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PENN Entertainment (PENN) Partners With Quail Hollow Club
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PENN Entertainment, Inc. (PENN - Free Report) has unveiled a game-changing strategic partnership with Quail Hollow Club and Wells Fargo Championship, setting the stage for ESPN BET's foray into North Carolina's online sports wagering landscape.
The agreement secures market access for PENN's ESPN BET platform in the state, pending regulatory approval. This move aligns with ESPN BET's nationwide expansion strategy, marking a significant step toward dominating the emerging market.
As part of the deal, ESPN BET will assume the coveted role of the exclusive official betting operator for Wells Fargo Championship, a prestigious PGA TOUR Signature Event hosted at Quail Hollow Club in Charlotte, N.C. Along with positioning ESPN BET as a key player in the world of golf betting, it opens doors to a plethora of marketing opportunities. The sportsbook gains rights to activate and engage golf enthusiasts on-site during the tournament, leveraging ESPN's powerful brand and PENN Entertainment's operational prowess.
ESPN BET, which made its debut in 17 states on November 14, represents a fusion of ESPN's renowned brand and PENN’s cutting-edge technology. This strategic collaboration solidifies PENN's position in the rapidly evolving sports wagering landscape, offering a compelling investment opportunity for those eyeing the convergence of entertainment and online betting. As regulatory approvals unfold, PENN is poised to capitalize on the thriving market in North Carolina, further enhancing its footprint in the online sports betting arena.
Image Source: Zacks Investment Research
Stock Performance
Shares of the company have gained 8.7% in the past three months compared with the industry’s 2% growth.
Management emphasizes reimaging its properties with best-in-class retail sports books, new games, refreshed hotel offerings and new third-party restaurant concepts to drive growth. Also, focus on strategic alliances bodes well. In the future, it expects amalgamation to pave the path for new customer acquisition and organic cross-selling opportunities.
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 28.3% on average. Shares of RCL have surged 102.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and earnings per share (EPS) indicates a rise of 57.7% and 187.9%, respectively, from the year-ago levels.
Live Nation Entertainment, Inc. (LYV - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 37.5% on average. Shares of LYV have increased 14.4% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS suggests an improvement of 28.7% and 137.5%, respectively, from the prior-year levels.
Skechers U.S.A., Inc. (SKX - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 50.3% on average. Shares of SKX have jumped 40.8% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS implies a climb of 8.2% and 44.5%, respectively, from the year-earlier levels.
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PENN Entertainment (PENN) Partners With Quail Hollow Club
PENN Entertainment, Inc. (PENN - Free Report) has unveiled a game-changing strategic partnership with Quail Hollow Club and Wells Fargo Championship, setting the stage for ESPN BET's foray into North Carolina's online sports wagering landscape.
The agreement secures market access for PENN's ESPN BET platform in the state, pending regulatory approval. This move aligns with ESPN BET's nationwide expansion strategy, marking a significant step toward dominating the emerging market.
As part of the deal, ESPN BET will assume the coveted role of the exclusive official betting operator for Wells Fargo Championship, a prestigious PGA TOUR Signature Event hosted at Quail Hollow Club in Charlotte, N.C. Along with positioning ESPN BET as a key player in the world of golf betting, it opens doors to a plethora of marketing opportunities. The sportsbook gains rights to activate and engage golf enthusiasts on-site during the tournament, leveraging ESPN's powerful brand and PENN Entertainment's operational prowess.
ESPN BET, which made its debut in 17 states on November 14, represents a fusion of ESPN's renowned brand and PENN’s cutting-edge technology. This strategic collaboration solidifies PENN's position in the rapidly evolving sports wagering landscape, offering a compelling investment opportunity for those eyeing the convergence of entertainment and online betting. As regulatory approvals unfold, PENN is poised to capitalize on the thriving market in North Carolina, further enhancing its footprint in the online sports betting arena.
Image Source: Zacks Investment Research
Stock Performance
Shares of the company have gained 8.7% in the past three months compared with the industry’s 2% growth.
Management emphasizes reimaging its properties with best-in-class retail sports books, new games, refreshed hotel offerings and new third-party restaurant concepts to drive growth. Also, focus on strategic alliances bodes well. In the future, it expects amalgamation to pave the path for new customer acquisition and organic cross-selling opportunities.
The company currently has a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks in the Zacks Consumer Discretionary sector are:
Royal Caribbean Cruises Ltd. (RCL - Free Report) sports a Zacks Rank #1 (Strong Buy). RCL has a trailing four-quarter earnings surprise of 28.3% on average. Shares of RCL have surged 102.1% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for RCL’s 2023 sales and earnings per share (EPS) indicates a rise of 57.7% and 187.9%, respectively, from the year-ago levels.
Live Nation Entertainment, Inc. (LYV - Free Report) flaunts a Zacks Rank #1. It has a trailing four-quarter earnings surprise of 37.5% on average. Shares of LYV have increased 14.4% in the past year.
The Zacks Consensus Estimate for LYV’s 2023 sales and EPS suggests an improvement of 28.7% and 137.5%, respectively, from the prior-year levels.
Skechers U.S.A., Inc. (SKX - Free Report) carries a Zacks Rank #2 (Buy). It has a trailing four-quarter earnings surprise of 50.3% on average. Shares of SKX have jumped 40.8% in the past year.
The Zacks Consensus Estimate for SKX’s 2023 sales and EPS implies a climb of 8.2% and 44.5%, respectively, from the year-earlier levels.