Here was this solidly managed entrant in the US regional gaming sector with a decent track record in earnings and mostly okay asset allocation decisions, diving into what was essentially an ad buy.
Yet, last week when Penn National Gaming announced it had laid down $163 million in cash and stock for a chunk of the equity in that site, I did an immediate head scratch. I am long past that demo and still consider myself a big fan of the site’s biting sports coverage.
The company clearly sees sports gamblers aplenty. Penn National Gaming ( NASDAQ: PENN) clearly believes you don’t have to be 26 and ready to watch endless hours of dude chatter about the baseball scandals, women, and beer and pizza parlor reviews to find Barstool a helluva lot of fun to click through.
