Latest news with #PennEntertainment
Yahoo
8 hours ago
- Business
- Yahoo
Dave Portnoy says it took him 10 years to get to $1M — but now he's ‘over the hump' and can make $5M in a week
For a man who built a media empire out of hot takes and hustle, Dave Portnoy's biggest money lesson is surprisingly simple: 'Once you get it, it's easy to get a lot more," he told Shannon Sharpe on a recent episode of the Club Shay Shay podcast. The entrepreneur, who sold his company Barstool Sports to Penn Entertainment for about $500 million only to buy it back for $1 a few years later, says it took him a decade to accumulate his first million. But once he did, making money became significantly easier and he now claims to be able to generate $5 million in a week. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) "Once you get over the hump it just comes [to you]," says the 48-year-old online influencer. Here's why wealth creation can accelerate after you hit certain milestones. Portnoy is referring to compound growth, a key strategy used by many to grow wealth. The late Charlie Munger often described it as 'getting a snowball rolling down a hill.' The snowball effect helps to explain why wealth creation accelerates once a person has hit certain financial milestones. An investor who starts off with no money and invests $1,000 a month in an asset that generates 10% annual returns would make $100,000 in 6.5 years. But with compound growth, that $100,000 would take just four years to grow to $200,000, and just three more years to reach $300,000. This is because an investor with $100,000 is earning returns not only on their monthly contributions but also their accumulated wealth. Put another way, an investor with $100 million in net worth can easily generate $5 million quickly — perhaps within a week — because they would need to earn just 5% on their assets to do so. In fact, Portnoy admitted during the interview that he once 'spent five hours just talking about the interest" he was earning on his cash after he got rich. "I couldn't believe it, I was making money not doing anything." This is why your early financial milestones are so critical in your long-term wealth creation journey: the earlier you start investing large amounts of money, the longer it has to grow with the most growth opportunity. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it If you want to reach that tipping point where wealth builds itself, you need a strategy, and that starts with setting smart, achievable goals. Think of your first major milestone, such as $100,000 in assets, as the start of your personal snowball. However, it's essential that you consider your age, lifestyle and location while setting financial targets. A 60-year-old in San Francisco may need far more, while a 20-something in Detroit could be ahead of the curve with far less. Once you've got a target, the next step is making sure your money is actually working. Keeping a large sum in a savings account earning a low interest won't get you anywhere. And stuffing it under your mattress would be even worse. Inflation will eat away at your purchasing power every year. Instead, build a portfolio that's designed to grow. That might mean investing in stocks, ETFs, real estate or even alternative assets. The key is finding the right mix of risk and reward for your goals. If you're not sure where to start, talk to a financial advisor or planner who can help you set targets, diversify your assets and stay on track. Because once you hit that first big number and let compound growth kick in, you might find your money growing a lot faster than you expected. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 hours ago
- Business
- Yahoo
Dave Portnoy says it took him 10 years to get to $1M — but now he's ‘over the hump' and can make $5M in a week
For a man who built a media empire out of hot takes and hustle, Dave Portnoy's biggest money lesson is surprisingly simple: 'Once you get it, it's easy to get a lot more," he told Shannon Sharpe on a recent episode of the Club Shay Shay podcast. The entrepreneur, who sold his company Barstool Sports to Penn Entertainment for about $500 million only to buy it back for $1 a few years later, says it took him a decade to accumulate his first million. But once he did, making money became significantly easier and he now claims to be able to generate $5 million in a week. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) "Once you get over the hump it just comes [to you]," says the 48-year-old online influencer. Here's why wealth creation can accelerate after you hit certain milestones. Portnoy is referring to compound growth, a key strategy used by many to grow wealth. The late Charlie Munger often described it as 'getting a snowball rolling down a hill.' The snowball effect helps to explain why wealth creation accelerates once a person has hit certain financial milestones. An investor who starts off with no money and invests $1,000 a month in an asset that generates 10% annual returns would make $100,000 in 6.5 years. But with compound growth, that $100,000 would take just four years to grow to $200,000, and just three more years to reach $300,000. This is because an investor with $100,000 is earning returns not only on their monthly contributions but also their accumulated wealth. Put another way, an investor with $100 million in net worth can easily generate $5 million quickly — perhaps within a week — because they would need to earn just 5% on their assets to do so. In fact, Portnoy admitted during the interview that he once 'spent five hours just talking about the interest" he was earning on his cash after he got rich. "I couldn't believe it, I was making money not doing anything." This is why your early financial milestones are so critical in your long-term wealth creation journey: the earlier you start investing large amounts of money, the longer it has to grow with the most growth opportunity. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it If you want to reach that tipping point where wealth builds itself, you need a strategy, and that starts with setting smart, achievable goals. Think of your first major milestone, such as $100,000 in assets, as the start of your personal snowball. However, it's essential that you consider your age, lifestyle and location while setting financial targets. A 60-year-old in San Francisco may need far more, while a 20-something in Detroit could be ahead of the curve with far less. Once you've got a target, the next step is making sure your money is actually working. Keeping a large sum in a savings account earning a low interest won't get you anywhere. And stuffing it under your mattress would be even worse. Inflation will eat away at your purchasing power every year. Instead, build a portfolio that's designed to grow. That might mean investing in stocks, ETFs, real estate or even alternative assets. The key is finding the right mix of risk and reward for your goals. If you're not sure where to start, talk to a financial advisor or planner who can help you set targets, diversify your assets and stay on track. Because once you hit that first big number and let compound growth kick in, you might find your money growing a lot faster than you expected. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Sign in to access your portfolio
Fox News
24-05-2025
- Business
- Fox News
ETTL Classic: Making No Excuses With Former Barstool Sports CEO Erika Ayers Badan
We all make excuses. Eventually we need to see them for what they truly are: delay tactics. On today's ETTL encore, CEO of Food52 Erika Ayers Badan shares how she shepherded the sale of Barstool Sports to Penn Entertainment for more than half $1 billion, made no excuses, and wrote her new book, Nobody Cares About Your Career: Why Failure Is Good, the Great Ones Play Hurt, and Other Hard Truths . She breaks down the importance of taking risks, owning up to your mistakes, and emphasizes the value of failure. Learn more about your ad choices. Visit
Yahoo
12-03-2025
- Business
- Yahoo
Hollywood Casino partnering with celebrity chef Giada De Laurentiis on Joliet, Aurora restaurants
The Hollywood casinos in Joliet and Aurora, which are both building new land-based facilities, are bringing in some star power for their planned restaurants. Celebrity chef Giada De Laurentiis has partnered with Hollywood parent company Penn Entertainment to launch two Italian restaurants at the suburban Chicago sister casinos. Sorella by Giada, a 170-seat restaurant featuring De Laurentiis' 'signature fusion of classic Italian cuisine and modern California influence,' is expected to open at Hollywood Casino Aurora in the first half of 2026. The more casual Sorellina at Hollywood Casino Joliet is slated to open in the fourth quarter of this year. Both restaurants are pending completion of their respective developments and regulatory approval by the Illinois Gaming Board. 'The two spaces are complementary but ultimately offer different aesthetics,' De Laurentiis said in a news release. 'Joliet's Sorellina, meaning 'little sister' in Italian, will be light, young and casual. Aurora's Sorella, meaning 'sister' in Italian, is more formal and refined.' The restaurants will offer menus built around pizza and pasta, contemporary design and the imprimatur of De Laurentiis, a celebrity chef well known to viewers for hosting a series of shows on the Food Network cable channel. She has also written several cookbooks. De Laurentiis owns and operates two restaurants in Las Vegas and one in Scottsdale, Arizona. Penn Entertainment hopes De Laurentiis and the new land-based facilities will be a catalyst for the suburban Chicago casinos — once both riverboats — to grab a bigger slice of the state's expanding casino industry, which generated $1.69 billion in adjusted gross receipts last year, according to the Gaming Board. 'Just having Giada as a partner, she has fans that are going to come and see her outlet and taste the food and the recipes that she's created for us,' Jaime Williams, regional vice president of marketing for Penn Entertainment, told the Tribune. 'Those partnerships alone are going to drive in new customers, and the facilities themselves will drive in new customers.' When Illinois legalized riverboat gambling 35 years ago, it meant driving to places like Joliet, Aurora and Peoria, paying an admission fee and taking a two-hour ride down a river on a floating casino. The Empress Casino, the forerunner of Hollywood Casino Joliet, launched its first riverboat in June 1992 from a newly built dock on the Des Plaines River south of Joliet near Channahon. The southwest suburban casino quickly became one of the busiest in the state, adding a second boat in December 1993. The Hollywood Casino hit the Fox River in west suburban Aurora in June 1993 with two riverboats offering cruises from a downtown dock every 90 minutes. In 1999 the state eliminated the cruising regulations, allowing casinos to remain docked or simply be built over water. Harrah's Joliet became the first to ditch the boat in 2001, constructing a casino on barges connected to its pavilion. In 2002 Penn acquired the Hollywood Casino chain, which then included the Aurora location and casinos in Mississippi and Louisiana. In 2005 Penn added the Empress Casino as part of its acquisition of Argosy Gaming. The Joliet casino was rebranded as Hollywood in 2009, after a fire that destroyed its Egyptian-themed pavilion. By the time Rivers Casino Des Plaines opened in 2011 as what was to be the state's 10th and final casino, the northwest suburban facility was simply built over a 144,000-gallon man-made pool to qualify as a riverboat. The state's sweeping 2019 gambling expansion bill, which added everything from six new casinos to sports betting, took it one step further, allowing all casinos to be built on or moved to dry land. Rivers became the first to convert to a land-based casino, paying a $250,000 Gaming Board fee to drain the pool and expand over adjacent dry land in 2020. The state's newer casinos, including Bally's Chicago, Wind Creek Chicago Southland and Hard Rock Rockford, are all land-based. Now two of the state's oldest casinos — both still operating as permanently moored barges in Joliet and Aurora — are set to join the club. Penn is building the new $185 million Hollywood Casino Joliet in the Rock Run Collection, a sprawling 310-acre mixed-use development adjacent to the Interstate 80 and Interstate 55 interchange. The facility will feature expanded gaming, with 1,000 slots, 43 table games, a retail sportsbook, a 10,000-square-foot event center and restaurants, including Sorellina by Giada. The $360 million Aurora casino complex being developed near I-88 and Chicago Premium Outlets mall will include 1,200 gaming positions, a 220-room hotel, a retail sportsbook, a spa, an outdoor entertainment area, a 12,000-square-foot event center and Sorella by Giada, among other dining options. New casinos have proved a big draw in Illinois. Since the November opening of its 70,000-square-foot casino in East Hazel Crest, Wind Creek has catapulted to second place among the state's 16 casinos in revenue and admissions. In February, the south suburban casino generated nearly $13.5 million in adjusted gross receipts and drew more than 186,000 visitors, according to data from the Illinois Gaming Board. Rivers Casino Des Plaines once again topped the list, at $37.6 million in adjusted gross receipts and 216,000 visitors in February, according to the Gaming Board. Hard Rock Rockford, which moved from a temporary casino to a larger permanent facility in August, ranked third, with $11.2 million in adjusted gross receipts and 109,000 admissions. Bally's Chicago ranked fourth, with 97,000 admissions, and sixth with $8.8 million in adjusted gross receipts for February at its temporary Medinah Temple facility. Rhode Island-based Bally's, whose planned $250 million IPO for minority investors in the Chicago casino stalled at the SEC, recently broke ground on a $1.7 billion entertainment complex in River West slated to open in September 2026. Languishing in the middle of the state's pack, Hollywood Aurora ranked seventh, with 63,000 admissions, and eighth at $7.6 million in revenue for February. Hollywood Joliet was 10th, with 48,000 visitors, and ninth in revenue at $6.8 million, according to the Gaming Board. Penn Entertainment, a publicly traded company, has grown to 42 casinos and racetracks in North America, including Ameristar Casino East Chicago in northwest Indiana, the Argosy Casino in downstate Alton near St. Louis and 18 Hollywood-branded casinos. The company is banking on the new land-based casinos, including Giada's restaurants, to boost the Hollywood brand in suburban Chicago. 'Our goal is to attract new customers and new people interested in what we're going to be offering, not just from a gaming perspective, but from an entertainment perspective,' Williams said. rchannick@
Chicago Tribune
12-03-2025
- Business
- Chicago Tribune
Hollywood Casino partnering with celebrity chef Giada De Laurentiis on Joliet, Aurora restaurants
The Hollywood casinos in Joliet and Aurora, which are both building new land-based facilities, are bringing in some star power for their planned restaurants. Celebrity chef Giada De Laurentiis has partnered with Hollywood parent company Penn Entertainment to launch two Italian restaurants at the suburban Chicago sister casinos. Sorella by Giada, a 170-seat restaurant featuring De Laurentiis' 'signature fusion of classic Italian cuisine and modern California influence,' is expected to open at Hollywood Casino Aurora in the first half of 2026. The more casual Sorellina at Hollywood Casino Joliet is slated to open in the fourth quarter of this year. Both restaurants are pending completion of their respective developments and regulatory approval by the Illinois Gaming Board. 'The two spaces are complementary but ultimately offer different aesthetics,' De Laurentiis said in a news release. 'Joliet's Sorellina, meaning 'little sister' in Italian, will be light, young and casual. Aurora's Sorella, meaning 'sister' in Italian, is more formal and refined.' The restaurants will offer menus built around pizza and pasta, contemporary design and the imprimatur of De Laurentiis, a celebrity chef well known to viewers for hosting a series of shows on the Food Network cable channel. She has also written several cookbooks. De Laurentiis owns and operates two restaurants in Las Vegas and one in Scottsdale, Arizona. Penn Entertainment hopes De Laurentiis and the new land-based facilities will be a catalyst for the suburban Chicago casinos — once both riverboats — to grab a bigger slice of the state's expanding casino industry, which generated $1.69 billion in adjusted gross receipts last year, according to the Gaming Board. 'Just having Giada as a partner, she has fans that are going to come and see her outlet and taste the food and the recipes that she's created for us,' Jaime Williams, regional vice president of marketing for Penn Entertainment, told the Tribune. 'Those partnerships alone are going to drive in new customers, and the facilities themselves will drive in new customers.' When Illinois legalized riverboat gambling 35 years ago, it meant driving to places like Joliet, Aurora and Peoria, paying an admission fee and taking a two-hour ride down a river on a floating casino. The Empress Casino, the forerunner of Hollywood Casino Joliet, launched its first riverboat in June 1992 from a newly built dock on the Des Plaines River south of Joliet near Channahon. The southwest suburban casino quickly became one of the busiest in the state, adding a second boat in December 1993. The Hollywood Casino hit the Fox River in west suburban Aurora in June 1993 with two riverboats offering cruises from a downtown dock every 90 minutes. In 1999 the state eliminated the cruising regulations, allowing casinos to remain docked or simply be built over water. Harrah's Joliet became the first to ditch the boat in 2001, constructing a casino on barges connected to its pavilion. In 2002 Penn acquired the Hollywood Casino chain, which then included the Aurora location and casinos in Mississippi and Louisiana. In 2005 Penn added the Empress Casino as part of its acquisition of Argosy Gaming. The Joliet casino was rebranded as Hollywood in 2009, after a fire that destroyed its Egyptian-themed pavilion. By the time Rivers Casino Des Plaines opened in 2011 as what was to be the state's 10th and final casino, the northwest suburban facility was simply built over a 144,000-gallon man-made pool to qualify as a riverboat. The state's sweeping 2019 gambling expansion bill, which added everything from six new casinos to sports betting, took it one step further, allowing all casinos to be built on or moved to dry land. Rivers became the first to convert to a land-based casino, paying a $250,000 Gaming Board fee to drain the pool and expand over adjacent dry land in 2020. The state's newer casinos, including Bally's Chicago, Wind Creek Chicago Southland and Hard Rock Rockford, are all land-based. Now two of the state's oldest casinos — both still operating as permanently moored barges in Joliet and Aurora — are set to join the club. Penn is building the new $185 million Hollywood Casino Joliet in the Rock Run Collection, a sprawling 310-acre mixed-use development adjacent to the Interstate 80 and Interstate 55 interchange. The facility will feature expanded gaming, with 1,000 slots, 43 table games, a retail sportsbook, a 10,000-square-foot event center and restaurants, including Sorellina by Giada. The $360 million Aurora casino complex being developed near I-88 and Chicago Premium Outlets mall will include 1,200 gaming positions, a 220-room hotel, a retail sportsbook, a spa, an outdoor entertainment area, a 12,000-square-foot event center and Sorella by Giada, among other dining options. New casinos have proved a big draw in Illinois. Since the November opening of its 70,000-square-foot casino in East Hazel Crest, Wind Creek has catapulted to second place among the state's 16 casinos in revenue and admissions. In February, the south suburban casino generated nearly $13.5 million in adjusted gross receipts and drew more than 186,000 visitors, according to data from the Illinois Gaming Board. Rivers Casino Des Plaines once again topped the list, at $37.6 million in adjusted gross receipts and 216,000 visitors in February, according to the Gaming Board. Hard Rock Rockford, which moved from a temporary casino to a larger permanent facility in August, ranked third, with $11.2 million in adjusted gross receipts and 109,000 admissions. Bally's Chicago ranked fourth, with 97,000 admissions, and sixth with $8.8 million in adjusted gross receipts for February at its temporary Medinah Temple facility. Rhode Island-based Bally's, whose planned $250 million IPO for minority investors in the Chicago casino stalled at the SEC, recently broke ground on a $1.7 billion entertainment complex in River West slated to open in September 2026. Languishing in the middle of the state's pack, Hollywood Aurora ranked seventh, with 63,000 admissions, and eighth at $7.6 million in revenue for February. Hollywood Joliet was 10th, with 48,000 visitors, and ninth in revenue at $6.8 million, according to the Gaming Board. Penn Entertainment, a publicly traded company, has grown to 42 casinos and racetracks in North America, including Ameristar Casino East Chicago in northwest Indiana, the Argosy Casino in downstate Alton near St. Louis and 18 Hollywood-branded casinos. The company is banking on the new land-based casinos, including Giada's restaurants, to boost the Hollywood brand in suburban Chicago. 'Our goal is to attract new customers and new people interested in what we're going to be offering, not just from a gaming perspective, but from an entertainment perspective,' Williams said.
