Penn Entertainment lays off 100 employees to focus on ESPNBet growth, aiming to enhance operational efficiencies
From CNBC: 2024-07-18 10:46:00
Penn Entertainment is laying off about 100 employees to focus on growth for ESPNBet. This move aims at enhancing operational efficiencies following its acquisition of theScore in 2021. The company employs about 20,000 people, embarking on a new phase of growth in its interactive business, including product enhancements and deeper integration with ESPN’s ecosystem. Investors are eager for Penn to showcase its strength with the rebranded sportsbook, despite rumors of potential interest from other gaming companies. Analysts remain optimistic about the company’s future prospects with the release of new ESPNBet features this fall during football season. Penn shares have fallen 25% year to date, missing earnings expectations and lowering guidance. Truist has a buy rating on Penn with a price target of $25.
Read more at CNBC: Penn lays off about 100 employees as it focuses on ESPNBet growth