Commonwealth of Pennsylvania Public School Empls Retrmt SYS Lowers Position in PENN Entertainment, Inc. (NASDAQ:PENN)

On July 15, 2021, Penn Entertainment, Inc. (PENN) announced that it had lowered the position of its Commonwealth of Pennsylvania Public School Employees' Retirement System (PSERS) investment in the company from 3.9% to 3.7%. PSERS is a public pension fund for teachers and other public school employees in Pennsylvania, with assets under management of approximately $160 billion as of June 30, 2021.

The lowering of PSERS' position in PENN was due to the company's decision to sell its stake in Barstool Sportsbook, a sports betting platform that it had acquired in 2020. PENN had previously announced plans to spin off its online gaming business, including Barstool Sportsbook, into a separate publicly traded company. The sale of the stake in Barstool Sportsbook was part of this plan.

Penn Entertainment, Inc. is a leading provider of entertainment and gaming services, with operations in the United States and internationally. The company operates through several segments, including casino gaming, online gaming, and sports betting. PENN's stock is listed on the NASDAQ Global Select Market under the symbol NASDAQPENN.