Penn National CEO Backs Portnoy After Sex-Misconduct Claims
(Bloomberg) -- The chief executive officer of Penn National Gaming Inc. urged investors to be patient, after a report detailed three additional sexual misconduct claims against Dave Portnoy, the founder of its Barstool Sports media business.
At the start of the casino operator's earnings call Thursday, CEO Jay Snowden addressed a new article published by Insider on Wednesday. Penn National, based in Wyomissing, Pennsylvania, owns 36% of Barstool and has agreed to buy the rest.
The latest article follows an Insider story published in November that recounted sexual-misconduct accusations against Portnoy by three other women. Portnoy, 44, has vigorously denied the allegations and said that any sexual relations were consensual.
Snowden on Thursday urged Penn investors to read the article, watch Portnoy's response and “give this time to play out.”
“There undoubtedly will be more to come in the coming days, just as what transpired three months ago,” Snowden said.
Penn National closed down less than 1% to $45.33 Thursday in New York amid a broad market decline after gaining as much as 12% intraday. The shares tumbled 21% in November after Insider published its first piece.
The company on Thursday reported fourth-quarter revenue that topped analysts' estimates.
©2022 Bloomberg L.P.
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