By Will Feuer
Shares of Penn Entertainment jumped after the casino operator said it plans to launch its new ESPN-branded online sports-betting app before Thanksgiving.
The stock rose almost 13%, to $22.10, in midday trading. Shares are still down almost 26% this year.
Earlier Thursday, Penn said it plans to launch ESPN Bet on Nov. 14 across the 17 states in which the company operates online sports betting. The company is launching an advertising campaign with anchors from ESPN’s SportsCenter, and Penn teased that deeper integrations are on the way.
The company reported third-quarter revenue of $1.62 billion, down less than 1% and in line with analysts’ expectations.
The company swung to a steep loss in the quarter, dragged down by its charge tied to the sale of Barstool. Stripping out that and other charges, Penn’s profit was $1.21 a share.
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