WYOMISSING, Pa. - PENN Entertainment, Inc. (NASDAQ: PENN), a North American leader in integrated entertainment and gaming, has appointed Aaron LaBerge as its Chief Technology Officer, effective July 1, 2024. The announcement, subject to customary regulatory approvals, was made today, with LaBerge set to report directly to Jay Snowden, PENN's CEO and President.
LaBerge brings over two decades of experience from The Walt Disney Company (NYSE:DIS), where he most recently held the position of President & Chief Technology Officer for Disney Entertainment and ESPN.
His tenure at Disney was marked by his role in leveraging technology to enhance storytelling and innovation across the company's media divisions. LaBerge's expertise will now be channeled into driving PENN's technology strategy and execution, as well as leading the company's Interactive division.
Snowden expressed enthusiasm for LaBerge's appointment, citing his extensive experience in managing large-scale media properties and his proven leadership in technology and product development. LaBerge's role will focus on advancing PENN's online gaming, sports betting, and digital sports media segments.
LaBerge himself is eager to contribute to PENN Interactive's technology strategy, aiming to use his experience from Disney and ESPN to bolster PENN's position in the rapidly evolving gaming and sports media industry. He highlighted the potential for ESPN BET to become an integral part of the sports fan experience, promising to push boundaries and redefine fan interaction with sports and gaming.
Prior to rejoining Disney, LaBerge co-founded and served as CEO of Fanzter, Inc., a consumer software and digital product development company. His earlier stint at ESPN as Executive Vice President and CTO saw him leading significant digital media projects and contributing to ESPN's digital sports leadership.
PENN Entertainment operates 43 properties across 20 states and offers online sports betting in 19 jurisdictions and iCasino in five. The company's strategic alliance with ESPN, established in August 2023, is central to its differentiated strategy for digital expansion and customer ecosystem growth.
PENN's portfolio includes renowned brands such as Hollywood Casino®, L'Auberge®, and theScore Bet Sportsbook and Casino®.
This move is part of PENN's ongoing efforts to enhance its technological capabilities and interactive offerings. The information is based on a press release statement from PENN Entertainment.
InvestingPro Insights
As PENN Entertainment, Inc. (NASDAQ: PENN) welcomes Aaron LaBerge as its new CTO, the company's stock performance and financial health remain a focal point for investors. PENN's market capitalization currently stands at $2.54 billion, reflecting the company's scale within the entertainment and gaming industry.
Still, the financial metrics suggest a challenging environment. The company's P/E ratio, as of the last twelve months ending Q4 2023, is -5.26, indicating that investors are not currently expecting earnings to cover the share price. This aligns with an InvestingPro Tip that analysts do not anticipate PENN to be profitable this year.
Despite these challenges, InvestingPro Tips highlight that management has been aggressively buying back shares, which could be a sign of confidence in the company's future prospects. Additionally, the stock is trading near its 52-week low, which might represent a potential entry point for investors believing in the company's long-term strategy and LaBerge's ability to drive technological advancements.
Investors looking to delve deeper into PENN's financials and stock performance can find a wealth of InvestingPro Tips that provide further insights. For instance, with the company trading at a high EBIT valuation multiple and not paying a dividend to shareholders, investors might weigh the growth potential against immediate returns. There are 7 additional tips listed on InvestingPro, which can be accessed with an additional 10% off a yearly or biyearly Pro and Pro+ subscription using the coupon code PRONEWS24.
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