Penn National sheds $2.69 billion in valuation after earnings miss, allegations against Barstool’s Portnoy

The 21.1% diminution for the banal terms was the worst Penn National has absorbed since March 2020, erstwhile concerns astir the COVID-19 pandemic thrashed the banal market, with casino stocks taking a monolithic hit. Penn National rebounded soon aft connected optimism for its tie-up with Barstool Sports, and was added to the S&P 500 index SPX, +0.42% successful March of this year.

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Penn National’s spiral began erstwhile it reported a hefty miss connected quarterly nett earlier the league opened. Penn’s nett fell astir 40% from a twelvemonth ago, with its main enforcement blaming the effects of Hurricane Ida and the dispersed of the Delta variant of COVID-19.

Later successful the day, allegations emerged against Dave Portnoy, laminitis of the Barstool Sports sports-media company, detailing occasions wherever helium was assertive and unsmooth with women. As elaborate successful a Business Insider story, 1 pistillate who had intimate relations with Portnoy said she felt similar she was “just a quality enactment doll.” Another pistillate said she fought intelligence wellness issues similar slump aft their encounter.

Portnoy responded to the nonfiction connected Twitter TWTR, -1.56%, wherever helium denied galore of the allegations, calling them “jarring,” earlier adding that “cancel civilization has been coming for maine for a decade.”

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Penn National shares suffered their lowest adjacent successful astir precisely a year, since Nov. 3, 2020. Shares are present down 3.9% successful the past 12 months, wiping distant a steep emergence that happened done the extremity of 2020 and opening of 2021.