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Penn National Jumps to Record as 1,600% Rally Regains Steam

Penn National Gaming Inc. jumped to a record in midday trading, rising as much as 8.8%, as trading volume picked up for the casino operator and minority owner of Barstool Sportsbook.

Tuesday’s rally brought the company’s market value above $12 billion for the first time, leaving it a few billion behind legacy casino stocks like Caesars Entertainment Inc. and MGM Resorts Intl. Penn National has now surged more than 1,600% from a March 18 bottom, far beyond even the gain for online betting rival DraftKings Inc., which has more than doubled since going public.