Penn National CEO spends $3.1m on additional shares
Timothy Wilmott, chief executive of Penn National Gaming, purchased 100,000 shares in the business at a cost of $3.1m (£2.4m/€2.7m), prior to the company announcing sports betting roll-outs in Mississippi and West Virginia.
A United States Securities and Exchange Commission (SEC) filing dated August 15 shows that Wilmott bought the shares at an average price of $30.85 each.
Barrons said that the move was not only Wilmott’s first open-market purchase in four years, but also the largest by an executive director at Penn since SEC online records began in 2003.
Wilmott joined Penn in February 2008 as president and chief operating officer before going on to become chief executive in November 2014.
Penn did not immediately respond to a request from iGamingBusiness.com to comment on the story.
Wilmott’s purchase came two days before it was revealed that Penn had agreed deals to launch a sports betting service at five casinos in Mississippi, as well as one in West Virginia.
Neither state is yet to fully legalise sports betting in the post-PASPA market, but recent reports suggest regulation in Mississippi and West Virginia is not far off.
Mississippi Gaming Commission deputy director Jay McDaniel last week told iGamingBusiness.com that William Hill USA is to support the launch of sportsbooks at the five casinos operated by Penn in the state.
Penn’s Hollywood Casino Gulf Coast and Boomtown Biloxi casinos went live with sports betting on August 17, with Hollywood Casino Tunica, 1st Jackpot Casino Tunica and Resorts Casino Tunica expected to follow suit this week.
William Hill has also been linked with launching a sportsbook in West Virginia, but it is not yet clear whether this will be with Penn.
Image: bfishadow (Flickr)