PENN Entertainment shareholders elect two new directors to board

Published 17/06/2025, 15:34
PENN Entertainment shareholders elect two new directors to board

WYOMISSING, Pa. - PENN Entertainment, Inc. (NASDAQ:PENN), a $2.39 billion market cap gaming company, announced Tuesday that shareholders elected Johnny Hartnett and Carlos Ruisanchez to serve on the company’s Board of Directors during its 2025 Annual Meeting of Shareholders.

The newly elected directors bring experience in digital and retail gaming to the board, according to a company statement. The PENN Board expressed satisfaction with the election results and acknowledged ongoing shareholder engagement.

"We are pleased to welcome Johnny and Carlos, both of whom bring highly relevant experience in digital and retail gaming to the Board," the company stated.

The board emphasized its commitment to overseeing the company’s omni-channel strategy while focusing on several key priorities: improving profitability in its Interactive segment, driving growth across business lines, strengthening the balance sheet, reducing debt (currently at 3.7x debt-to-equity), and accelerating capital returns to shareholders. According to InvestingPro analysis, these priorities are timely given the company’s significant debt burden and recent profitability challenges.

PENN Entertainment operates in 28 jurisdictions across North America with a portfolio that includes casinos, racetracks, and online betting platforms under brands such as Hollywood Casino, L’Auberge, ESPN BET, and theScore BET Sportsbook and Casino. The company generates annual revenues of $6.64 billion and shows potential for growth, with InvestingPro data indicating the stock is currently trading slightly below its Fair Value.

The company indicated it will file detailed voting results with the Securities and Exchange Commission in the coming days, according to the press release statement.

In other recent news, PENN Entertainment has announced plans to repurchase approximately $223.8 million of its 2.75% Convertible Senior Notes due in 2026. The transactions are expected to close in June 2025, with the final repurchase price estimated at around $230.9 million. Additionally, PENN is set to open its new Hollywood Casino Joliet on August 11, ahead of schedule, featuring a range of gaming and dining options. The new casino, part of the Rock Run Collection, will employ around 600 team members and is expected to enhance PENN’s presence in the Chicagoland area.

In governance developments, PENN received a favorable recommendation from Glass Lewis for board nominees Johnny Hartnett and Carlos Ruisanchez, while Egan-Jones Proxy Services supported three nominees, including William Clifford, proposed by activist investor HG Vora. The endorsements come amid PENN’s efforts to address concerns about financial performance and governance practices. The company has expressed satisfaction with the recognition of its board’s review process and responsiveness to shareholder feedback.

These developments reflect PENN’s ongoing strategies in financial management, expansion, and governance. The company continues to seek shareholder approval for its board nominees, with 75% of directors appointed since 2019. Meanwhile, the new casino project aligns with PENN’s strategy to enhance its footprint in North America’s entertainment and gaming sectors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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