Penn National Gaming (NASDAQ:PENN) is seeing PENN stock start to recover Friday following the crash caused by the coronavirus from China.
The recovery of PENN stock comes as many other companies in the gaming sector see a boost to their stocks. There’s actually a couple of reasons behind this. The first the U.S. government stepping in to bail out businesses.
Penn National Gaming is among the company’s that could benefit from government aid during this time. It’s possible this news is one of the factors that has PENN stock heading higher on Friday, reports Seeking Alpha.
Another reason that Penn National Gaming stock could be on the rise is potential gains from its business in Macau. Bank of America analyst Shaun Kelley is taking a positive stance on casino companies that operate in the area.
It’s worth pointing out that the boost to PENN stock comes as Penn National Gaming continues to keep its casinos closed in the U.S. These closures started at many locations in the last couple of days. That also includes its hotels and other businesses.
Penn National Gaming is planning to reopen its businesses, but the windows are different for each location. That’s due to different states forcing closures for various periods of time. Some will remain closed for a total of 30 days due to coronavirus concerns.
PENN stock was up 26.19% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.