Penn National CEO Talks Earnings, Barstool Sportsbook And Dave Portnoy

Jay Snowden, president and CEO of Penn National Gaming Inc PENN, appeared Friday on CNBC's "Squawk Box."

What Happened: On Thursday, Penn National reported first-quarter earnings of 55 cents per share, beating the estimate of 29 cents per share. The company reported revenue of $1.27 billion, beating the estimate of $1.14 billion.

“Penn National kicked off the year with record results in Q1 2021 from our land-based business and the launch of our online Barstool Sportsbook in Michigan and Illinois," said Jay Snowden said in a press release. "In addition, we fully integrated our mychoice player loyalty program across all our retail and digital offerings, which bolsters Penn National’s ecosystem and further expands our competitive advantage."

Related Link: Penn National Gaming Stock Investors Pull Back After Q1 Report, Company Sees Momentum Ahead

Focus On The Long Game: Penn National is focused on creating long-term value, Snowden said Friday, adding that the company has built-in advantages over its competition. The media strategy that the company has with Barstool Sports allows it to have the lowest customer acquisition cost in the industry.

Snowden noted he has a great relationship with Bartsool's Dave Portnoy and loves having him on the team because he is able to reach a different audience than Snowden can as CEO of a public company.

"I do not worry about that. I've gotten to know Dave really well over the last couple of years. I trust Dave, we have a great relationship," says @PNGamingInc CEO Jay Snowden on fears of possible downside risk from @stoolpresidente. $PENN pic.twitter.com/rAptKP99Wc

— Squawk Box (@SquawkCNBC) May 7, 2021

Barstool Sportsbook: Penn National recently launched its sportsbook in Illinois and the CEO told CNBC it plans to launch in Indiana in about two weeks. Snowden expects its sportsbook to be live in 10 or 11 states by the end of 2021.

PENN Price Action: Penn National traded as high as $142 and as low as $15.07 over a 52-week period. At last check Friday, the stock was up 1.66% at $85.32.