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SportsTranscript
00:00All right, not a surprising story over a legal sports report that I read about Penn Entertainment.
00:09I mean, the writing is on the wall here, Matt, like, I don't know, like, it feels like they
00:12were at their peak when sports betting began a couple of years ago.
00:15But everything since then does not give me a ton of optimism.
00:19And so what is the latest for Penn?
00:21And look, if they get bought out, just like Typico, just like some of the others, kudos
00:24to them.
00:25But it does feel like maybe that's in the future.
00:29Yeah, you know, there has been a lot of chatter now about Penn and Boyd Gaming, another regional
00:35casino operator that is a direct competitor of Penn.
00:39There's been a lot of chatter about Boyd now trying to buy Penn.
00:43And this all started when an investor wrote an open letter to Penn Management, the chairman,
00:50the board of directors, and took them to task and just said, look, it has been unacceptable
00:55to see the level of online losses that we've seen.
00:58You know, they've spent, they've burnt a lot of money, Craig.
01:02They've essentially set it on fire with all the Barstool stuff and then selling it back
01:05for a dollar to Dave Portnoy.
01:08And so now Boyd is apparently interested in buying Penn.
01:13It's not going to be that easy, though, Craig.
01:16They own a lot of properties in the same states.
01:19They would have to find a third party there to buy that.
01:23One analyst, Carlo Santorelli of Deutsche Bank, said if Boyd buys it, they are probably
01:29selling the interactive side of Penn and the ESPN partnership immediately.
01:33So you would have to have another buyer there.
01:36So now you're talking about four parties and then Penn has a landlord, five parties that
01:40have to get on board for this deal.
01:41That would be tough. But, you know, where there's smoke, there's fire.
01:44And this one is heating up.