What happened Shares of casino company Penn National Gaming (NASDAQ: PENN) jumped an incredible 51.5% in August, according to data provided by S&P Global Market Intelligence, after reporting earnings from the second quarter. Shares got another boost on Sept. 1 after an analyst upgrade, but have fallen back in the trading days since then. So what For the second quarter, revenue was $305.5 million and adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent or restructuring costs) was $24.5 million, an impressive cash flow for a quarter affected by COVID-19. Management said that properties that were open saw just a 6% decrease in revenue versus a year ago, so customers are coming back to regional casinos rapidly. Image source: Getty Images. Investors are also excited about the development of the Barstool Sportsbook, which will help Penn National in the online gambling business. A Barstool branded app won't launch until late this year or early in 2021, but there's still a lot of excitement about online gambling making Penn National a long-term growth stock. Now what While earnings were the biggest fundamental news for Penn National, the stock is really rising on excitement about online gambling. DraftKings (NASDAQ: DKNG) and Everi Holdings (NYSE: EVRI) are two of the online gambling stocks that have gone crazy over the last few months, and now Penn National is joining them. The online gambling business may be big nationwide, but Penn National is far from an online competitor, and it may not be the financial impact investors hope for. So if you buy the stock today, it should be mainly because you believe in the recovery of regional casino gambling. 10 stocks we like better than Penn National GamingWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Penn National Gaming wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source