Penn Entertainment holds a leading omnichannel presence, which includes 43 physical casino assets, a digital portfolio encompassing an upgraded sports betting partnership with ESPN launching Nov. 14, 2023, iGaming, media, and a loyalty membership base of 27 million. As a result, we estimate Penn holds around a low-double-digit revenue share of the $60 billion domestic commercial casino gaming market.
We see Penn's domestic properties and partnership with ESPN as well positioned to benefit from the more than $40 billion U.S. sports betting and iGaming revenue opportunity by 2030.
Debt levels are elevated, which could inflate financing costs for future renovations and investment.
|
Metric
|
PENN
|
WYNN
|
MGM
|
|---|---|---|---|
Price/Earnings (Normalized) | 21.48 | 102.60 | 288.93 |
Price/Book Value | 1.11 | — | 3.51 |
Price/Sales | 0.61 | 1.69 | 0.98 |
Price/Cash Flow | 3.62 | 11.45 | 6.95 |
|
Metric
|
PENN
|
WYNN
|
MGM
|
|---|---|---|---|
Quick Ratio | 1.25 | 2.53 | 1.45 |
Current Ratio | 1.42 | 2.66 | 1.78 |
Interest Coverage | 0.85 | 0.78 | 3.28 |
|
Metric
|
PENN
|
WYNN
|
MGM
|
|---|---|---|---|
Return on Assets (Normalized) | −0.34% | 0.83% | −3.62% |
Return on Equity (Normalized) | −1.54% | — | −35.08% |
Return on Invested Capital (Normalized) | 2.15% | 4.92% | −3.21% |
|
Ticker
|
Name
|
Morningstar Rating for Stocks
|
Economic Moat
|
Market Cap
|
|---|---|---|---|---|
LVS
| Las Vegas Sands Corp | Pkfcrg | $35.5 Bil | |
GXYYY
| Galaxy Entertainment Group Ltd ADR | Lbllxv | $22.9 Bil | |
GXYEF
| Galaxy Entertainment Group Ltd | Lhtrtz | $22.9 Bil | |
SCHYF
| Sands China Ltd Shs Unitary 144A/Reg S | Dxwhgs | $20.3 Bil | |
SCHYY
| Sands China Ltd ADR | Fglxff | $20.3 Bil | |
MGM
| MGM Resorts International | Tqdl | $14.0 Bil | |
CZR
| Caesars Entertainment Inc | Nylf | $10.1 Bil | |
WYNN
| Wynn Resorts Ltd | Gycpy | $9.6 Bil | |
MLCO
| Melco Resorts and Entertainment Ltd ADR | Zvbdybz | $3.0 Bil |
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