Penn National Board Authorizes New $750 Million Buyback Program
February 03 2022 - 8:08AM
Dow Jones News
By Michael Dabaie
Penn National Gaming Inc. said its board authorized a new
share-buyback program.
The provider of retail and online gambling, live racing and
sports betting entertainment said its board authorized a new $750
million share-repurchase program, which matures on Jan. 31,
2025.
Penn National said the program reflects its confidence in its
long-term prospects. It also said the program enables the company
to make both opportunistic share repurchases and offset dilution
from stock-based compensation and other equity grants.
Penn National said that it ended 2021 with total liquidity of
$2.5 billion, including $1.9 billion in cash, which "positions us
well to be opportunistic in an extremely dynamic marketplace."
Traditional net debt as of year-end was $886.2 million, an
increase of $841.0 million from $45.2 million as of Sept. 30,
mainly due to a cash payment of about $922.8 million for the
acquisition of theScore, the company said.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
February 03, 2022 07:53 ET (12:53 GMT)
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