Penn National Gaming public offering hits $982.1m target
| By Aaron Noy
Casino operator Penn National Gaming (PNG) has raised $982.1m (£766.1m/€839.4m) through a public offering of shares, with the proceeds to be used to fund its online betting and gaming expansion plans.
Launched last week, the offering saw a total of 16.1m shares of common stock in PNG made available, at a public price of $61.00 per share.
The offering comprised 14m shares of initial common stock and 2.1m of common stock issued pursuant to the option granted the underwriters.
PNG president and chief executive Jay Snowden said funds generated through the offering will be used to support its omni-channel strategy, with a core focus on the Barstool Sports brand.