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Penn National Gaming Files For Ohio VLT Licenses And Consent To Relocate Its Racetracks To The Mahoning Valley And Dayton

The new Austintown facility – which will be a thoroughbred track – will be located on 184 acres in Austintown’s Centrepointe Business Park near the intersection of Interstate 80 and Ohio Route 46. It will be known as Hollywood Slots at Mahoning Valley Race Course.

The Dayton facility – a standardbred track – will be located on 125 acres on the site of an abandoned Delphi Automotive plant near Wagner Ford and Needmore roads in North Dayton. It will be called Hollywood Slots at Dayton Raceway.

Full details and design of both projects are in the development stage.

If approved, the Mahoning Valley and Dayton racinos will be the third and fourth new Penn National facilities to open in Ohio. The company opened the $320 million Hollywood Casino Toledo on May 29, and construction is near completion on the $400 million Hollywood Casino Columbus, which is expected to open in the fall of this year.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The company presently operates twenty-seven facilities in nineteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National's operated facilities currently feature approximately 31,700 gaming machines, approximately 725 table games, 2,400 hotel rooms and 1.35 million square feet of gaming floor space. Penn National is also developing a casino in Columbus, Ohio targeted to open in fall 2012.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Penn National Gaming describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2011. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to successfully integrate the new facilities into our existing business and to achieve the expected returns; our ability to receive, or delays in obtaining, the regulatory approvals required to own, develop and/or operate our facilities (which can result in lost revenue and forfeiture of deposits), or other delays or impediments to completing our planned projects, including favorable resolution of any related litigation, including the recent appeal by the Ohio Roundtable addressing the legality of VLTs in Ohio; our ability to reach agreements with the thoroughbred and harness horsemen addressing the subsidy from the operator to the racing industry; our ability to secure state and local permits and approvals necessary for construction; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.

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