HG Vora Nominees Johnny Hartnett and Carlos Ruisanchez Elected to Penn Entertainment's Board at 2025 Annual Meeting of Shareholders
Third Nominee, William Clifford, Also Received Support from Majority of Votes Cast
Election Results Reflect Strong Mandate for Genuine, Shareholder-Driven Change at PENN
HG Vora Capital Management, LLC (together with its affiliates, "HG Vora") a significant shareholder of PENN Entertainment, Inc. (NASDAQ:PENN) ("PENN" or the "Company"), today announced that its independent director nominees Johnny Hartnett and Carlos Ruisanchez were elected to PENN's Board of Directors (the "Board") at the Company's 2025 Annual Meeting of Shareholders (the "Annual Meeting").
More than 55% of all votes cast in the election were submitted on HG Vora's GOLD proxy card, and we believe approximately 5 of the Company's top 30 institutional investors voted on the Company's white proxy card, based on preliminary tabulations from HG Vora's proxy solicitor, Okapi Partners. William Clifford, the third independent director nominee put forth by HG Vora and whose proper nomination the Company refused to acknowledge, was supported by dozens of institutional investors and actively managed funds and received a majority of votes cast in the election. More than 60% of the votes cast in the election were against the Company's Say-On-Pay proposal, and the Company only received approval from approximately 25% of PENN's outstanding shares, according to preliminary tabulations.
Parag Vora, Founder and Portfolio Manager of HG Vora, said, "PENN's shareholders have voted overwhelmingly for genuine change, including for the election of William Clifford to the Board. There can be no mistake about the mandate from PENN's shareholders that the status quo is simply unacceptable. We are grateful for the strong support the three independent nominees have each received from shareholders and are confident that Johnny and Carlos will work constructively with their fellow directors to drive shareholder value."
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Okapi Partners
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