Current: Shares of Penn National Gaming fell much more than 20% Thursday, right after the publication of an report in which various girls alleged that they had “violent and humiliating” sexual encounters with Dave Portnoy, president of Barstool Sporting activities. Penn Nationwide, which operates casinos, racetracks and on the net sports betting, owns a important fairness stake in Barstool.
The fall in Penn National’s inventory price also arrived following the organization missed Q3 earnings expectations. Profits climbed 34%, to $1.51 billion, but web revenue dropped 65% to $86.1 million (52 cents per share), nicely below Wall Road ordinary forecasts of EPS of 85 cents. The corporation shares opened -4.6% soon after the earnings report was issued Thursday morning.
Additional from Range
In a just about 4,000-word Insider story, three females explained they had sexual intercourse with Portnoy and that the encounters “turned into scary and humiliating activities that have taken a toll on their mental health.” Two of the gals mentioned Portnoy each choked and filmed them with out permission, per the report.
Portnoy responded in a pair of videos posted to Twitter, in which he denied the allegations in the Insider short article. In accordance to Portnoy, he has hardly ever been criminally billed in relationship with any sexual face.
“I’ve by no means finished something unusual with a lady, ever, in no way everything remotely nonconsensual,” he claimed in part, contacting the Insider report a “hit piece.” He also stated, “Cancel culture has been coming for me for a decade. This is just the upcoming iteration.”
In a assertion, a Barstool Sports rep explained, “We are not in the enterprise of taking care of our employees’ personal life, but we have designed absolutely sure to have distinct procedures in position that inspire our colleagues to confidentially share any concerns they may possibly have about their do the job setting. This the latest information does not involve any workplace behavior. As a make any difference of policy, we do not remark on the private lives of our staff, but we consider this make any difference seriously and are checking it closely.”
In accordance to the Insider report, 1 lady texted a close friend two times following getting intercourse with Portnoy at his Nantucket property, expressing, “It was so rough I felt like I was remaining raped he online video taped me and spit in my mouth and choked me so difficult I could not breathe.” She also told her close friend, according to the Insider report, “And it hurt and I was actually screaming in pain… I kept attempting to get away and he was like, ‘Stop jogging absent from me. Halt functioning away from me.’” But irrespective of her protests, Portnoy “just went more durable,” according to the female, who was identified as “Madison” by Insider.
Portnoy, who phone calls himself “El Presidente,” in the past has manufactured “rape jokes,” in accordance to the Insider report. In July 2020, the post mentioned, he posted a video clip that available women of all ages recommendations for how to “how to slide into a celebrity’s DMs” (which means his have DMs): “Be pretty sizzling. Never be unappealing. And say this, two words and phrases: ‘I fuck.’”
Penn National Gaming’s stock closed down 21.1% on Nov. 4, to $57.40 for every share. The company’s marketplace capitalization shed about $2.6 billion in worth on Thursday’s decrease. In announcing Q3 benefits, Penn Nationwide blamed the earnings miss out on on the effects from Hurricane Ida and regional flareups of the COVID-19 delta variant.
A rep for Penn Countrywide Gaming did not reply to a ask for for comment on the Insider posting.
In January 2020, Penn National Gaming compensated $163 million for a 36% stake in Barstool Sporting activities, with prior owner the Chernin Group remaining with the very same proportion stake. Portnoy experienced marketed vast majority handle of Barstool to Peter Chernin’s Chernin Group in 2016. In an interview very last 12 months, Jon Kaplowitz, head of Penn National’s interactive division, said “we have done our owing diligence” and that the business is “confident” that Barstool has “the right guardrails in put.”
Established in 2003 as a sports site, Barstool has diversified its business enterprise above the previous numerous decades, expanding into podcasts, merchandise and wagering with Barstool Bets, its internet site for athletics betting and gambling enjoyment.
Barstool has a sizable fanbase with its brash manufacturer of sports commentary, while critics have focused the website around previous sexist and racist material. In 2020, Portnoy posted a defiant video hitting back at “cancel cops” who resurfaced clips of him employing racist language which includes the N-term in earlier videos, complaining that they took video from the “comedy site” out of context. “I’m uncancellable,” he explained. ESPN in 2017 canceled “Barstool Van Communicate,” a late-evening comedy/job interview clearly show on ESPN2, just after just a single episode aired. That came just after ESPN correspondent Sam Ponder called out sexist attacks from her by Portnoy and other Barstool staffers.
Greatest of Wide range