2024-05-22 12:11:05 ET
Summary
- With lower revenue and greater losses, PENN Entertainment's first quarter earnings were a disappointment for investors.
- However, during the quarter, I believe the company made some positive steps for better management of ESPN Bet.
- As the stock valuation in terms of the P/S multiple is hovering around the historical bottom, I believe the stock price would show better performance in the coming months.
Thesis
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PENN Entertainment: ESPN Bet Slowly Heading In The Right Direction