First, they are sponsoring a college football bowl game this coming season, now the name sponsor of the "Barstool Sports Arizona Bowl" in Tucson. Finally, they purchased Score Media and Gaming for $2 billion in August of this year, giving them great exposure into Canada.įinally, Barstool is getting into the streaming game. The Barstool purchase opened them up to a completely new demographic, and added a new weapon to their arsenal who we'll touch on later. They continued expansion, buying and selling until arguably their most important acquisition in history: the acquisition of a 36% stake in Barstool Sports for $163 million in January 2020. This allowed Penn proper to continue their expansion of the gaming business. They housed most of their physical real estate under a new REIT to reduce taxes, cost of capital and navigate the murky world of gambling license restrictions. In 2012, they made a very important business move in the history of the company: they spun themselves off. They eventually became the third largest publicly held gaming company in the United States in 2005 after the purchase of Argosy Gaming Company, allowing Penn to expand into the American southeast. Throughout the mid-2000's, the company bought and sold other, smaller regional operators, including a failed bid for Harrah's Entertainment.
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