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Weekend Report: Penn, Caesars shares rise after investor comments

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Hello and welcome to Weekend Report. Here you will find the latest news that you might have missed in the past two days.

Penn Stock rises after Investor Letter

Following a Penn Entertainment investor’s letter last week urging Penn Entertainment to sell assets, shares of the company rose 20% at the New York Stock Exchange and reached $17.50. The market was confident about the changes that would be made by the company.

Donerail Group (a Penn Entertainment shareholder) sent an open letter on Friday to the company urging it to create “meaningful” and “certain” value by selling its assets.

In a letter from Donerail, it was stated that Penn’s stock had fallen by 80% in the last three years. Donerail criticized Penn’s Interactive Strategy and the $99.3m in compensation agreed for Jay Snowden, chief executive between 2020-2023 (PS78.2m/EUR91.6m).

Icahn’s Caesars stake causes share price to rise

Bloomberg News reported on Friday that activist Carl Icahn owned “large” shares of Caesars Entertainment.

Caesars stock increased 15% after the news that Icahn was building up his Caesars stock.

Icahn demanded that Caesars either sell or merge in 2019. Eldorado Resorts acquired Caesars and merged with it in July of the following year.

Alabama state executive pushes for special session

David Bronner is the chief executive of Retirement Systems of Alabama. He has urged state Governor Kay Ivey, to convene a special gambling session.

According to 1819 News’ report, Bronner is of the opinion that legalizing gambling will bring Alabama much-needed revenue.

He said: “I ask each member of RSA to urge Governor Ivey on to keep making Alabama a bit better, and to get essential funds for the state to improve with a gaming special session.”

Ivey said she does not plan to hold a gambling special session. A bill in May to legalise retail and digital sports betting was rejected by the Senate. Three states bordering Alabama offer legalised gambling.

Pritzer on Illinois tax hike: Paying “fair Share”

Pritzker, the governor of Illinois, believes that the gambling tax increase proposed in his state will result in companies paying “their fair share”, and that larger operators are unlikely to decide to stop operations in Illinois.

Illinois general assembly last week sent a budget for FY2025 to Governor J.B. Pritzker, with a gambling tax that topped out at 40%.

DraftKings, FanDuel and other top-tier operators have been questioned about their future in New Jersey.

According to a spokesperson for Pritzker, the Chicago Sun Times reported: “Gov. Pritzker thinks corporations in Illinois should be paying their fair share. “Now, thanks to the adjustments that bring Illinois in line with similar sized markets they will.”

England Cricketer Banned for Betting Offences

Brydon CARSE, a cricketer from England who broke betting regulations for three months has been banned.

Carse was discovered to have placed 303 wagers. Carse did not bet on any games that he played.

The 16-month ban will be reduced to 13 months by the suspension of sentence. He could therefore be eligible for play in August.

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