Penn National Gaming and Barstool Sports to ring NASDAQ stock market closing bell

(PRESS RELEASE) -- Penn National Gaming, Inc., the nation’s largest regional gaming operator with 41 facilities in 19 states, announced today that the Company will ring the NASDAQ Stock Market closing bell on Thursday, 27 February 2020 in Times Square, New York, NY.

Jay Snowden, President and CEO, and members of Penn National’s senior management team will be joined by Dave Portnoy, Founder of Barstool Sports, Erika Nardini, CEO of Barstool, and other members of the Barstool team in the closing bell ringing ceremony from 3:50 p.m. to 4:00 p.m. EST.

“We look forward to ringing the closing bell to help commemorate the successful closing of our acquisition of a 36% interest in Barstool Sports,” said Mr. Snowden. “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,” concluded Mr. Snowden.

As previously announced, Penn National is now Barstool Sports’ exclusive gaming partner and has the sole right to utilize the Barstool Sports brand for all online and retail sports betting and iCasino products. Penn National will increase its ownership in Barstool Sports to approximately 50% after three years (or earlier, at Penn National’s election) with an incremental investment of approximately $62 million, consistent with the implied valuation at the time of the initial purchase, and has a path to establish control and full ownership of Barstool Sports.