HG Vora says Penn destroyed $11bn in shareholder value through sports betting deals
HG Vora estimated that Penn Entertainment had destroyed $11bn in shareholder value since 2021 through its focus on online sports betting, according to the investment firm’s presentation. It cited Penn’s Barstool Sports and theScore acquisitions and its ESPN agreement, and is seeking to place three candidates on Penn’s board.
The dispute puts Penn’s sports betting strategy and proposed board changes before shareholders.