Penn National sheds $2.69 billion in valuation after earnings miss, allegations against Barstool's Portnoy

Shares of Penn National Gaming Inc. plummeted more than 20% on Thursday after a big third-quarter profit miss and allegations of sexual misconduct against Barstool Sports’ founder.

The 21.1% decline for the stock price was the worst Penn National has absorbed since March 2020, when concerns about the COVID-19 pandemic thrashed the stock market, with casino stocks taking a massive hit. Penn National rebounded soon after on optimism for its tie-up with Barstool Sports, and was added to the S&P 500 index SPX, +0.42% in March of this year.

Penn National’s spiral began when it reported a hefty miss on quarterly profit before the session opened. Penn’s profit fell nearly 40% from a year ago, with its chief executive blaming the effects of Hurricane Ida and the spread of the Delta variant of COVID-19.

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