“I would say it will happen at some point, but the online sports betting law is a bit nuanced,” he said. Snowden alluded to Nevada’s requirement for in-person registration for mobile sports betting as a hang-up that will keep ESPN Bet on the sidelines for now. The company's three in-state casinos have sportsbooks leased to William Hill US. The demand has far exceeded our expectations.”ĮSPN Bet has launched in 16 states, but not Nevada.

“We're pleased but there's a lot of work to do,” Snowden said. On Monday, Maryland and Iowa each released sports betting results for November showing ESPN Bet capturing roughly 6 percent of each state’s market over a 17-day period. In November, Penn signed a 10-year, $1.5 billion agreement with ESPN to launch ESPN Bet, an online sports betting platform and product. Real estate investment trust Gaming and Leisure Properties, which owns the land associated with the four casinos, committed as much as $575 million toward the combined costs. M Resort is one of Penn’s four nationwide expansion projects, including a casino in Ohio and two Illinois properties, that will cost the company a combined $850 million. A rendering shows M Resort's planned $206 million hotel tower, right, which will double the size of the Henderson hotel and casino. “If there's an opportunity that we think could be a good investment and give us great returns, of course, we'll take a look,” he said.

Snowden had a similar response when asked about expanding Penn’s presence to Reno or South Lake Tahoe. And we're not going to overpay for an asset.” “But we're not going to chase something that doesn't make sense. “We’ll always have an interest in having a presence on the Strip,” Snowden said. but was mentioned as a potential buyer of the Cosmopolitan of Las Vegas and The Mirage when the two Strip resorts were on the market. Penn sold the operations of the Tropicana Las Vegas last year to Bally’s Corp. It’s the flagship of the company’s Nevada casino operations, which also include Cactus Pete’s and Horseshu in Jackpot near the state’s northeastern border with Idaho.

On a quarterly earnings call this year, Snowden said it was one of the company’s “highest-performing properties.” M Resort sits on 93 acres bordered on the west by Las Vegas Boulevard and St. “Soon after the news that we were breaking ground, we got a lot of callbacks.” “A lot of group business demands outgrew us,” he added. “We've had demand exceeding our room capacity here for years, but there was this thing called COVID that kind of got in the way of the plans,” Snowden said. Penn CEO Jay Snowden, who attended the groundbreaking but didn’t participate in the event, told The Nevada Independent that the company could have pulled the trigger on the hotel expansion a few years ago.

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