Canada
Penn National Stock Drops 10% Despite Earnings Beat
Penn National Gaming Inc. shares dropped more than 10% last Thursday trading after the gambling company reported earnings that more than doubled expectations. Penn reported first-quarter profit of $91 million, or 55 cents a share, improving from a loss of $5.26 a share in the same quarter a year ago, which was mostly due to an impairment charge of more than $600 million related to the COVID-19 pandemic.
Penn reported net revenue of $1.28 billion, up from $1.12 billion in the year-ago quarter. Analysts on average expected earnings of 26 cents a share on sales of $1.14 billion.
Shares dove in Thursday’s trading session despite the earnings beat, with Penn suffering the second-weakest day of any S&P 500 stock behind only Etsy Inc.’s ETSY, +4.97% post-earnings selloff. Jefferies analysts had expected “a neutral to modestly positive reaction in the shares” after the numbers hit, but said that a slower rollout of online gambling options could temper enthusiasm.
“The upside in the quarter … should be expected given the regional strength previously indicated by peers, but is positive nonetheless. Separately, the ongoing transformation to a technology-driven enterprise continues to progress, albeit more gradually than some peers, [which] could temper the Street’s bullishness in response,” the analysts wrote ahead of Thursday morning’s conference call.
Executives did not appear to provide any reason for pessimism in the call, with Chief Executive Jay Snowden calling out improving metrics into the current quarter. The company did not provide any official guidance for the current quarter nor year due to pandemic uncertainty.
“Our performance in March and April … reflects the additional easing of restrictions and an increase in the percentage of people vaccinated. Revenues were 8% over the same two-month period in 2019, while adjusted Ebitdar accelerated 29% to $410 million and Ebitdar margins increased 650 basis points to nearly 40%. We also note that spend-per-visit is much higher than it was pre-COVID,” Snowden said.
Penn has seen its stock rise more than 400% in the past year amid further legalization of sports betting and its investment in popular sports website Barstool.
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Acquisitions/Merger
Petroglyph Development Group Completes Acquisition of Great Canadian Casino Vancouver
Petroglyph Development Group (PDG), a wholly owned corporation of Snuneymuxw First Nation, and Great Canadian Entertainment (Great Canadian) confirmed the successful closing of PDG’s acquisition of Great Canadian Casino Vancouver in Coquitlam, B.C. This transaction follows PDG’s recent acquisition of Chances Maple Ridge, marking another significant milestone in the Nation’s expanding portfolio of gaming and hospitality assets in British Columbia.
Snuneymuxw respectfully acknowledges the Kwikwetlem First Nation, on whose territory Great Canadian Casino Vancouver operates. The Nation looks forward to establishing a meaningful and lasting relationship with the Kwikwetlem people as PDG assumes stewardship of the property.
“The completion of this acquisition reflects the sustained effort and vision of Snuneymuxw people across generations. We are building an economy that is ours, one that funds our priorities, honours our responsibilities to neighbouring communities and creates opportunity for our people long into the future,” said Chief Michael Wyse, Xum’silum, Snuneymuxw First Nation.
Great Canadian Casino Vancouver is one of Metro Vancouver’s most established entertainment destinations, offering gaming, dining and live entertainment, including The Show Theatre.
“Building the Snuneymuxw economic portfolio is grounded in a vision of sustainable, self-determined growth and in the belief that meaningful economic development is built on strong Nation-to-Nation relationships. Operating on Kwikwetlem territory is a responsibility we take seriously, and we look forward to building a partnership that reflects that,” said Erralyn Joseph, President of PDG.
First announced on December 19, 2025, this is the fourth transaction completed between the two companies. With the addition of Great Canadian Casino Vancouver, PDG’s gaming portfolio now includes Casino Nanaimo, Elements Casino Victoria, and Chances Maple Ridge, establishing its position as the largest Indigenous-owned gaming operator by revenue in Canada.
“This transaction is another milestone in our ongoing collaboration with Petroglyph Development Group and the Snuneymuxw First Nation, and we’re grateful for another successful closing. With this representing our fourth completed transaction with PDG, it speaks to the trust and confidence we have built together. I’d like to thank everyone from our respective teams for their hard work, and I look forward to seeing the properties thrive under PDG’s leadership,” said Matt Anfinson, Chief Executive Officer of Great Canadian.
For PDG, the closing marks the latest step in a period of sustained and strategic growth.
“We are building a diversified, sustainable portfolio, while continuing to deliver real benefits for the communities where we operate. Great Canadian Casino Vancouver has long been an important part of the Coquitlam community, and that will not change,” said Ian Simpson, Yaatqumtun, Chief Executive Officer of PDG.
McMillan LLP acted as legal counsel to Great Canadian. McCarthy Tétrault LLP served as legal counsel, and KPMG Corporate Finance Inc. acted as financial advisor to PDG. The transaction has received all required regulatory approvals and all closing conditions have been satisfied.
The post Petroglyph Development Group Completes Acquisition of Great Canadian Casino Vancouver appeared first on Americas iGaming & Sports Betting News.
Canada
RESPWNED partners with LOTUS 8 to bring GIRLGAMER festival to Winnipeg in 2026
RESPWNED and LOTUS 8 have signed a partnership to launch the GIRLGAMER Winnipeg Festival in 2026, marking the GIRLGAMER Esports Festival brand’s expansion into Canada.
RESPWNED manages the GIRLGAMER Esports Festival brand, while LOTUS 8 is a Canada-based company focused on event development and partnerships. The companies said they will jointly develop and deliver the Winnipeg event, combining global esports IP management, event production, commercial partnerships, and local execution.
“This partnership represents an exciting milestone for GIRLGAMER as we continue to expand globally and bring our platform to new audiences,” said Tiago Fernandes, Managing Partner at RESPWNED. “Canada is a dynamic and fast-growing Esports market, and we are proud to collaborate with LOTUS 8 to deliver a meaningful and impactful event experience.”
Steven Vuong, representing LOTUS 8, added: “We are thrilled to partner with RESPWNED to bring the GIRLGAMER Festival to Canada. This collaboration reflects a shared vision of building inclusive, high-quality esports experiences while creating strong commercial and community value. Together, we are laying the foundation for a standout event in 2026.”
The GIRLGAMER Winnipeg Festival is planned as a family-oriented event with business networking, brand activations, and community programming, and is expected to include international and local talent. Additional details, including dates, venue, and participating partners, will be announced in the coming months.
The post RESPWNED partners with LOTUS 8 to bring GIRLGAMER festival to Winnipeg in 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Canada
RESPWNED and LOTUS 8 to launch GIRLGAMER Winnipeg Festival in 2026
RESPWNED, the company that manages the GIRLGAMER Esports Festival brand, and LOTUS 8, a Canada-based company focused on event development and partnerships, today announced their partnership to the launch of the GIRLGAMER Winnipeg Festival.
The strategic partnership marks a significant step in expanding the GIRLGAMER Esports Festival brand into Canada.
This brings its globally recognized platform for competitive gaming, inclusivity, and industry engagement to a new market.
The GIRLGAMER Winnipeg Festival is envisioned as a family-oriented event, with business networking, brand activations, and community-driven experiences.
Under the terms of the agreement, RESPWNED and LOTUS 8 will work collaboratively to develop and deliver the event, combining their respective expertise in global esports IP management, event production, commercial partnerships, and local market execution.
“This partnership represents an exciting milestone for GIRLGAMER as we continue to expand globally and bring our platform to new audiences,” said Tiago Fernandes, Managing Partner at RESPWNED.
“Canada is a dynamic and fast-growing Esports market, and we are proud to collaborate with LOTUS 8 to deliver a meaningful and impactful event experience.”
Steven Vuong, representing LOTUS 8, added: “We are thrilled to partner with RESPWNED to bring the GIRLGAMER Festival to Canada.
This collaboration reflects a shared vision of building inclusive, high-quality esports experiences while creating strong commercial and community value.
Together, we are laying the foundation for a standout event in 2026.”
The GIRLGAMER Winnipeg Festival will feature a combination of international and local talent, brand partnerships, and programming designed to foster diversity, inclusion, and innovation within the gaming and esports ecosystem.
Further details, including dates, venue, and participating partners, will be announced in the coming months.
RESPWNED LTD
RESPWNED is a United Kingdom-based company specializing in esports IP management, event production, and industry consultancy.
The company manages the GIRLGAMER Esports Festival brand, a global platform dedicated to creating opportunities and visibility for women in gaming and esports.
LOTUS 8
LOTUS 8 is a Canada-based premier esports organization based in Winnipeg, Manitoba. Dedicated to building championship-calibre teams across North America, they are at the forefront of innovation in competitive gaming.
As pioneers in the industry, they have developed the Performance Mindset Mindfulness, a system designed to support mental health in esports.
This holistic approach blends mental wellness practices, meditation, nutrition, fitness, and proper sleep hygiene into their competitive strategy.
The post RESPWNED and LOTUS 8 to launch GIRLGAMER Winnipeg Festival in 2026 appeared first on Americas iGaming & Sports Betting News.
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