It operates through the following business segments: Northeast, South, West and Midwest. owns and manages gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. Penn National Gaming (PENN) Company Description: Begin your TipRanks Premium journey today. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. See today’s best-performing stocks on TipRanks > In another report released today, Deutsche Bank also maintained a Hold rating on the stock with a $28.00 price target. Given these factors, Bender rates PENN at Market Perform, seeing the shares as fairly valued at their current levels. This could be due to accrual for the committed expenditure in the lead-up to the ESPN launch. On the other hand, the interactive division generated $196M in revenue during 3Q23 but pulled back operations ahead of the ESPN launch, resulting in a $50M EBITDA loss. Bender also notes that the guided 36% land-based casino margins for the full year are achievable. This points to overall strong performance in the gaming sector for 3Q23. Despite a year-on-year revenue decline of 3% in the land-based casino operations, the margins only dipped 50 basis points.

However, the Northeast segment underperformed, falling short of expectations by 137 basis points. Both these segments saw margins exceeding expectations by 491 and 224 basis points respectively.

Notably, the solid operational performance was reported across its South and West segments during the quarter. The company’s casino segment was particularly strong, surpassing revenue expectations by 1% and EBITDAR by 2%. Penn National Gaming’s 3Q23 earnings report showed revenue of $1,619M, which was in line with consensus. Jordan Bender from JMP Securities firm has given a Hold rating to Penn National Gaming’s stock, based on a range of factors. JMP Securities analyst Jordan Bender has maintained their neutral stance on PENN stock, giving a Hold rating today.

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