HG Vora Capital Management, LLC, a New York based investment firm with deep expertise in the gaming sector and a large shareholder of PENN Entertainment, Inc. (Nasdaq: PENN), today announced its nomination of three highly qualified director candidates – William J. Clifford, Johnny Hartnett, and Carlos Ruisanchez – to PENN’s Board of Directors (the “Board”) at the 2025 Annual Meeting of Shareholders. All three candidates are independent of both HG Vora and Company management.
HG Vora believes there is significant unrealized value in PENN’s regional casino portfolio and collection of Interactive assets. However, PENN’s Board has numerous deficiencies which have translated directly into abysmal returns for shareholders. Over the past four years, PENN’s shares have declined -81%, dramatically underperforming the S&P 500 Index and its closest peer, Boyd Gaming, which have returned +69% and +73%, respectively, over the same period.
Parag Vora, Founder and Portfolio Manager of HG Vora, said: “PENN’s Board has overseen a misguided Interactive strategy that has resulted in the reckless spending of nearly $4 billion – greater than the Company’s entire market capitalization – on overpriced, poorly negotiated M&A transactions and media partnerships that have resulted in large ongoing operating losses due to an inability to execute. The Company’s Interactive strategy has been an abject failure due to a pattern of overpaying, overpromising, and not delivering.
“To date, there have been no repercussions for the Board’s persistent bad judgment and disappointing shareholder returns. We believe this is in part due to PENN’s weak corporate governance, which disenfranchises shareholders and entrenches board members while rewarding its CEO with excessive compensation.
“It should be clear to all stakeholders that change is urgently needed to address these failings and help PENN achieve its full potential. To that end, this is the first time in our firm’s 15-year history that HG Vora has decided nominating directors is necessary. We believe these three highly qualified, independent director nominees bring proven track records of enhancing shareholder value and the skills and industry expertise to help maximize value for all PENN shareholders.”
Director Nominee Biographies:
- William J. Clifford – Mr. Clifford has more than 30 years of experience delivering excellent returns for shareholders in the gaming industry. He served as the Senior Vice President, Chief Financial Officer and Treasurer of Gaming and Leisure Properties (“GLPI”), a gaming-focused real estate investment trust which spun out of Penn National Gaming, from February 2013 through 2018. Prior to this, Mr. Clifford served as Senior Vice President of Finance and Chief Financial Officer of Penn National Gaming. During his more than 12 years as Chief Financial Officer of Penn National Gaming, Mr. Clifford was instrumental in the company’s exponential growth which drove an approximately 20x return for shareholders. Prior to his employment with Penn National Gaming, he served in various operational finance roles for a variety of casino companies in Las Vegas and the Bahamas. Mr. Clifford has significant board experience and currently serves as a member of the Board of Directors of Drive Shack Inc. where he is a member of the Audit Committee and chairman of the Nominating and Governance Committee. He previously served as a member of the Board of Directors and chairman of the Audit Committee of Intrawest Holdings, Inc. from 2014 to 2017.
- Johnny Hartnett – Mr. Hartnett has decades of experience building and running online sports betting and gaming businesses. Mr. Hartnett is a non-executive director of Superbet Group, and prior to joining the Board, he served as CEO of Superbet Group for five years. During his tenure with the Blackstone backed business, revenue grew 7x and profitability 5x. Prior to that role, Mr. Hartnett served at Flutter Group in a variety of positions over a 20-year tenure, most recently as Chief Development Officer where he led the group’s M&A efforts, most notably on its acquisition of FanDuel. Previous roles included Managing Director of Paddy Power Online, Managing Director International, Chief Operating Officer of Sportsbet (Australia) and subsequently Chief Operating Officer of Flutter (previously Paddy Power). During his tenure at Flutter, shareholder returns from the 2002 IPO to 2019 were approximately 23x.
- Carlos Ruisanchez – Mr. Ruisanchez has a strong track record of capital allocation and value creation for shareholders. He is the co-founder of Sorelle Capital and Sorelle Hospitality, a business focused on investing in the hospitality sector and real estate development. Prior to Sorelle, he served as President and Chief Financial Officer of Pinnacle Entertainment, Inc. for five years, also serving as a member of its Board of Directors before its sale in 2018. During his period as Chief Financial Officer, Mr. Ruisanchez helped drive a nearly 5x total return for shareholders. He was instrumental in transformative moves to unlock shareholder value, notably the acquisition of Ameristar, execution of multiple highly accretive share repurchase plans, the sale-leaseback with GLPI, and strategic conversations with PENN which resulted in a merger with Pinnacle. Mr. Ruisanchez has significant board experience and currently serves as a member of the Board of Directors of Southwest Gas Holdings, Inc. (NYSE: SWX, from 2022 to present). He previously served as a member of the Board of Directors for Cedar Fair Entertainment Company (NYSE: FUN, from 2019 to 2024) until its merger with Six Flags Entertainment Corporation and Pinnacle (NASDAQ: PNK, from 2016 to 2018).
