UNITE HERE Supports PENN Entertainment Board Declassification Proposal
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 03 2026
0mins
UNITE HERE announced that Institutional Shareholder Services and Glass Lewis & Co. have both recommended that PENN Entertainment shareholders vote FOR the shareholder proposal to declassify the company's Board of Directors ahead of PENN's June 16, 2026 Annual Meeting of Shareholders. The recommendations delivered by these two major proxy advisory firms represent significant independent support for enhancing shareholder rights and board accountability at PENN, according to UNITE HERE. "We are pleased that ISS and Glass Lewis have both concluded that shareholders should support annual elections for all PENN directors," said UNITE HERE Director of Gaming Industry Research, Michael Hachey. "These recommendations reinforce what shareholders have communicated for years: that annual director elections enhance board accountability and are a fundamental governance best practice."
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Analyst Views on PENN
Wall Street analysts forecast PENN stock price to fall
15 Analyst Rating
9 Buy
5 Hold
1 Sell
Moderate Buy
Current: 21.210
Low
14.15
Averages
19.38
High
26.00
Current: 21.210
Low
14.15
Averages
19.38
High
26.00
About PENN
PENN Entertainment, Inc., together with its subsidiaries, operates in 28 jurisdictions throughout North America, with a portfolio of casinos, racetracks, and online sports betting (OSB) and iCasino offerings. Its focus is on organic cross-selling opportunities, reinforced by its retail casinos, sports media assets and technology, including a proprietary fully integrated digital sports betting and iCasino platform, and an in-house iCasino content studio. Its Northeast segment includes Ameristar East Chicago, Hollywood Casino at Greektown, and Hollywood Casino Bangor. Its South segment includes 1st Jackpot Casino, Ameristar Vicksburg, Boomtown New Orleans, and L’Auberge Baton Rouge. Its West Segment includes Ameristar Black Hawk, Cactus Petes and Horseshu, M Resort Spa Casino and Zia Park Casino. Its Midwest Segment includes Ameristar Council Bluffs, Hollywood Casino Aurora, and River City Casino. Its Interactive segment includes OSB, online casino/iCasino, and social gaming operations.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Rich Amenities: The hotel includes 183 standard rooms and 20 luxury suites, a full-service restaurant and bar, conference rooms, a fitness center, and an outdoor terrace, enhancing the overall guest experience significantly.
- Future Expansion Plans: An expanded high-limit table games room and speakeasy bar are expected to be introduced by Q3 2026, with the overall expansion projected to create 150 new jobs, thereby strengthening the company's competitive position in the market.
- Strategic Development: This opening marks the third of four retail development projects completed by PENN within a year, highlighting the company's ongoing growth trajectory, with plans to open the new Hollywood Casino in Aurora, Illinois, shortly thereafter.
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- Clear Market Signal: The stock's breach of the target price provides investors with a strong signal to reassess the company, prompting considerations of whether to hold or reduce their positions, which could impact market liquidity and stock price volatility.
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See More
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- Market Maturity Deepens: The U.S. sports betting market has matured significantly, with 65% of the U.S. population now having legal access to sports betting, up from about 40% during the 2022 tournament, indicating a vast market potential.
- Rise of Prediction Platforms: Kalshi and Polymarket saw a 13% week-over-week increase in trading volume, reaching $7 billion, showcasing the rapid growth of prediction markets, which have attracted participation from companies like Fanatics and DraftKings, further diversifying the market.
See More
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- Historical Shareholder Support: Although shareholders supported board declassification in 2010, the proposal was not implemented, and the current recommendations reflect ongoing shareholder expectations for annual elections, aligning with best governance practices among public companies.
- Industry Comparisons: UNITE HERE highlighted that leading gaming companies, including MGM Resorts and Caesars Entertainment, have already adopted annual director elections despite operating in a highly regulated environment, indicating widespread recognition of governance standards within the industry.
- Importance of Voting: With less than two weeks before the meeting, UNITE HERE strongly urges PENN shareholders to support the declassification proposal to enhance board accountability and responsiveness, thereby fostering long-term value creation.
See More
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- New Casino Opening: PENN Entertainment plans to close the Hollywood Casino Aurora on June 10 in preparation for the grand opening of a new $360 million land-based casino on June 24, marking a significant strategic move in the market.
- Geographic Advantage: The new casino is strategically located about 38 miles west of downtown Chicago, adjacent to the Chicago Premium Outlets, which is expected to attract a large customer base and enhance the company's market share in the region.
- Rich Amenities: The new facility will feature approximately 1,200 gaming positions, including high-limit slots and table games, a 226-room premium hotel, and diverse dining options, significantly enhancing the customer experience.
- Market Performance: PENN's shares have risen over 17% in the past six weeks, indicating strong market confidence in its growth potential, while the short interest stands at 13.3%, reflecting investor concerns about stock price volatility.
See More
