Ron Baron Comments on Penn National Gaming

Guru stock highlight

Apr 22, 2021

Shares of regional casino operation Penn National Gaming, Inc. (PENN, Financial) increased in the quarter on strong share gains in the online sports betting and gaming markets in Michigan and the opening of the large Illinois online sports betting market. Strong sequential growth in revenue and sustained margin improvement in its brick and mortar operations also helped boost the share price. We think these positive developments will lead to improvements in the company's balance sheet and its EBITDA to free cash flow conversion.

From Ron Baron (Trades, Portfolio)'s Baron Growth Fund first-quarter 2021 shareholder letter.

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