BofA/Merrill said Q2 regional gross gaming revenues have bee strong with June pacing to be the fifth up month in a row and pacing at +2% year-over-year. The firm raised Q2 estimates across the board and expects strong EBITDA beats all around. BofA/Merrill remains Buy rated on Penn National (PENN) and believes its diversification and Plainridge opportunity makes it the best way to play the group.

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - U... To see the rest of the story go to thefly.com. See Story Here

Mizuho lowered the firm's price target on Boyd Gaming to $78 from $80 and keeps a Buy rating on the shares. The company reported "underwhelming" Q1 results and Street numbers will move lower on slowing customer trends as well as worse than expected Durango commentary, the analyst tells investors in a research note.

Check out this evening's top movers from around Wall Street, compiled by The Fly. HIGHER AFTER EARNINGSSnap (SNAP) up... To see the rest of the story go to thefly.com. See Story Here

Consensus $3.74. The company said, "The Company estimates AFFO for the year ending December 31, 2024 will be between $1,042 million and $1,051 million, or between $3.71 and $3.74 per diluted share and OP units. GLPI's prior guidance contemplated AFFO for the year ending December 31, 2024 of between $1,041 million and $1,050 million, or between $3.70 and $3.74 per diluted share and OP units."

Reports Q1 revenue $375.96M, consensus $370.54M. Peter Carlino, chairman and CEO of GLPI, commented, "GLPI's consistent cash flow generation, based on our work with the industry's leading operators, led to record first quarter results across key financial metrics when excluding the non-cash impact of a nearly $29 million year-over-year change in our reserve for credit losses, net. On an operating basis, first quarter total revenue rose 5.8% year over year to $376.0 million and AFFO grew 4.0%. Our first quarter growth reflects GLPI's stable portfolio of gaming operator tenants combined with our liquidity and capital markets discipline. Collectively, our strategies have set the stage for continued growth and dividend increases as highlighted by the March 2024 dividend payment of $0.76 per share, which when annualized, results in a yield of approximately 7% based on yesterday's closing share price. With our opportunistic approach to portfolio expansion, the proven long-term resiliency of our tenants' revenue streams, and comfortable rent coverage ratios across our portfolio, we expect to continue to deliver strong capital returns and yields for our shareholders."

Reports Q1 revenue $960.5M, consensus $958.74M. Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "After a record 2023, the first quarter of 2024 was a challenging start to the year. Severe winter weather had a significant impact on our Midwest & South segment early in the quarter while we also experienced increased competitive pressures in the Las Vegas Locals market. However, throughout our business, many of the positive trends from the fourth quarter continued into the new year. By focusing on our disciplined operating and marketing strategies, we have been able to maintain strong operating margins. Additionally, our significant cash flows and strong balance sheet allow us to continue returning capital to our shareholders through our ongoing share repurchases and quarterly dividend programs. Looking ahead, we remain confident in our ability to successfully navigate the current environment and deliver value to our shareholders."

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.