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Keith shorted PENN in the Hedgeye Virtual Portfolio at $35.84.  According to his model, there is TRADE and TREND resistance at $36.34 and $37.93 respectively.  

We're currently below the Street with our Q4 EBITDA and revenue estimates.  It's been awhile since PENN missed a quarter.

Following a tough October, the picture for regional gaming has been mixed in November.  While Missouri and Iowa (same-store) revenues were modestly higher YoY, Illinois (same-store), Indiana, Louisiana posted lower revenues and missed seasonal expectations badly.  We track monthly sequential revenue based on the previous 3 months, adjusted by historical seasonality factors.  Many of PENN's casinos operate in the difficult markets and PENN continues to lose market share in Illinois.  In addition, growth in the newer growth markets (Pennsylvania, West Virginia, Maryland) have been lackluster so far in Q4.  December contains one extra Saturday compared with last year but comps are difficult.