PENN Entertainment expands STEM Scholarship Program

The scholarship programme now features six HBCUs.
The scholarship programme now features six HBCUs.

Three new universities will participate in the initiative in partnership with Historically Black Colleges and Universities,

US.- PENN Entertainment has announced that it has expanded its Science, Technology, Engineering and Mathematics (STEM) Scholarship Program in partnership with Historically Black Colleges and Universities (HBCUs). PENN has partnered with three new universities: Jackson State University in Mississippi, Prairie View A&M University in Texas, and Southern University and A&M College in Louisiana.

The programme now features six HBCUs. The initial participating HBCUs are Norfolk State University in Virginia, Bowie State University in Maryland and Wilberforce University in Ohio.

PENN has committed to dedicating more than $4m over five years to fund STEM scholarships with HBCUs in the US states where it operates. It will also create internship opportunities at the company. The commitment is an extension of the firm’s partnerships with 35 HBCUs in the US.

Justin Carter, senior vice president of regional operations for PENN Entertainment and chairman of the diversity committee, said: “As a company at the forefront of technology, we launched this program as a way to increase access to STEM opportunities for HBCU students and create real-world, hands-on learning experiences.

“The addition of these three esteemed universities deepens our widespread support for HBCUs and expands our efforts to champion diversity, equity and inclusion in the communities where we operate. STEM careers make up a growing share of jobs in today’s economy, and we are committed to narrowing the representation gap in STEM fields and empowering students in this program for years to come.”

Penn Entertainment recently published its third-quarter financial results. It reported revenue of $1.6bn, an increase of 7.5 per cent compared to the same period in 2021. Net income was $123.2m, up from $86.1m in the comparable quarter last year.

Penn Entertainment to relocate casinos and build new hotel projects

Penn Entertainment intends to relocate its riverboat casinos in Aurora and Joliet, Illinois, to new land-based facilities. It also plans to build a new hotel at Hollywood Columbus in Ohio and a second hotel tower at the M Resort in Henderson, Nevada.

Jay Snowden, chief executive officer and president of PENN Entertainment said: “We are delighted to announce these exciting new growth projects, which we expect will generate strong free cash flow returns and create long-term value for our shareholders.

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