Business
PENN Entertainment Announces Agreement with Wynn Interactive Holdings to Acquire Mobile Sports Wagering Licenses for New York Market Access
- PENN to Launch ESPN BET in New York in 2024 - WYOMISSING, Pa.--(BUSINESS WIRE)-- PENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN)
About this update from Penn Entertainment, Inc.
[{"type":"text","content":"\n- PENN to Launch ESPN BET in New York in 2024 -\n\n\n WYOMISSING, Pa.--(BUSINESS WIRE)--\nPENN Entertainment, Inc. (“PENN” or the “Company”) (Nasdaq: PENN) announced today that it has reached an agreement with Wynn Interactive Holdings to acquire its New York mobile sports wagering licenses, providing PENN with market access to the jurisdiction. Pending regulatory approvals, PENN will launch its online sports wagering product, ESPN BET, in New York in 2024.\n\n\nAs part of the transaction, PENN is acquiring WSI US, LLC, from Wynn Interactive Holdings for $25 million. WSI US, LLC is the entity that holds the mobile sports wagering licenses that were previously issued by the New York State Gaming Commission in 2021. Wynn Interactive is a subsidiary of Wynn Resorts, Limited.\n\n\n“This is an important development that will bring ESPN BET to the largest regulated online sports wagering market in North America,” said Jay Snowden, PENN Entertainment CEO and President. “Together with ESPN, we’re building a brand that is synonymous with sports betting, and operating in the New York market is key as we grow ESPN BET across the U.S.”\n\n\nForward Looking Statements \nThis press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, but are not limited to, statements regarding: the Company’s expectations regarding results, such as the success and potential growth of the Company’s Interactive segment’s products.\n\n\nSuch statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include: the effects of economic and market conditions in the markets in ...