Sources close to Peter Kafka of The Chernin Group, which currently owns Barstool, stated they are in advanced talks to sell a majority stake of the company to Penn National Gaming. Barstool was last valued at more than $100 million and the potential selling price will be much higher. Nothing is in writing yet but I think this deal will likely end up going through.
If you’re just like me you’re probably wondering who the hell Penn National Gaming is and lucky for you I’ll summarize it so you don’t have to google them.
Penn National Gaming, Inc. is an American operator of casinos and racetracks, based in Wyomissing, Pennsylvania. It operates 43 facilities in the United States and Canada, many of them under the Hollywood Casino brand. As of 2017 the company was valued at 3.1 billion. According to their website, “Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The Company operates 42 facilities in 19 jurisdictions. In total, Penn National Gaming’s facilities feature over 51,000 gaming machines, over 1,300 table games and 9,000 hotel rooms. The Company also offers social online gaming through its Penn Interactive Ventures division and has leading customer loyalty programs with over five million active customers.”
For the past 6 months Barstool has increasingly pushed gambling content which I assume is why Penn would be a perfect fit. I don’t think anything will change if Dave Portnoy keeps his promise that he made to the stoolies that as long as he is around Barstool will continue to be the Barstool. Live feeds will still have no audio and your t-shirt will take 3 weeks to ship. The pirate ship only continues to get stronger.