Penn National Gaming, will ring the NASDAQ Stock Market closing bell on Thursday in Times Square, New York, in recognition of completing its 36% acquisition of Barstool Sports.
Jay Snowden, President and CEO, and members of Penn National’s senior management team will be joined by Barstool’s Founder Dave Portnoy, its CEO Erika Nardini and other team members in the closing bell ringing ceremony from 3:50 pm to 4pm 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 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.”
As previously announced, Penn National is now Barstool Sports’ exclusive gaming partner and has the sole rights to utilize the brand for all online and retail sports betting and icasino products.
Penn National will increase its ownership in the firm to approximately 50% after three years (or earlier, at the firm’s election) with an incremental investment of approximately $62m, 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.
