Penn National Gaming Reports Fourth Quarter Revenue Of $644.7 Million And Adjusted EBITDA Of $80.8 Million, Inclusive Of $69.5 Million Of Rent Expense

Penn National Gaming, Inc. (PENN: Nasdaq):

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Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National Gaming” or the “Company”) today reported fourth quarter operating results for the three months ended December 31, 2013, as summarized below:

On November 1, 2013, the Company completed the tax-free spin-off to its shareholders of Gaming and Leisure Properties, Inc. (“GLPI”). As a result, GLPI is now a separate, publicly traded company which owns the real estate associated with 19 Penn National Gaming casino facilities, including two facilities currently under development in Dayton and Austintown, Ohio and leases (or expects to lease with respect to Dayton and Austintown) these facilities to the Company. In addition, two other gaming facilities, which were formerly owned by Penn National Gaming, Hollywood Casino Perryville and Hollywood Casino Baton Rouge, are now owned and operated exclusively by subsidiaries of GLPI. GLPI also has funding commitments with respect to certain Penn National Gaming development projects. Reflecting the spin-off, Penn National Gaming began paying rent to GLPI effective November 1, 2013, and the Company’s financial results for the fourth quarter of 2013 include the operation of Hollywood Casino Perryville and Hollywood Casino Baton Rouge from October 1, 2013 through October 31, 2013. As a result, these two properties’ net revenues and adjusted EBITDA contributions declined to $12.5 million and $3.0 million for the fourth quarter of 2013, respectively, compared to $37.7 million and $7.9 million for the corresponding period in the prior year, respectively.

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