Penn National Gaming Launches In-House Gaming Studio With 2 Acquisitions: What Investors Should Know

Penn National Gaming, Inc. (NASDAQ: PENN), a leading physical and online casino and sports betting company, announced Monday that it was expanding its offerings.

What Happened: The company is launching Penn Game Studios, which will create exclusive iCasino content for its customers with an in-house development team.

The launch of Penn Game Studios will be boosted with the acquisitions of HitPoint Studios and LuckyPoint.

Related Link: PENN National Gaming: Why This Analyst Is Bullish

Why It’s Important: Launched in 2008, HitPoint has produced more than 50 games for large publishers and brands. The gaming studio made games for Microsoft Corporation (NASDAQ: MSFT), Ellen Degeneres, Electronic Arts Inc. (NASDAQ: EA), Walt Disney Co (NYSE: DIS), Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) and NBC, owned by NBCUniversal, a subsidiary of Comcast Corporation (NASDAQ: CMCSA)

HitPoint has developed many real-time multiplayer casual mobile games.

LuckyPoint was spun off of HitPoint to focus on the real money side of the business. Along with real money casino-style games, LuckyPoint offers retro-style arcade games and puzzle games.

Penn National Gaming has more than 20 million members in its mychoice loyalty rewards program to which it can market the games. The integration of the new gaming platform and casino games with Barstool Sportsbook could help increase monetization of more profitable segments.

PENN Price Action: Shares of Penn National are up 2.68% to $91.51 on Monday afternoon at publication.

(Photo by Hannah Busing on Unsplash)