Penn Entertainment Stock Takes a Hit Amid ESPN Bet Investments
In recent trading developments, Penn Entertainment has experienced a significant decline, with its shares plummeting more than 13% to $19.50. This downturn reflects the larger trend observed over the past 12 months, during which the company's stock has fallen approximately 40%. Analysts pinpoint the larger-than-expected investments in the company's new sports-betting platform, ESPN Bet, as the primary cause of the financial strain leading to a fourth-quarter loss for the casino operator.
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