Portnoy has weathered similar storms in the past and we are not aware of any criminal investigations but we also think multiple constituents may need clarity on the situation before we can fully understand the longer-term ramifications for Barstool and Penn,” said Barry Jonas of Atlanta-based Truist Securities said in a note to investors.ĭeutsche Bank gaming analyst Carlo Santarelli said, “Our estimates are broadly unchanged, as we were modeling a considerable deceleration in the business for 20, though it appears to be happening sooner than expected.”

Portnoy made a 10-minute online video denying all accusations. The article that appeared in Business Insider accused Portnoy of sexual improprieties with female house guests. “We can think of scenarios where this article causes legitimate fallout relating to the effectiveness of the Barstool Sports brand, Portnoy and Penn’s use of it in the U.S.” “We believe Penn’s shares’ 20 percent decline today is more of a function of investors’ reaction to a negative article on Barstool Sports visible founder Dave Portnoy than investors’ reaction to margin deleveraging in the third quarter or October,” Joe Greff, an analyst with New York-based JP Morgan, said in a note to investors. Gaming industry analysts had speculated Thursday that the stock price plunge was the result of a negative article about the founder of Penn partner Barstool Sports. Penn closed Friday up $4.36, 7.6 percent, to $61.78 a share on volume more than three times the daily average. stock shares on Friday gained back about one-third of the value lost Thursday when the stock plunged nearly 21 percent on the day of the company’s third-quarter earnings call. Baskow/Las Vegas Review-Journal) National Gaming Inc.

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