Down 80%, Here Are 2 Reasons to Buy Penn National Gaming and 1 Reason to Hold Off

Penn National Gaming (NASDAQ: PENN) bounced back strongly after the coronavirus pandemic devasted the business. The regional brick-and-mortar casino operator was forced to close its doors to gamblers temporarily. Revenue fell by 33% in 2020 as a result.

Fortunately, casinos are reopening, and folks are returning in droves as gambling provides a much-needed distraction from the several-year-long pandemic. Let's consider two reasons investors should buy Penn National Gaming stock and one reason to pause.

In its most recent quarter, which ended on March 31, Penn reported revenue of $1.56 billion. That was 23% higher than in the same quarter of the prior year and a record-high for Penn. Growth was fueled by its most loyal customers, who visit more often and spend more with each visit.

Source Fool.com