PENN Entertainment to Nominate New Board Members After HG Vora Discussions

Advisor - People | Apr 25, 2025 | Wachtell, Lipton, Rosen & Katz

On April 25, 2025, PENN Entertainment, Inc. announced plans to nominate two individuals, Johnny Hartnett and Carlos Ruisanchez, for election to its Board of Directors. This decision follows discussions with HG Vora Capital Management, indicating a strategic move to influence governance and leadership at PENN Entertainment. Legal advisor Wachtell, Lipton, Rosen & Katz is guiding the process. The nominations reflect ongoing shareholder engagement and suggest potential strategic shifts influenced by HG Vora, a noted hedge fund with investments in PENN. This move underscores PENN's efforts in board reconstitution to possibly align with shareholders' expectations and broader market strategies.

Sectors

Entertainment
Financial Services

Geography

United States – PENN Entertainment and HG Vora Capital Management are based in the United States.

Industry

Entertainment – PENN Entertainment operates in the Entertainment industry, engaging in gaming and amusement services.
Financial Services – HG Vora Capital Management is involved in Financial Services as a hedge fund influencing corporate strategies through equity positions.

Financials

Participants

Name	Role	Type	Description
PENN Entertainment, Inc.	Target Company	Company	PENN Entertainment is a publicly traded company in the Entertainment industry involved in gaming operations.
HG Vora Capital Management, LLC	Bidding Company/Investor	Company	HG Vora Capital Management is a hedge fund known for its active engagement in influencing corporate governance.
Johnny Hartnett	Proposed Board Member	Person	Nominated for election to the board of PENN Entertainment.
Carlos Ruisanchez	Proposed Board Member	Person	Nominated for election to the board of PENN Entertainment.
Wachtell, Lipton, Rosen & Katz	Legal Advisor	Company	A leading law firm advising on corporate governance and M&A transactions.