Shares of Penn National Gaming bobbed almost 10% on Friday — a day after the betting monster’s shares got pounded by announced allegations of sexual misconduct against Dave Portnoy.
Casino and racetrack owner Penn National — which additionally claims a 36-percent stake in Portnoy’s Barstool Sports site — saw its stock tumble 20% on Thursday after Business Insider definite charges from three young women including one who said she was self-destructive after a sexual experience with Portnoy.
One affirmed casualty, alluded to as Madison, said, sex with Portnoy “was so unpleasant I felt like I was being assaulted… He videotaped me and spit in my mouth and stifled me so hard I was unable to breathe.”
Portnoy has fervently kept claims from getting misconduct. In an extensive Twitter video, Portnoy safeguarded himself saying the allegations are essential for a “hit piece” and “100% not true.”
Penn National shares on Friday were as of late exchanging at $62.92, up 9.6 percent.
Penn National’s Thursday drop had shaved $2 billion off its market capitalization. After a day, bulls took to Twitter to safeguard the company’s business model in the midst of the charges.
“We are long $PENN. The sharp selloff from the @stoolpresidente article mirrors an enormous separation from genuine business fundamentals,” Prescience Point Capital Management composed on Twitter Friday.
“It’s TBD how the Portnoy discussion will unfurl and doubtlessly @barstoolsports and @stoolpresidente are interchangeable, however throughout the long term Barstool has spiderwebbed into numerous verticals,” the multifaceted investments added.
In any case, the company’s shares hadn’t recuperated every one of their misfortunes: They actually are down in excess of 14% in the course of recent days even after Friday’s leap.
Penn’s shares had as of now endured a shot at the open after the company reported second from last quarter net income of $86.1 million — fundamentally underneath Wall Street appraises just as the earlier year’s net income of $141.2 million. Penn CEO Jay Snowden yielded “momentum slowed” during the quarter.
It’s not the initial time contention around Portnoy has dinged Penn shares. Recently, Penn stock plunged 2.6 percent the day a sex tape of Portnoy spilled.
Notwithstanding its minority stake in Barstool Sports, Penn works intimately with Barstool on various products and merchandise. The companies intend to dispatch more digital content together, including a mobile application.