Penn National Gaming: Why PENN Shares Rise 26%

<p>Penn National Gaming (NASDAQ: PENN) sees that PENN shares are starting to recover on Friday after the crash caused by coronavirus from China.

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The recovery of PENN shares comes as many other companies in the gaming industry see an increase in their shares. There are actually a couple of reasons behind this. The first US government stepped in to save companies.

Penn National Gaming is among companies that can benefit from state aid during this time. It is possible that this news is one of the factors that has the PENN share higher on Friday, reports Seeking Alpha.

Another reason why Penn National Gaming shares may increase is potential gains from its operations in Macau. Bank of America analyst Shaun Kelley takes a positive view of casino companies operating in the area.

It is worth noting that the increase in the PENN share will come as Penn National Gaming continues to keep its casinos closed in the United States. These closures began in many places in recent days. This also includes hotels and other companies.

Penn National Gaming plans to reopen its businesses, but the windows are different for each location. This is because different states force closures during different time periods. Some will remain closed for a total of 30 days due to coronavirus problems.

The PENN share increased by 26.19% as of Friday afternoon.

At the time of writing, William White had no position in any of the above securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/03/penn-national-gaming-news-boosts-penn-stock/.

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