Penn National Gaming Files Trademark Applications Prompting Name Change Speculation
Pennsylvania-based William Penn National Gaming (PNG) has prompted conjecture that it is mulling a collective personal identity overhaul.
Trademark attorney Josh Gerben skint the intelligence that PNG could follow seeking a rebranding. Gerben says Penn National recently filed 15 trademark applications for “Penn Entertainment” and “Penn Entertainment & Media.”
Penn National Gaming appears to live headed for a rebrand.
The company has filed 15 young trademark applications for PENN ENTERTAINMENT and PENN ENTERTAINMENT & MEDIA. $PENN pic.twitter.com/NO9ZsbpnJH
— Josh Gerben (@JoshGerben) March 11, 2022
The filings include international letters patent classifications for “downloadable mobile applications for playing gambling casino games, sports betting, live-action betting games, and off-track betting.” The applications also seek trademarks for the aforementioned names for “casino services” and restaurant, bar, café, and hotel services.
Penn National Gaming is today I of the nation’s largest operators of regional casinos — i.e., non in Las Vegas or Atlantic Ocean City. The company’s origins trace backwards to the belatedly 1960s with the development of the Penn National Race Course out of doors of Harrisburg.
Penn National Race Course Corp. was rebranded to Penn National Gaming inwards 1994.
Stock Selloff
The Penn National Gaming rename rumors come in as shares of the Hollywood cassino manipulator have dropped significantly over the yesteryear 12 months.
At this time utmost year, PNG shares (NASDAQ: PENN) were trading around $135. Today, those shares are simply $44 — a 67% year-over-year loss.
PNG has been on a disbursement fling in recent years. The troupe in 2020 in agreement(p) to acquire a 36% stake inward Barstool Sports for $163 million. Penn reported cobbler's last month that its primary feather iGaming and sportsbook interactive political program lost $6 jillion on $150 billion in revenue finally year. The troupe projects its online betting social unit to turn a loss $50 trillion inwards 2022.
Last August, Penn agreed to pass $2 billion in cash in and equity to gain Score Media and Gaming, a Canadian River digital media and gaming firm.
The inventory slide shows investors aren’t optimistic nearly the company’s near-term growth outlook. PNG believes Wall Street is wrong, and proclaimed lowest month that it would repurchase $750 jillion worth of its possess shares. Casino.org’s financial guru Sir Alexander Robertus Todd Shriber summarized that the share buyback potentially signals to investors that William Penn “views its stockpile as undervalued.”
Corporate Change
Penn National Gaming has the nation’s largest regional gaming footprint with 44 properties crossways 20 states. Penn’s “mychoice” loyalty rewards computer programme counts more than 24 jillion members.
Changing its incorporated identity would live a major decision. Companies make so for a variety of reasons, whether it live to break shine their business sector centering or to aloofness from dirt or turbulent dealings. But switches put up also simply follow a chance to refreshen the brand.
“Changing brands and legacy companies are easily aware that, if they require to go and sell to the next propagation of customers, they want to rebrand,” explains a “Knowledge@Wharton” marketing newspaper column from the University of Keystone State inward Philadelphia. “Whether it’s i mathematical product category or an full mental image overhaul, rebranding put up assist intercommunicate a different substance to consumers in an epoch when the substance matters.”
PNG has non commented publically on the rebranding rumors. But another major gaming steadfast — Scientific Games — proclaimed earliest this month that it’s changing its incorporated identity to “Light & Wonder.”
“It’s a chance for us to bug out afresh. We get a new go down of values, a new strategy, and a young financial profile,” said Matt Wilson, Light & Wonder Gaming CEO.
Light & Wonder sold turned its lottery and sports betting businesses in conclusion twelvemonth to nidus on its retail manufacturing and iGaming innovation.