A False Start for Horse Racing and Pennsylvania National Stock
There are a lot of mixed emotions for bettors in Pennsylvania amid the new normal that has been brought by the coronavirus. The governor of the state mentioned that he will reconsider permitting the resumption of Pennsylvania horse racing without fans around. He has also borne racing in within the theatres along with casinos for a future return date.
However, Pennsylvania National Gaming made a $600 million stock offering so that they can raise cash. This is a strategy as executives are discussing their ambitions for sports betting in Q3 through their investment in Barstool Sports. At the same time, the market reacted by reducing the value of the Penn stock
Above all, online casino offerings continued along, inviting players with the sign-up bonuses, promo, new titles along with some exciting reward programs.
Pennsylvania National in Talks to Seek Cash Infusion
The cash-strapped National Gaming sent out some mixed news over the past week. During the meeting with the investors, they discussed the prospect for the new retail along with online sports betting business that is expected for Q3 that is based on its investment in Barstool Sports.
Nevertheless, the company furloughed 26,000 employees and close the land-based expansion projects. At the same time, the company also commissioned $430 million in credit as sustenance. This was drawn from its $700 million in revolving credit.
However, soon after the investor call, the organization made an announcement on a stock offering. It was first posted at $500 million and it then quickly upsized to $600 million.
Online Casinos Saving the Day
It’s actually not a walk in the park to reopen 12 land-based casinos in the PA state. But since the state consists of 10 online casinos, the real money gambling action will never stop whilst you are at home. Gamblers can enjoy casino games such as roulette, blackjack and baccarat. Online real money slots are also available for players to win real money.
The horse racing in PA will surely recover once everything gets back to normal. At the meantime, the online casino is the only gaming space that gamblers in PA can rely on until the storm is over. Horse racing betting can also be done online at the comfort of your home.