Julia Black of Business Insider spent the last eight months working on a story about Barstool Sports founder Dave Portnoy. The story dropped yesterday and detailed the experiences of three women that say sexual encounters with Portnoy turned violent and humiliating against their consent.
No company ever likes to hear that one of its biggest stars is at the center of a scandal like that one. Penn National is certainly no exception. The gaming giant and parent company of Barstool Sports is now not only in a PR scandal. It also lost $2.69 billion in value as a result.
Shares of Penn National stock dropped 21%. At market close on Thursday, the stock was trading at $57.40 per share. It is the company’s lowest closing price since November of 2020.
Financial news was not good at all for Penn National Gaming on Thursday. Before the story about Dave Portnoy dropped, the company was already dealing with the disappointing third quarter results, which showed a missed profit.
A serial violent sexual assaulted and racist? Yeah that’s not going to work today.