Penn National Gaming, Inc. (NASDAQ:PENN) has received final licensing approval from the Pennsylvania Gaming Control Board (PGCB) for Hollywood Casino York. Notably, the property will be located at the York Galleria Mall in Springettsbury Township, PA.
The company has spent approximately $120 million, which includes both license fees for the property’s slot machines and table games, for the development of Hollywood Casino York.
Hollywood Casino York, an 80,000 square foot facility, is likely to be competed in around 12 months. The facility will have 500 slot machines, 24 table games and 40 table games. The casino will also provide a sports and race book, casual restaurant and bar, an entertainment lounge, and a coffee venue.
Being a leading gaming company in the United States, Penn National is known for its consistent business strategies and strong brand recognition. The company has gained a strong foothold in the gambling space through various acquisitions and divestitures. Despite that Penn National still continues to expand and leverage its brand power.
Shares of this Zacks Rank #3 (Hold) company have surged 38.4% year to date, compared with the industry’s growth of 27.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expansion to Drive Growth
Penn National Gaming also recently announced historic strategic partnerships with DraftKings, PointsBet, theScore and The Stars Group. Backed by these partnerships, the company is anticipated to expand sports betting and iGaming across 19 states. DraftKings will cover Florida, Missouri, Ohio, Pennsylvania and West Virginia for 10 years.
Moreover, Penn National Gaming, which shares space with Boyd Gaming Corporation (NYSE:BYD) , Las Vegas Sands Corp. (NYSE:LVS) and Century Casinos, Inc. (NASDAQ:CNTY) , recently opened sports betting at Hollywood Casino Lawrenceburg, Ameristar Casino East Chicago and Ameristar Casino Council Bluffs.
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