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Penn National Gaming Submits Proposal for $700 Million Hollywood Casino Resort at Rosecroft Raceway



  Penn National Gaming Submits Proposal for $700 Million Hollywood Casino
  Resort at Rosecroft Raceway

Business Wire

WYOMISSING, Pa. & OXON HILL, Md. -- May 10, 2013

Penn National Gaming, Inc. (PENN: Nasdaq) (the “Company”) today submitted a
proposal to the Maryland Video Lottery Facility Location Commission for a $700
million casino resort project to be constructed at the Company’s Rosecroft
Raceway in Prince George’s County, Maryland. Originally opened in 1947,
Rosecroft is located approximately 13 miles south of Washington, D.C. just
outside the Washington Beltway.

Penn National’s proposed Hollywood Casino Resort at Rosecroft Raceway includes
an integrated casino gaming and racing entertainment facility that will
feature video lottery terminals (“VLT”); live table games; a poker room; a
hotel with a pool and spa; a variety of food and beverage options; an
entertainment and multi-purpose event center; a new grandstand facility; and,
structured and surface parking. A rendering of Penn National’s proposed resort
development is available at: www.rosecroft.com.

The Company expects the new project to generate approximately 4,600 direct and
indirect construction jobs, and 2,600 permanent direct and indirect jobs. Penn
National intends to schedule and execute the development of Hollywood Casino
Resort at Rosecroft Raceway to allow for the uninterrupted operations of the
track and its year-round horseracing meet. The Company has retained Urban
Design Group, responsible for leading gaming and resort facilities – including
four key Hollywood Casino projects as well as Four Winds Casino Resort in
Michigan – as the architect of record for the proposed development.

“We believe our proposed Hollywood Casino Resort at Rosecroft Raceway
represents the best way forward for Prince George’s County and the state of
Maryland as it ensures the track’s long-term viability, provides further
stability to the local horsemen and the state’s horseracing industry, brings
significant new investment and employment to the area and will be a long-term
driver of elevated economic activity,” said Tim Wilmott, President and Chief
Operating Officer of Penn National Gaming. “Penn National is excited to bring
its Hollywood brand to the six million residents of the greater Washington
D.C. area, providing an easily accessible, world-class entertainment
experience that features the best in casino gaming, live harness racing,
dining and accommodations. We are looking forward to a fair and objective
selection process and working with the local community and the state
regulators to make this vision of a Rosecroft Raceway of the future a reality.
Finally, Penn National has strong record with gaming regulators, the
industry’s most extensive record of development and operation of first-class
gaming facilities, and the Company’s strong balance sheet is an asset to the
project which ensures that we can and will build the resort facility we are
proposing.”

Rosecroft Raceway is located approximately 13 miles south of Washington, D.C.
on approximately 125 acres just outside the Washington Beltway in Prince
George’s County, Maryland. Originally opened in 1947 and closed in 2010
following the end of live racing a year earlier, Penn National re-opened the
facility in 2011 for live harness racing and race simulcasting. The current
facility includes a 5/8-mile oval track, paddock area, a 53,000 square foot
grandstand building and 96,000 square-foot three story clubhouse building with
dining facilities.

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,
but are not limited to, risks related to the following: the proposed
separation of PropCo from PENN, including our ability to timely receive all
necessary consents and approvals,; our ability to secure timely 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 organized
labor groups; 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 rapid emergence of
new competitors (traditional, internet based and sweepstakes 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, 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.

Contact:

Penn National Gaming, Inc.
Eric Schippers, 610-378-8321
Senior Vice President, Public Affairs
eric.schippers@pngaming.com
or
JCIR
Joseph N. Jaffoni, Richard Land
212-835-8500
penn@jcir.com
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