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WYOMISSING, Pa. - PENN Entertainment, Inc. (NASDAQ:PENN), a gaming company with annual revenue of $6.64 billion, announced that its new Hollywood Casino Joliet is slated to open doors on August 11, pending regulatory approvals. According to InvestingPro analysis, PENN currently trades slightly below its Fair Value, suggesting potential upside for investors watching this expansion. The launch date arrives nearly six months earlier than originally planned, marking a significant milestone for the company’s expansion in the Chicagoland area.
The casino will serve as the centerpiece of the Rock Run Collection, a new super-regional commercial and residential development located at a strategic interchange with an estimated 230,000 daily vehicles. The facility promises to offer a state-of-the-art entertainment experience with approximately 1,000 slot machines, 43 live table games, including a dedicated baccarat room, and an ESPN BET sportsbook.
In addition to gaming, the venue will introduce an event center, meeting spaces, and a selection of dining experiences. A partnership with celebrity chef Giada De Laurentiis will bring her blend of Italian and Californian cuisine to the region for the first time. Moreover, collaborations with McClain Camarota Hospitality will introduce a food hall featuring local culinary favorites, such as Lucky Goat, Antique Taco, Pretty Cool Ice Cream, and Five50 Pizza.
The new casino is expected to employ around 600 team members, expanding PENN’s workforce in Joliet by 200. The company anticipates a seamless transition of operations from the existing riverboat casino to the new land-based facility as the opening approaches.
PENN Entertainment’s investment in the $185 million project aligns with its strategy to enhance its presence in North America’s entertainment and gaming sectors. The company, known for its diverse portfolio of casinos, racetracks, and online sports betting, anticipates securing $130 million in funding from Gaming and Leisure Properties, Inc. for this project in the third quarter. InvestingPro data reveals the company operates with a significant debt burden, with total debt of $11 billion and a debt-to-equity ratio of 3.7. While analysts expect net income growth this year, detailed financial health metrics and 12 additional ProTips are available through InvestingPro’s comprehensive research platform.
Further details regarding the grand opening will be disclosed closer to the date. This announcement is based on a press release statement from PENN Entertainment, Inc. For investors seeking deeper insights into PENN’s financial health and growth prospects, InvestingPro offers a comprehensive Pro Research Report, part of its coverage of over 1,400 US stocks, providing actionable intelligence for informed investment decisions.
In other recent news, PENN Entertainment reported first-quarter earnings that fell short of market expectations, with revenues reaching $1.67 billion, slightly below the projected $1.70 billion. The company’s adjusted EBITDAR also missed forecasts, coming in at $329 million against the expected $351.5 million. Despite these results, PENN observed a recovery in volumes during March, with improvements continuing into April and early May. Meanwhile, the company is engaged in a proxy battle with activist investor HG Vora, who is pushing for additional board changes, despite PENN’s nomination of two HG Vora candidates to its Board of Directors. HG Vora has also filed a legal motion to ensure votes for its third director nominee are counted at the upcoming annual meeting.
Additionally, Mizuho Securities adjusted its price target for PENN from $25 to $24, though it maintained an Outperform rating, citing strong performance in the interactive segment and a positive outlook for the company. Benchmark has maintained a Hold rating on PENN shares following the earnings miss. PENN has emphasized its commitment to shareholder value and strategic growth, focusing on digital engagement and profitability in its Interactive segment by late 2025. The ongoing developments, including the proxy battle and analyst ratings, could have significant implications for PENN’s future direction and governance.
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