These 10 Firms Led Friday’s Rally, Here’s Why

3. Penn Entertainment Inc. (NASDAQ:PENN)

PENN Entertainment grew its share prices by 6.6 percent to end at $16.15 apiece following an announcement that it would invest up to $200 million to transition its Ameristar Casino Hotel Council Bluffs riverboat in Iowa into a new land-based facility.

Upon completion, the upcoming property will be renamed Hollywood Casino Council Bluffs.

The new project will sit on a 58,000-square-foot (sq ft) land, which will form part of the larger 125,000-sq ft development.

According to Penn Entertainment Inc. (NASDAQ:PENN), the Iowa Racing and Gaming Commission approved the project on Thursday alongside its 15-year partnership extension with the Iowa West Racing Association, a nonprofit Qualified Sponsoring Organization (QSO) required for gaming operations in the state.

“We are pleased to add another landside relocation to our pipeline of development projects,” said Todd George, Executive Vice President of Operations for PENN. “This project will enhance the quality and efficiency of our Council Bluffs location and significantly improve the property’s competitive positioning in the greater Omaha market.”