Land Based Casinos Still Key<\/span><\/h2>\nWith Portnoy as the new face of Penn and all the hype surrounding sports wagering, many investors may be overlooking the operator’s core competency: Running land-based casinos. <\/span><\/p>\nWieczynski advises against forgetting about that part of the Penn National thesis.<\/span><\/p>\n\u201cPENN management has indicated it believes it can return to 2019 <\/span>earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (<\/span><\/span>EBITDAR) levels, with only 90 percent of 2019 revenues,\u201d said the Stifel analyst. \u201cWe believe that opportunity is even greater than what management is letting on today, and expect that, over time, it could reach 2019 EBITDAR parity off a revenue base that could be 75 percent-85 percent of 2019.\u201d <\/span><\/p>\nNearly all of the operator’s 41 casinos are reopened.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Penn National Gaming (NASDAQ:PENN) is extending its scintillating run Thursday, trading higher by almost seven percent. That’s after Stifel analyst Steven Wieczynski placed an $85 price target, up from $47, on the name, the highest such call on Wall Street. With the US sports calendar replenished following the coronavirus shutdown and states shattering previous handle […]<\/p>\n","protected":false},"author":46,"featured_media":149130,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\n
Penn Portnoy Euphoria Continues as Analysts Sees $85 Stock, Highest Wall Street Call - Casino.org<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n