Could A Penn National Gaming Name Change Be On The Horizon?

It appears Penn National Gaming (PNG) is looking for a new identity. The company recently filed 15 trademark applications, including “Penn Entertainment” and “Penn Entertainment & Media.”

For now, everything remains speculation as PNG has yet to comment publicly on the rebranding rumors.

However, this would not be the first company to overhaul its brand in 2022. Earlier this month, Scientific Games announced it would be changing its name to “Light & Wonder.”

Corporate rebrand a positive for Penn National?

Josh Gerben, founder of Gerben Intellectual Property, was the first to break the news that PNG was seeking a rebrand. 

It should be noted the filings include international patent classifications for downloadable mobile apps for:

• Casino games
• Sports betting
• Live-action betting games
• Off-track betting

But this wouldn’t be the first name change in company history. The company&rs
quo;s original name, Penn National Race Course, dates back to the 1960s. It wasn’t until 1994 that Penn National Race Course Corp. was rebranded to Penn National Gaming. 

Moving the needle forward

As of writing, shares of $PENN stock were trading at $42.05 per share. 

Over the last 12 months, shares of the company have dropped significantly. This time last year, $PENN shares were trading at $135 — a 67% year-over-year loss. 

A rebrand of the PNG name could be viewed as a positive, mainly if the company pivots into the media sector. 

In 2020, the company spent $163 million for a 36% stake in Barstool Sports, which is the company’s primary iGaming and sportsbook platform. During its Q4 earnings call, Penn CEO Jay Snowden said by 2023, Penn hopes to acquire the remaining 64%.

Barstool Sports features different entertainment outlets, including a popular YouTube channel, blog, and famous personalities. 

Penn has the largest regional gaming footprint in the US, with 44 properties across 20 states. Additionally, the company spent $2 billion in cash and equity to acquire Score Media and Gaming, which will enter the Canadian market soon.