Penn National Gaming (NASDAQ:PENN) is playing defense in Pennsylvania, where the company traces its roots back to 1967.
The company is actively lobbying against the plans of the cash-strapped state to consider allowing video game terminals at locations other than truck stops. "There is also chatter about legalizing skill gaming terminals, another type of slot offering, with the possibility of seeing the machines in places like bars, restaurants and more," reports CalvinAyre.com's Erik Gibbs.
"The Legislature is once again rushing to consider a bill that will severely cannibalize existing operators and the jobs they support. Pennsylvania is beyond the point of saturation from a gaming perspective," reads an e-mail sent by a Penn exec.
On the momentum side of the Penn equation, the stock is a popular holding on Robinhood and has Dave Portnoy plugging away daily on the unlimited upside potential.
PENN is down 4.15% in premarket trading after a 9.34% drop yesterday.
