Following the examination by the Committee for the appointment and corporate governance of the Board of Directors, and on the basis of the qualifications and the relevant experience of candidates, the Council intends to appoint Mr. Hartnett and Mr. Roiseanchez to fill the two seats of class II director available for the election during the annual meeting. The company remains concentrated on the realization of the opportunity to create significant value through the company, and the board of directors considers that a fight against costly and entertaining proxy is not in the best interests of Penn and its shareholders.
The Council published the following declaration:
We are impatient to benefit from the new perspectives of Johnny and Carlos while we are entering a critical phase for the company. The board of directors continues to believe that there is an important opportunity to create value in Penn, in particular in our interactive segment. Johnny and Carlos provide an essential expertise and experience in the game industry, both digital and commercial, which are aligned with the priorities of the board of directors and adapted to opportunities before us. Although we have not been able to reach an agreement with HG Vora, we thank them for their contribution and we are delighted with the continuous commitment to all our shareholders. We thank Ron, Saul and Barbara for their many years of distinguished service on the board of directors and our company and we are impatient to start working with our new administrators to stimulate profitable growth for the benefit of all Penn shareholders.
Carlos A. Ruisanchez
Carlos A. Ruiisanchez is the chief executive officer of Sorelle Capital and president of Sorelle Hospitality, family companies focused on the investment and development of hospitality, consumers and real estate companies. Before Sorelle, he was president and financial director of Pinnacle Entertainment, Inc., a leading game entertainment company, until his sale in 2018. He joined Pinnacle in 2008 as executive vice-president, strategic planning and development. He became financial director of Pinnacle in 2011, president and financial director in 2013, and member of the board of directors in 2016. Before joining Pinnacle Entertainment, Inc., Mr. Roiseanchez was principal director general at Bear Stearns & Co., Inc., an investment bank company, where he held various positions from 1997 to 2008. He is an independent member of the board of directors of the Entertainment Company of Cedar.
Johnny Hartnett
Johnny Hartnett joined the Board of Superbt Group in January 2024, after a successful warrant as the Company Director of the Company between 2019 and 2023. Under the direction of Mr. Hartnett, Superbt recorded remarkable results in terms of market growth, the transformation of its property and technology products platforms and the creation of the group’s dedicated technological company. Before joining superb, Mr. Hartnett spent 20 years working in the Flutter group, where he held several management positions as a Sportsbet COO (
About Penn Entertainment, Inc.
Penn Entertainment, Inc., with its subsidiaries (“Penn”, or “Company”), is the main supplier of entertainment, sporting and casino game content in North America. Penn operates in 28 jurisdictions throughout
Front instructions
This press release contains “prospective declarations” within the meaning of the 1995 law on private security disputes. Or by discussions on future events, strategies or risks and uncertainties. More specifically, prospective declarations include, but without limiting itself, the declarations concerning: the expectations of the company on future operating results and the financial situation, including, but without limiting itself, income projections, adjusted Ebitda, adjusted Ebitdar and other financial measures; The hypotheses provided concerning directives, including the scale and calendar of investments in company products and technologies; The expectations of the company concerning the results and growth of customers and the impact of competition in retail / mobile / online retail, icasino, social games and retail shops; The development and launch by the company of the products of its interactive segment in the new jurisdictions and improvements of existing interactive segment products, including the content of ESPN BET and BET, and the subsequent development of ESPN BET and the opportunity to bet on our system of management of owners’ accounts and risk platforms and trading; the advantages of the sportsbook agreement between the company and ESPN; The expectations of the company concerning its sportsbook agreement with ESPN and the future success of ESPN Bet; the expectations of the company with regard to integration and synergies linked to the integration of the company of the time and growth and continuous monetization of the media activities of the company; The expectations of the company according to which its asset portfolio offers an advantage of geographically diverse cash flows of operations; Directorate’s plans and strategies for future operations, including statements relating to the company’s plan to extend game operations thanks to the implementation and execution of a disciplined capital expenses program in our existing properties, the continuation of strategic acquisitions and investments, and the development of new game properties, including development projects and the advantages planned; Improvements, extensions or relocations of our existing properties; entry into new jurisdictions; Expansion of games in existing jurisdictions; strategic investments and acquisitions; Cross opportunities between our retail companies, online sports betting and Icasino companies; Our ability to obtain funding for our development projects in attractive terms; the calendar, cost and the expected impact of capital expenses planned on the operating results of the company; And the actions of regulatory, legislative, executive or judicial decisions at the federal, state, provincial or local levels with regard to our activities and the impact of these actions.
Such declarations are all subject to risks, uncertainties and changes under the circumstances which could considerably affect the financial and future affairs of the company. Consequently, the company warns that the prospective declarations contained herein are qualified by important factors which could ensure that the real results differ significantly from those reflected by such declarations. These factors include: the effects of economic and market conditions on the markets in which the company operates or otherwise, including the impact of global disruption in the supply chain, price inflation, increase in interest rates, slowdown in economic growth and geopolitical and regulatory uncertainty; competition with other entertainment, sporting and playing experiences; the expected calendar, cost and impact of investments in products and technology; the risks linked to operations, permits, licenses, funding, approvals and other possibilities within the framework of the growth of new or existing jurisdictions; Our ability to successfully acquire and integrate new properties and operations and to carry out expected synergies of acquisitions; The availability of future loans under our modified credit facilities or other sources of capital to allow us to serve our debt, make expected capital expenses or reimburse or refinance our debt before maturity; the impact of compensation obligations under the Barstool spa; Our ability to achieve the expected financial yields of the Sportsbook agreement with ESPN, including due to costs, costs, taxes or circumstances under the control of the company or the ESPN; The occurrence of any event, change or other circumstances which could give birth to the law of one or two of the company and the ESPN to terminate the sportsbook agreement between companies; the capacity of the company and the ESPN to accept to extend the initial duration of 10 years of the sportsbook agreement on mutually satisfactory conditions, if necessary, and the costs and obligations of these conditions if they are agreed; the outcome of any legal proceedings which can be established against the company, ESPN or their respective directors, managers or employees; the capacity of the company or the ESPN to keep and hire key personnel; the impact of new or changes in current laws, regulations, rules or other industry standards; the impact of militant shareholders; our ability to maintain Our gaming licenses and concessions and comply with Applicable Gaming Law, Changes in Current Laws, Regulations, Rules or Other Industry Standards, and Additional Factors Described in the Company’s Annual Report on Form 10-K for the Year Ended December 31, 2023 10-Q and Current Reports on Form 8-K, Each as Filed with the
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Mike Nieves
Please, finance and treasurer
Penn Entertainment, Inc.
610-373-2400
Source: Penn Entertainment, Inc.