penn national gaming wich casino they own

The market historically views leisure related spend as one of the earliest victims of Fed rises and fears of the edge of a recession to come.

That alone has ignited some of the growing bearish outlook on consumer discretionary stocks. Running hawkish commentary from Fed officials signaling lots of ramp ahead on rate rises certainly feeds into the overall nerve endings of many investors. Market who saw no solace in my contention that the cavalry was on the way.

So it was my bullish take from my usually prescient on the ground sources, against the jittery Mr. In brief, the overall comment was best summarized by a slot manager who told me, 'We're starting to see the older folks arriving feeling safe enough where they didn't until now.' That's a power driver for the slot business under most scenarios. Where I went wrong was hooking my guidance to highly positive info flow I was getting from my many colleagues working at various Penn properties. Add inflation, Fed nerves, the Ukraine war, gas prices, to the perception that pandemic stimulus checks inflated gaming at most of the nation's regional casinos. So what I must conclude is that the decline came from collateral damage that has swept over the entire sports betting sub-sector as well as the general jitters that has been exacerbated by the usual suspects. But in reviewing the company, its fundamentals and results since, I see nothing at all that anyone can reasonably point to as a real world reason the stock has tanked off our call. And if the news since then had been tangible evidence of a real weakness in mainstream metrics, operational miscues, or some macro event like a massive surge of covid, I could well understand the decline neither I nor anyone else at the time could see. Let's begin by saying, yes, we'll take the L on our last call of this stock back on January 9th when it was $46.97.

Penn national gaming wich casino they own