Customer Demographics Are Changing for Penn Entertainment: 1 Big Reason Investors Should Take Note
Penn Entertainment (NASDAQ: PENN) is a casino operator with 43 properties in 20 states. The gambling industry is evolving quickly, however, and that's showing up in the company's customer base. Although there's still a very large number of older adults who gamble with Penn, there's also a notable shift toward younger players. Here are some important figures to keep in mind.
When you look at Penn Entertainment's customer base, roughly one-third is aged 65 and over. That's by far the largest group, so older adults are still very important for the casino operator's business. But there's an interesting trend here, in 2019 this age cohort made up 42% of the company's customers. So there's been a roughly 9.6 percentage point drop from pre-coronavirus levels. That's a nearly 23% change, which is pretty notable over such a short period of time.
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Source Fool.com
