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Penn Responds to Critical Letter from HG Vora Sent to Investors
By: Mike "The Shark" Savio**05/15/2025 02:30** Sports Betting: The HG Vora vs Penn Showdown Photo Courtesy of the Carol M. Highsmith Archive., Public domain, via Wikimedia Commons
Here's the Lowdown
- HG Vora took aim at Penn leadership in a fiery letter to shareholders this week
- Penn layout its punch-back plan for the investors in a rebuttal
- HG Vora claims Penn is trying to pull the wool over their eyes
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The Breakdown
As Penn National Gaming (Penn Entertainment) is mired in a heated proxy struggle with HG Vora, the intrigue thickens. HG Vora, holding a 4.8% stake in the company, has been vocal about its desire to see the board undergo substantial changes, calling for the addition of three members: Hartnett, Ruisanchez, and Clifford. Penn, however, has only agreed to nominate Hartnett and Ruisanchez, leaving out Clifford due to concerns about his qualifications for the role[2][5].
Gripes about HG Vora's motivations aside, the investor group has criticized Penn's anemic performance compared to industry peers, particularly the disappointing outcome of Penn's ESPN Bet[3][4]. In response, HG Vora has retaliated by filing a lawsuit against Penn, accusing the company of thwarting shareholder democracy[3][5].
The clash reaches its boiling point as the annual shareholder meeting, scheduled for June 17, approaches. Shareholders will cast their votes to decide the fate of the proposed board nominees[2]. Grab your popcorn and watch the drama unfold!
- Mike Savio, known for his insider knowledge on the US online casino sphere, has been investigating the ongoing battle between HG Vora and Penn National Gaming (Penn Entertainment) in the world of sports betting and casino-and-gambling.
- The dispute between these two parties has intensified, with HG Vora urging for substantial changes in Penn's board, including the addition of Clifford, a nominee who has been left out due to concerns about his qualifications by Penn.
- The conflict escalated further when HG Vora accused Penn of obstructing shareholder democracy and filed a lawsuit against the company.
- As the annual shareholder meeting on June 17 draws near, the sports betting market, online casinos, finance, and business sectors are watching closely as shareholders decide the fate of the proposed board nominees, potentially leading to significant changes in the management of Penn Entertainment.
