PENN Entertainment - M&A Summary and Business Overview

GamingCompany

PENN Entertainment M&A Summary

PENN Entertainment has acquired 19 companies, including 3 in the last 5 years. A total of 2 acquisitions came from private equity firms. It has also divested 3 assets.

PENN Entertainment’s largest acquisition to date was in 2017, when it acquired Pinnacle Entertainment for $2.8B. It’s largest disclosed sale occurred in 2020, when it sold Tropicana Las Vegas to Gaming and Leisure Properties for $308M. PENN Entertainment has acquired in 14 different US states, and 2 countries. The Company’s most targeted sectors include leisure (43%) and gaming (32%).

PENN Entertainment Business Overview

Where is PENN Entertainment headquartered?

PENN Entertainment is headquartered in Wyomissing, Pennsylvania.

What is PENN Entertainment’s revenue?

PENN Entertainment disclosed revenue of 6,402M USD for 2022 and 5,905M USD for 2021.

How many employees does PENN Entertainment have?

PENN Entertainment has 18,321 employees.

What sector is PENN Entertainment in?

PENN Entertainment is a gaming company.

When was PENN Entertainment founded?

PENN Entertainment was founded in 1972.

M&A Summary

  • M&A Total Activity22
    • M&A Buy Activity19
    • M&A Sell Activity3
  • Total Sectors Invested 5
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 4
  • M&A Advisors 7

PENN Entertainment

PENN Entertainment, Inc.

825 Berkshire Boulevard, Suite 200,
Wyomissing, Pennsylvania 19610
United States,
(610) 373-2400
www.pennentertainment.com

PENN Entertainment owns, operates and has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. PENN Entertainment was founded in 1972 and is based in Wyomissing, Pennsylvania.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.6/yr) # 16 2 1 - - - 19
vol $6.4B $531M $2.0B $9.0B
Sell (0.4/yr) # 1 1 - - 1 - 3
vol $308M $308M
  22

Most Recent M&A

Company Date Value Type
Barstool Sports, Inc. 2023-08-09 - Sold to Management
New York, New York · www.barstoolsports.com
Score Media and Gaming, Inc. 2021-08-05 2.0B USD Add-on Acquisition
Toronto, Ontario · www.thescore.com
Hollywood Casino Perryville 2020-12-01 31M USD Divestiture
Perryville, Maryland · www.hollywoodcasinoperryville.com
Tropicana Las Vegas, Inc. 2020-04-16 308M USD Divestiture
Las Vegas, Nevada · www.troplv.com
Barstool Sports, Inc. 2020-02-20 500M USD Add-on Acquisition
New York, New York · www.barstoolsports.com
Pinnacle Entertainment, Inc. 2017-12-18 2.8B USD Add-on Acquisition
Las Vegas, Nevada · www.pnkinc.com
Rocket Games, Inc. 2016-08-03 60M USD Add-on Acquisition
San Francisco, California · www.rocketgames.com
Rosecroft Raceway 2016-05-16 - Divestiture
Fort Washington, Maryland · www.rosecroft.com
Illinois Gaming Investors LLC (dba Prairie State Gaming) 2015-07-31 - Add-on Acquisition
Hinsdale, Illinois · www.igigaming.net
Tropicana Las Vegas, Inc. 2015-04-29 360M USD Add-on Acquisition
Las Vegas, Nevada · www.troplv.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Leisure 8 (42%) 622M (7%) 2 (67%) 308M (100%)
Gaming 6 (32%) 5.8B (64%) - -
Digital Media 3 (16%) 2.6B (29%) 1 (33%) -
Infrastructure 1 (5%) - - -
Media 1 (5%) - - -
Total 19 $9.0B 3 $308M

By Geo

State/Country Buy Value Sell Value
United States 18 7.0B 3 308M
  Nevada 3 3.4B 1 308M
  Maryland 2 31M 1 -
  Mississippi 2 - - -
  New York 1 500M 1 -
  Florida 1 - - -
  Colorado 1 - - -
  California 1 60M - -
  Texas 1 - - -
  Pennsylvania 1 780M - -
  Ohio 1 - - -
  New Mexico 1 2.2B - -
  Maine 1 - - -
  Louisiana 1 - - -
  Illinois 1 - - -
Canada 1 2.0B - -
  Ontario 1 2.0B - -
Domestic 18 (95%) 7.0B (78%) 3 (100%) 308M (100%)
Cross-border 1 (5%) 2.0B (22%) - -
Total 19 $9.0B 3 $308M

Top M&A Advisors

Financial Deals
Goldman Sachs
 3
Lehman Brothers, Inc.
2
Bear Stearns & Co. Inc.
 1
Legal Deals
Wachtell, Lipton, Rosen & Katz
 2
Blake, Cassels & Graydon LLP
 1
Skadden, Arps, Slate, Meagher & Flom
 1

Deal Values

buy # Total
> $1B 3 $7.0B
$100M to $1B 4 $1.9B
< $100M 2 $91M
TOTAL $9.0B
Largest Pinnacle Entertainment, Inc.
$2.8B (2017-12-18)
sell # Total
$100M to $1B 1 $308M
TOTAL $308M
Largest Tropicana Las Vegas, Inc.
$308M (2020-04-16)

M&A Connections

Deals
Acquired from
Investor(s)
11%
2 (11%)
Strategic(s)
11%
2 (11%)
Divested to
Strategic(s)
67%
2 (67%)

Company Summary

SECTOR

Gaming

Revenue

6,402   9% 2022
5,905   65% 2021
3,579   33% 2020
5,301   48% 2019
3,588   14% 2018
3,148   4% 2017
3,034   7% 2016
2,838   10% 2015
2,591   12% 2014
2,918   1% 2013
2,899   2012
(millions of USD) Show More Show Less

Employees

18,321

Established

1972

Public

NASDAQ: PENN

Former Name

Penn National Gaming, Inc.

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