Penn Entertainment credit profile weakening as rent leverage increases ESPN Bet viewed as overhang Penn Entertainment’s (NASDAQ: PENN) credit profile is being pinched by rising rent-adjusted leverage — a scenario expected to linger throught this year — and the operator’s ESPN Bet unit remains an overhang on its corporate debt prices. An image for Penn Entertainment. An analyst said the gaming company’s credit profile is weakening. (Image: Penn Entertainment) That’s the take of Gimme Credit analyst Kim Noland who, in a new report, notes that sagging results from Penn’s regional casinos and ESPN Bet woes are dual headwinds for the operator’s credit outlook. Last year, they posted disappointing numbers largely due to competitive openings in several markets,” observes Noland. “In addition, substantial capex for refurbishing and expansion weighed on free cash flow performance. Full year results were disappointing and showed a deterioration in the credit profile. High rent-adjusted leverage that exceeded the mid 7x range at year end likely will… Read More

Category: Financial, Sports Betting, sports betting 

Source: Casino.org