Penn National Fraud

[jjgold]

Penn stock virtually bankrupt

 

[thegeauxt]

they will be interesting to keep an eye on. They recently added a couple new board members. One of them I know from my days in finance. Highly successful corporate raider type. Keep an eye on that stock

 

[thegeauxt]

https://investors.pennentertainment.com/news-releases/news-release-details/penn-entertainment-appoints-three-new-independent-directors

Jeff is there for a reason.

 

[djefferis]

Yea - place is having a very rough time of it.

Between DK and exchanges - sportsbook apps are not going to save them and regional casinos are suffering.

Years ago thought maybe I made a mistake not working there. Had a chance to get in on the ground floor when they came to Ohio. Was 5 minutes from my house - was going to work my day job and nights/weekends at the casino.

Made it through dealer school - but when my day job found out they said it’s them or us - can’t do both. I stayed at the day job - then started hearing the stories from people I met in school about what they were making. Wasn’t that bad though as if you work there - absolutely no gambling allowed.

Short term it would have been a good move - but things eventually evened out and after a decade of being underpaid in the day job and having moved around a few times - things took a significant positive turn. At the same time around that same point the regional casinos started nosediving right as the apps took off for sports betting.

 

[Tanko]

As to the legos - absolutely big business. Lots of sets selling for $500+ new these days. Similar to boxes of sports cards - they are easy to resell for near their cost on FB Marketplace/Ebay and are always hot targets for shoplifting and internal theft at retail. Buy sets using a host account - say they were gifts for a whale and no ones going to question you internally. Then sell and collect $$.

Wow. Did not know there was such a market for LEGOs....

 

[thegeauxt]

Yea - place is having a very rough time of it.

Between DK and exchanges - sportsbook apps are not going to save them and regional casinos are suffering.

Years ago thought maybe I made a mistake not working there. Had a chance to get in on the ground floor when they came to Ohio. Was 5 minutes from my house - was going to work my day job and nights/weekends at the casino.

Made it through dealer school - but when my day job found out they said it’s them or us - can’t do both. I stayed at the day job - then started hearing the stories from people I met in school about what they were making. Wasn’t that bad though as if you work there - absolutely no gambling allowed.

Short term it would have been a good move - but things eventually evened out and after a decade of being underpaid in the day job and having moved around a few times - things took a significant positive turn. At the same time around that same point the regional casinos started nosediving right as the apps took off for sports betting.

Funny. My youngest son just started working there (Hollywood Bay St Louis MS)

 

[BobbyFK]

Wasn’t Penn also the primary operator about a decade back with the long running scheme to inflate payouts on small track horse races un-regulated ?

People would bet relatively large bets (like $5k) at track on small races where the typical handle would be sub 10k - playing the long shots. This would cause the pari-mutual payouts to shift wildly and faves would have payout of like $4-6 on show bets because of the artificially inflated wagering pool. Smart people were pumping up the pools like this and when the normally heavy chalk fave won - they would cash in having bet $25-50k un-regulated and taking advantage of the artificially high return.

Tracks of course saw this - but they turned a blind eye. Everyone was happy - the operator had a higher handle, clerks and horsemen were in on it and betting alongside the fixers. And un-regulated had worse controls than legal casinos and were too busy raking in the sucker money for a decade to bother looking at why their racebook sucked so horribly profit wise.

The term bridge jumpers come to mind

 

[djefferis]

The term bridge jumpers come to mind

Kinda the opposite - they bet up the field to artificially inflate prices on what would normally be be a bridge jumper play.

Simple and smart - how it went on for as long as it did was remarkable - just like the windfall lottery play.

The point of compliance is to eliminate any such player advantage to ensure fair play. Yet when compliance is in on the scheme - it’s hard to stop.