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Penn National

Penn National is an operator of racetracks and regional casinos around the United States. In November 2013, PENN spun off the majority of its operating assets and real property to a new publicly traded casino REIT, Gaming and Leisure Properties (GLPI). Payments to GLPI totaled $455.4mn in FY17. PENN's $2.8bn acquisition of PNK, with asset sales to GLPI and BYD, should close in 2H18. Following the close of the deal, PENN's portfolio will include 41 casinos in 20 jurisdictions. CEO Tim Wilmott was appointed in 2013 after serving as the company's COO. His predecessor, Peter Carlino, is currently GLPI's CEO and PENN's chairman. (03 Oct 2018)

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US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.
Focused

Penn Gaming: Acquiring Greektown for $300mn

Worth Watching: 14 Nov 2018, 2:31 PM ET - Penn Gaming (Sr unsec: B2/B+) plans to acquire the operations of Detroit's Greektown Casino-Hotel from Jack Entertainment for $300mn. Caesars' REIT, Vici Properties, will acquire the property's real estate for $700mn, bringing the total purchas ..

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 
Focused

Penn Nat'l 3Q18: VGT Competition Shades Quarter

Earnings Note: 02 Nov 2018, 12:51 AM ET - Penn National Gaming reported 3Q18 revenues of $790mn and EBITDA of $230mn, down 2% and up 4%, respectively. We maintain our Outperform recommendation. 

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.
Focused

Penn National 2Q18: Targeting Early 4Q18 PNK Close

Earnings Note: 26 Jul 2018, 2:39 PM ET - PENN (B2/B+) reported 2Q18 revenue and EBITDA gains of 4% and 13%, respectively, and plans to close its acquisition of Pinnacle Entertainment in early 4Q18. We maintain our Outperform recommendation.

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

July Beige Book: Tariffs Front & Center

Sector Analysis: 19 Jul 2018, 4:26 AM ET - We parse the July Beige Book for anecdotes on the impact of tariffs. It’s clear they’re contributing to rising input costs across the US.

F&B: M&A Elevates BBB Leverage Late in the Cycle

Sector Analysis: 27 Jun 2018, 4:37 AM ET - This piece looks at the implications of elevated leverage among BBB US F&B credits this late in the cycle, as well as the implications of cost inflation when companies are facing limited pricing power and possibly peak margins.
Focused

Penn: Exits Hollywood Casino Jamul Venture

Worth Watching: 29 May 2018, 9:21 PM ET - Penn (Sr Unsec: Ba3/B+) fully cut ties with the Hollywood Casino Jamul tribal casino, which has struggled to compete in the well-supplied San Diego market. PENN sold its Jamul Indian Village of California loan and completed its separation from i ..

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