Penn National Gaming Submits Application Fee to City of Springfield and Massachusetts Gaming Commission

  Penn National Gaming Submits Application Fee to City of Springfield and
  Massachusetts Gaming Commission

Business Wire

SPRINGFIELD, Mass. -- December 14, 2012

Penn National Gaming, Inc. (PENN: Nasdaq) announced today that the company has
transmitted non-refundable application fees of $250,000 to the City of
Springfield and $400,000 to the Commonwealth of Massachusetts.

“As required by both the City of Springfield and Commonwealth of
Massachusetts, we are pleased to have provided our application fees today,”
said Tim Wilmott, President and COO of Penn National Gaming. “We are more
confident than ever that our proposal to develop a casino in the north end of
Springfield is superior to any others that have been proposed in Western
Massachusetts.”

Penn National has submitted to the City of Springfield and the Springfield
Redevelopment Authority a proposal to develop an approximately $807 million,
comprehensive economic development project which includes a Hollywood-branded
destination casino resort that will have materially positive ripple effects
for the region. Penn National is working in partnership with Peter Picknelly,
Chief Executive Officer of Springfield-based Peter Pan Bus Lines, to construct
the proposed new facility on 13.4 acres of land it controls in the north end
of Springfield.

Penn National’s proposal for Springfield is single-phase -- meaning all
aspects of the gaming project would be developed and opened at the same time.
Penn National has one of the strongest balance sheets in the industry and is
the country’s most active developer of new entertainment and gaming
destinations. Penn National is the only casino operator in the country to have
developed and opened six new facilities across the country over the past five
years including three new casinos in the past year.

Penn National will unveil additional proposal details at an event taking place
at the Paramount Theater in Springfield on December 20.

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-nine 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 36,800 gaming machines,
approximately 850 table games, 2,900 hotel rooms and approximately 1.6 million
square feet of gaming floor space.

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. Although Penn National Gaming, Inc. and its
subsidiaries (collectively, the “Company” or “PENN”) believe that our
expectations are based on reasonable assumptions within the bounds of our
knowledge of our business and operations, there can be no assurance that
actual results will not differ materially from our expectations. Meaningful
factors that could cause actual results to differ from expectations include,
but are not limited to, risks related to the following: the proposed
separation of PropCo from PENN, including our ability to receive, or delays in
obtaining, all necessary consents and approvals, the anticipated timing of the
proposed separation, the expected tax treatment of the proposed transaction,
the ability of each of the Company (post-spin) and PropCo to conduct and
expand their respective businesses following the proposed spin-off, and the
diversion of management’s attention from regular business concerns; our
ability to receive, or delays in obtaining, the regulatory approvals required
to own, develop and/or operate our facilities; local opposition and increased
cost of labor and materials; our ability to successfully negotiate required
agreements with the host community as well as surrounding communities; the
passage of state, federal or local legislation (including referenda) that
would expand, restrict, further tax, prevent or negatively impact operations
in or adjacent to the jurisdictions in which we do or seek to do business
(such as a smoking ban at any of our facilities); 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;
the activities of our competitors and the emergence of new competitors
(traditional and internet based); increases in the effective rate of taxation
at any of our properties or at the corporate level; our ability to identify
attractive acquisition and development opportunities and to agree to terms
with partners for such transactions; the costs and risks involved in the
pursuit of such opportunities and our ability to complete the acquisition or
development of, and achieve the expected returns from, such opportunities; our
expectations for the continued availability and cost of capital; the outcome
of pending legal proceedings; changes in accounting standards; our dependence
on key personnel; the impact of terrorism and other international hostilities;
the impact of weather; 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.

Contact:

Keyser Public Strategies
Will Keyser, 617-529-5849
will@keyserpublicstrategies.com
 
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