Ron Baron Comments on Penn National Gaming

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Oct 26, 2021
Summary
  • The stock declined.
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Shares of regional casino company Penn National Gaming, Inc. (PENN, Financial) declined as investors fretted about lower market share in online sports betting, and more aggressive marketing spend from competitors in their facility-based businesses. We believe Penn’s recently announced acquisition of Score Media and Gaming, combined with its Barstool acquisition last year, should help drive customers to its betting App, enhancing its market share. Penn has a strong balance sheet with earnings growth accelerating over time.

From

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

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I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure
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