PENN Entertainment Announces Agreement with Wynn Interactive Holdings to Acquire Mobile Sports Wagering Licenses for New York Market Access
February 13 2024 - 10:00AM
Business Wire
- PENN to Launch ESPN BET in New York in 2024
-
PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq:
PENN) announced today that it has reached an agreement with Wynn
Interactive Holdings to acquire its New York mobile sports wagering
licenses, providing PENN with market access to the jurisdiction.
Pending regulatory approvals, PENN will launch its online sports
wagering product, ESPN BET, in New York in 2024.
As part of the transaction, PENN is acquiring WSI US, LLC, from
Wynn Interactive Holdings for $25 million. WSI US, LLC is the
entity that holds the mobile sports wagering licenses that were
previously issued by the New York State Gaming Commission in 2021.
Wynn Interactive is a subsidiary of Wynn Resorts, Limited.
“This is an important development that will bring ESPN BET to
the largest regulated online sports wagering market in North
America,” said Jay Snowden, PENN Entertainment CEO and President.
“Together with ESPN, we’re building a brand that is synonymous with
sports betting, and operating in the New York market is key as we
grow ESPN BET across the U.S.”
Forward Looking Statements This press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
can be identified by the use of forward-looking terminology such as
“expects,” “believes,” “estimates,” “projects,” “intends,” “plans,”
“goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the
negative or other variations of these or similar words, or by
discussions of future events, strategies or risks and
uncertainties. Specifically, forward-looking statements include,
but are not limited to, statements regarding: the Company’s
expectations regarding results, such as the success and potential
growth of the Company’s Interactive segment’s products.
Such statements are all subject to risks, uncertainties and
changes in circumstances that could significantly affect the
Company’s future financial results and business. Accordingly, the
Company cautions that the forward-looking statements contained
herein are qualified by important factors that could cause actual
results to differ materially from those reflected by such
statements. Such factors include: the effects of economic and
market conditions in the markets in which the Company operates;
competition with other entertainment, sports content, and casino
gaming experiences; the timing, cost and expected impact of product
and technology investments; and additional risks and uncertainties
described in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022, subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K, each as filed with the U.S.
Securities and Exchange Commission. The Company does not intend to
update publicly any forward-looking statements except as required
by law. Considering these risks, uncertainties and assumptions, the
forward-looking events discussed in this press release may not
occur.
About PENN Entertainment PENN Entertainment, Inc.,
together with its subsidiaries (“PENN,” the “Company,” “we,” “our,”
or “us”), is North America’s leading provider of integrated
entertainment, sports content, and casino gaming experiences. PENN
operates 43 properties in 20 states, online sports betting in 18
jurisdictions and iCasino in five jurisdictions, under a portfolio
of well-recognized brands including Hollywood Casino®, L’Auberge®,
ESPN BET™ and theScore Bet Sportsbook and Casino®. In August 2023,
PENN entered into a transformative, exclusive long-term strategic
alliance with ESPN, Inc. and ESPN Enterprises, Inc. (together,
“ESPN”) relating to online sports betting within the United States.
PENN’s ability to leverage the leading sports media brands in the
United States (ESPN) and Canada (theScore) will position us to
significantly expand our digital footprint and efficiently grow our
customer ecosystem. This highly differentiated strategy, which is
focused on organic cross-sell opportunities, is reinforced by our
market-leading retail casinos, sports media assets, and technology,
including a proprietary state-of-the-art, fully integrated digital
sports and iCasino betting platform and an in-house iCasino content
studio. PENN’s portfolio is further bolstered by our
industry-leading PENN Play™ customer loyalty program, which offers
our over 27 million members a unique set of rewards and experiences
across business channels.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240213861508/en/
Media: Eric Schippers Senior Vice President, Public
Affairs PENN Entertainment 610/373-2400
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Jun 2024 to Jul 2024
PENN Entertainment (NASDAQ:PENN)
Historical Stock Chart
From Jul 2023 to Jul 2024