PENN Entertainment Inc
PENN: XNAS (USA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
$33.00 | Zjllk | Bzbnkdpg |
Penn's Upgraded Digital Position With an Exclusive ESPN Partnership Not Enough To Warrant a Moat
Business Strategy and Outlook
Penn Entertainment holds a leading omnichannel presence, which includes 43 physical casino assets, a digital portfolio encompassing an upgraded sports betting partnership with ESPN launching in the fall of 2023, iGaming, media, and a loyalty membership base of 27 million. As a result, we estimate Penn holds around a low-double-digit revenue share of the $60 billion domestic commercial casino gaming market.