Penn National Gaming Secures Ohio Racing Commission Approval for the Relocation of Its Two Racetracks

  Penn National Gaming Secures Ohio Racing Commission Approval for the
  Relocation of Its Two Racetracks

Business Wire

WYOMISSING, Pa. & AUSTINTOWN, Ohio & DAYTON, Ohio -- May 1, 2013

Penn National Gaming, Inc. (Nasdaq: PENN) (the “Company”) today announced that
it has received approval from the Ohio Racing Commission for the relocation of
Beulah Park in Columbus to Austintown in Mahoning Valley and the relocation of
Raceway Park in Toledo to Dayton. Under the terms of the Company’s prior
agreement with the State of Ohio, Penn National will pay a $75 million
relocation fee for each racetrack and a $50 million video lottery terminal
(“VLT”) license fee per facility. The Company plans to invest approximately
$125 million in the construction of each new racetrack and VLT facility and
expects both to open in 2014.

Pursuant to a resolution reached with the Ohio Racing Commission, Penn
National will open its Hollywood at Mahoning Valley Race Course facility with
seating capacity for 1,001 patrons with views of live racing. The new
thoroughbred racing facility will be located on 184 acres in Austintown’s
Centrepointe Business Park. Hollywood at Dayton Raceway, a standardbred track,
will be located on 125 acres in North Dayton on the site of an abandoned
Delphi Automotive plant with seating capacity for 1,037 patrons with views of
live racing. Plans for the Austintown and Dayton facilities include up to
1,500 VLTs, as well as restaurants, bars and other amenities at each facility.
Penn National expects Both Hollywood at Mahoning Valley Race Course and
Hollywood at Dayton Raceway to create approximately 1,000 direct and indirect
jobs as well as approximately 1,000 construction jobs.

“We are extremely pleased to receive approval from the Ohio Racing Commission
for our relocation plans and are thankful to the Commission for their efforts
in reaching an agreement that allows us to immediately begin construction of
the facilities in Austintown and Dayton which in turn will further strengthen
the state’s racing industry,” said Tim Wilmott, President and COO of Penn
National Gaming. “These two new racetrack and VLT facilities represent
significant economic development projects for the state of Ohio and will
create a substantial number of new jobs while further maximizing revenues for
the state.

“Additionally, the Ohio Racing Commission today approved an agreement that
will allow our Beulah Park facility in Columbus to host River Downs’ spring
race meet beginning on May 19. We believe this agreement also highlights Penn
National’s support of Ohio’s racing industry and we are happy to work with
River Downs to provide a place for their horsemen to continue their spring
meet uninterrupted while their facility in Cincinnati moves forward with a
substantial redevelopment of its own.”

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 34,800 gaming machines,
approximately 850 table games, 2,900 hotel rooms and approximately 1.6 million
square feet of gaming floor space.

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. 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
favorable resolution of any related litigation, including the appeal by the
Ohio Roundtable addressing the legality of video lottery terminals in Ohio;
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; our ability
to reach agreements with the State of Ohio that memorialize our earlier
Memorandum of Understanding, our ability to reach agreements with the
thoroughbred and harness horseman in Ohio in connection with the proposed and
other factors as discussed in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2012, 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.


Penn National Gaming, Inc.
William J. Clifford, 610-373-2400
Chief Financial Officer
Joseph N. Jaffoni, Richard Land
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