Penn National Board Authorizes New $750 Million Buyback Program

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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