In a significant stride towards fostering diversity, equity, and inclusion, PENN Entertainment has magnified its commitment to empowering students from Historically Black Colleges and Universities (HBCUs) through an enhanced Science, Technology, Engineering, and Mathematics (STEM) Scholarship Program. The company’s visionary initiative, already encompassing Norfolk State University in Virginia, Bowie State University in Maryland, and Wilberforce University in Ohio, now extends its reach to three esteemed institutions: Jackson State University in Mississippi, Prairie View A&M University in Texas, and Southern University and A&M College in Louisiana.
The Power of Collaboration: Strengthening the Bond between Academia and Industry
PENN Entertainment is resolutely dedicated to bridging the gap in representation within STEM fields and has undertaken a laudable commitment of over $4 million across five years to fund STEM scholarships in the states where it operates, amplifying the transformative impact of education. Beyond financial support, the company is pioneering the creation of invaluable internship opportunities within its ranks, offering HBCU students hands-on, real-world experiences that are vital for their growth and success.
Justin Carter, the Senior Vice President of Regional Operations for PENN Entertainment and the Chairman of the Diversity Committee, expressed the profound intent behind the initiative: “As a technology frontrunner, we launched this program to democratize access to STEM opportunities for HBCU students and cultivate immersive learning experiences. The inclusion of these three esteemed universities not only deepens our commitment to HBCUs but also expands our scope in championing diversity, equity, and inclusion within our operational communities. With the prominence of STEM careers in today’s economy, we are resolute in our pursuit of narrowing the representation gap within these fields, thereby empowering students under this program for generations to come.”
A Financial Flourish: Empowerment in Numbers
In tandem with its unwavering commitment to education and diversity, PENN Entertainment continues to flourish financially. The recently published third-quarter financial results underscore its impressive growth trajectory. With a reported revenue surge of 7.5 percent, totaling $1.6 billion, compared to the same period in the preceding year, the company demonstrates its capacity for both fiscal success and social responsibility. The net income also witnessed a substantial surge, soaring to $123.2 million from $86.1 million during the corresponding quarter last year. This financial prowess not only solidifies PENN Entertainment’s ability to drive change but also underscores its resolve to allocate resources for meaningful societal impact.
Strategic Ventures: Enhancing Infrastructure and Establishing Landmarks
In an era where progress is paramount, PENN Entertainment is poised to reshape its physical landscape in strategic ways. The company envisions relocating its riverboat casinos in Aurora and Joliet, Illinois, to new land-based facilities, symbolizing a commitment to modernization and optimization. Further exemplifying its dedication to advancement, PENN Entertainment plans to actualize the construction of a new hotel at Hollywood Columbus in Ohio, alongside a second hotel tower at the M Resort in Henderson, Nevada. These ventures underscore the company’s ability to envision and execute transformative projects that not only benefit its bottom line but also contribute to the development of vibrant local economies.
Jay Snowden, the Chief Executive Officer and President of PENN Entertainment, articulated the significance of these growth projects: “We take great pleasure in unveiling these dynamic new initiatives, which we anticipate will yield robust free cash flow returns and establish enduring value for our stakeholders.”
A Tapestry of Transformation
PENN Entertainment’s augmented STEM Scholarship Program, in collaboration with Historically Black Colleges and Universities, exemplifies a forward-looking commitment to education, diversity, and societal progress. With an expanded roster of partner institutions, a substantial financial dedication, and transformative infrastructure projects on the horizon, the company is weaving a tapestry of transformation that underscores the profound influence of collaboration between academia and industry. As the third-quarter financial results indicate, PENN Entertainment is not only an advocate for change but a beacon of success, demonstrating that social responsibility and financial growth can harmoniously coexist, ultimately shaping a brighter future for generations to come.