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PENN Entertainment, Inc. (NASDAQ:PENN) shares are trading marginally lower on Thursday.
Penn Entertainment reportedly plans to lay off approximately 100 employees as it shifts focus to expanding ESPNBet.
CEO Jay Snowden communicated in an internal email that these adjustments aim to improve operational efficiencies following the acquisition of theScore in 2021, reported CNBC.
The company has a workforce of approximately 20,000 employees.
“When PENN acquired theScore, we hit the ground running with the build-out of our proprietary tech stack and the migration of our sportsbook to theScore’s best-in-class-platform,” Snowden wrote in the memo, which was seen by CNBC. “This led us to temporarily set aside any potential organizational changes that would typically follow a major acquisition.”
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Penn indicated it is entering a new growth phase in its interactive business, highlighted by ESPNBet and a $2 billion branding partnership with Walt Disney Company‘s (NYSE:DIS) ESPN.
Snowden emphasized initiatives focused on product improvements and deeper integration within ESPN’s ecosystem.
Investors are eager for Penn to showcase the strength of its rebranded sportsbook, with activist investor Donerail Group urging the board to consider selling the casino company amid rumors of interest from various online gaming and brick-and-mortar casino firms.
Price Action: PENN shares are trading lower by 0.21% to $19.40 at last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
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