Penn National Gaming, will ring the closing bell of the NASDAQ Stock Market on Thursday in Times Square, New York, in celebration of completing its 36 percent Barstool Sports purchase.
Jay Snowden, President and CEO, and members of the Senior Management Team of Penn National will be joined by Barstool’s Chairman Dave Portnoy, CEO Erika Nardini and other team members at the closing bell ring ceremony from 3:50 pm to 4 pm EST.
Snowden said: “We look forward to ringing the closing bell to help commemorate the successful closing of our acquisition of a 36% interest in Barstool Sports. This investment represents a significant milestone in our company’s ongoing strategy to evolve from the nation’s largest regional gaming operator to a best-in-class omni-channel provider of retail and online gaming and sports betting entertainment.
“Since announcing our groundbreaking partnership with Barstool at the end of January, we have seen first-hand the power of the Barstool brand to generate significant consumer interest and increased engagement between Barstool, their loyal audience of ‘Stoolies’ and our own nationwide platform of 41 properties in 19 states.”
Now as the exclusive gaming partner for Barstool Sports, Penn National has the sole rights to use the brand for all online and retail sports betting and icasino products.
It intends to increase its ownership of the firm to approximately 50 percent after three years (or earlier, at the firm’s election) with an incremental investment of approximately $62 million, consistent with the implied valuation at the time of the initial purchase, and will have a path to establish control and full ownership of Barstool Sports.