Penn Faces Possible Competition In Maine
Penn National Gaming (PENN: 18.66 -1.11%) may get competition if a developer seeking a casino license to develop a Four Seasons Casino in western Maine is successful.
Last week Black Bear Entertainment LLC delivered a petition to state officials with more than 100,000 signatures in hopes of forcing a referendum next year to allow a gambling expansion. 55,000 valid voter signatures is required to get the measure on the ballot.
Maine voters have repeatedly rejected casino initiatives since 2003. However in 2003 voters did approve slot machines near harness racing tracks which paved the way for the Hollywood Slots in Bangor owned by Penn.
Penn has enjoyed revenue success controlling the gaming monopoly in Maine since that initiative.
Stock for Penn National opened trading today at $27.85 up $0.36 since Monday’s opening of $27.49.
The stocks high for the month was reached on December 4 at $28.83 and the month’s low of $26.41 on December 10.