Penn National Gaming Names Anthony Carlucci General Manager Of Harrah’s St. Louis

Penn National Gaming, Inc. (Nasdaq: PENN) announced today that subject to customary regulatory approvals, Anthony Carlucci, 51, will serve as Vice President and General Manager of Harrah’s St. Louis upon the completion of Penn National’s acquisition of the facility, which is expected to occur in the fourth quarter of 2012. Mr. Carlucci currently serves as Vice President/General Manager of Penn National’s Hollywood Casino Tunica and the Company has commenced a search to fill the General Manager role at Hollywood Casino Tunica.

Penn National also announced the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended (“HSR”), with respect to the proposed acquisition of Harrah’s St. Louis. Following the completion of the acquisition, Penn National intends to rebrand the property with its Hollywood-themed brand.

Over his nearly 30-year gaming industry career, Anthony Carlucci has held various management positions starting in 1982 at Harrah’s Resort Atlantic City. Carlucci moved within the Harrah’s organization and served as Director of Food and Beverage at Harrah’s Metropolis in southern Illinois from March 2001 to November 2002. He joined Argosy Gaming Company (which was acquired by Penn National in 2005) in November 2002 and served as Director of Operations at Empress Casino Hotel in Joliet, Illinois until 2007 when he was named Assistant General Manager of Boomtown Biloxi. Since October 2009 he has served as General Manager of Hollywood Casino Tunica. He is a registered Certified Public Accountant (in Maryland).

Thomas P. Burke, Senior Vice President Regional Operations of Penn National Gaming, commented, “Tony has been instrumental in Hollywood Casino Tunica’s financial and operational success since becoming the property’s General Manager nearly three years ago. He has expertly led his team through a number of economic, weather-related and competitive challenges while maintaining a strong focus on providing the customer service and experience our guests have come to expect. As such, we believe Tony is the ideal candidate to lead the planned addition of Harrah’s St. Louis into Penn National’s Hollywood family and build on the facility’s existing success and position in the attractive St. Louis market. Under Tony’s guidance, Penn National looks to work closely with Caesars, the existing local team and the community to ensure a seamless transition for our customers, vendors and Missouri regulators.”

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 currently developing a casino in Columbus, Ohio targeted to open in fall 2012 and has agreed to acquire Harrah’s St. Louis gaming and lodging facility from Caesars Entertainment with the transaction expected to close in the second half of 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 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 receive timely regulatory approval for and to otherwise complete the planned acquisition, including satisfaction of all conditions precedent set forth in the definitive purchase agreement; the costs and risks of litigation and/or exercise of remedies, including the loss of any deposits, as set forth in the purchase agreement or otherwise in the event that the transactions contemplated in the purchase agreement are not consummated; our ability to obtain the financing on acceptable terms and rates necessary to complete the planned acquisition; our ability to successfully integrate such acquisition 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; 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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