the company "Online" of the company which allows to offer alternative solutions to the players. It is therefore in the middle of all this chaos left by the coronavirus that the activities of Penn Interactive Venture rise and are at best.
More than positive benefits for Penn
It is through its CEO, Jay Snowden, that the American Group Penn National Gaming communicates new rather positive. Indeed, it evokes the fact that the online operations of the company are growing more than satisfactory. With this in mind, the Group expects this branch of the Company to contribute significantly to the increased results of the company. The CEO is confident and expects that in 2021, or even beyond, it creates incredible numbers and benefits. You should know that Penn Interactive manages mobile applications and on HollywoodCasino.com desktop, HollywoodRaces.com and viva slots. The expansion and willingness to constantly improve its offers grow the large group to strengthen its footprint. For this, a partnership between the giant and Barstool sports points to the tip of his nose. Indeed, at the beginning of the year, Penn has invested nearly $ 163 million against 36% in Barstool Sports. With such an action, the group increases its chances of packing more young players aware of technology.
A brief state of play on the liquidity of Penn National Gaming
Gaming companies, like Penn National Gaming, having stored their games are caught up today by COVID19. Concerns are increasing when it is necessary to question the ability to survive in a world without income. However, Penn, in particular, did not pray and made cash updates. Thus, in March, the company defeated several of its real estate assets. This is the case of the Tropicana Las Vegas and the land lease of an asset of Morgantown. Workers are also offered and all allows the Group to recover $ 337.5 million. To calm worries, the group says they have $ 730 million in cash dated March 31st. In addition, economy measures have been made allowing the company to reduce its expenses by $ 83 million. Jay Snowden says that the group has discovered a way to reinvent his casinos. In the end, everything is put on site for optimal exploitation while ensuring a positive experience with players.
Promising collaboration with Barstool Sports
As said above, the agreements between Barstool and Penn National have emerged at the beginning of the year. However, the American giant is still ready to pay $ 62 billion more to increase its units. This would be 50% in Barstool. In the long run, it is even conceivable for Penn to acquire the entire sport blog. This would then come back to a total of $ 450 million. The US operator is even able to accelerate the launch of Barstool's mobile sports betting. Players will only have to wait until the third quarter of this year. Indeed, the developers of the group, despite the general blockage, prioritize the delivery in time of a quality product. However, the financial results of all these actions remain to be seen.