How Dave Portnoy Took Penn Entertainment to the Cleaners

By Travis Hoium – Aug 15, 2023 at 7:30AM

NASDAQ: PENN

Penn Entertainment

Market Cap

$3B

Today's Change

(-1.92%) -$0.33

Current Price

$16.86

Price as of April 26, 2024, 4:00 p.m. ET

Penn Entertainment paid $500 million for Barstool Sports, only to hand it back to Portnoy a few months later.

Penn National (PENN -1.92%) made one of the worst acquisitions in gaming when it bought Barstool Sports. In this video, Travis Hoium goes over just how quickly the deal went sideways.

*Stock prices used were end-of-day prices of Aug. 10, 2023. The video was published on Aug. 13, 2023.

Travis Hoium has positions in Walt Disney. The Motley Fool has positions in and recommends Walt Disney. The Motley Fool recommends the following options: long January 2025 $25 calls on Penn Entertainment and short January 2025 $30 calls on Penn Entertainment. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.