Penn National Gaming Delivers Formal Submission to Massachusetts Gaming Commission for $225 Million Plainridge Park Casino

  Penn National Gaming Delivers Formal Submission to Massachusetts Gaming
  Commission for $225 Million Plainridge Park Casino

 Nation’s Largest Owner and Operator of Both Regional Gaming and Pari-Mutuel
     Racing Facilities Proposes Harness Racing and Slots Only Facility to
                Revitalize Racing Industry in the Commonwealth

Business Wire

PLAINVILLE, Mass. & WYOMISSING, Pa. -- October 4, 2013

Penn National Gaming today delivered its formal application to the
Massachusetts Gaming Commission for a Category 2 gaming license for its
proposed Plainridge Park Casino located in Plainville, MA. Penn National is
proposing a $225 million fully integrated racing and gaming operation located
at the current Plainridge Race Track.

Penn National’s Plainridge Park Casino proposal includes a fully-integrated
106,000 square foot racing and gaming facility featuring live harness racing
and simulcasting, a 44,260 square foot gaming floor with 1,250 slot machines,
a high-end casual dining restaurant, the first-ever Doug Flutie Sports Bar, a
four-venue food court, multi-purpose banquet room, entertainment lounge and
casino bar, 1,620 structured and surface parking spaces, 26,000 square foot
grandstand with box and reserved seats, and 13,000 square foot clubhouse with
box seats. The project is expected to create 1,000 construction related jobs
and employ over 500 people, more than 90% of whom will be hired from the local
area.

“We are very excited to submit our formal application to the Massachusetts
Gaming Commission, and are confident that our proposal will create the best
opportunities in the Commonwealth for the sole Category 2 gaming license,”
said Tim Wilmott, President and Chief Operating Officer of Penn National
Gaming. “As the largest owner of both regional gaming and pari-mutuel racing
facilities in the country, Penn National has established a strong track record
of developing racing facilities into successful racing and gaming
entertainment operations. Our facilities benefit local horsemen, local
communities and all state residents through economic development leading to
the creation of new jobs and new tax revenues.”

Conveniently located one exit west of the I-495 /I-95 interchange, the
proposed Plainridge Park Casino facility is within a 10 minute drive of four
major entertainment venues -- Gillette Stadium at Patriot Place, Wrentham
Village Premium Outlets, TPC Boston, and the Comcast Center in Mansfield.

Mr. Wilmott added, “Significantly, our project is ideally located to recapture
gaming dollars that are now going to Rhode Island and Connecticut, and it will
save live harness racing in the Commonwealth and the thousands of acres of
green open space and jobs dependent on the industry. As North America’s
largest regional gaming operator, we have the experience, knowledge and
financial resources to optimize this project as an economic engine for the
region and the state.”

“Penn National began as a single racetrack operator in Pennsylvania and a
major part of our long-term growth is based on our success in helping
revitalize racetracks like Plainridge,” said Wilmott. “Plainridge Racecourse
is the only harness racetrack operating in the Commonwealth and an important
element of our proposal is our ability to save live harness racing and the
many hundreds of jobs and thousands of acres of open space that the industry
supports. We’ve experienced firsthand the type of revitalization that can
occur when you blend slot machine entertainment with the excitement of live
horse racing. In Bangor, Maine, for example, the addition of slot machines at
Bangor Historic Raceway has resulted in racing purses nearly tripling and the
number of race days doubling and we have generated similar results in West
Virginia, Pennsylvania and other markets throughout the country.”

Earlier this week, Penn National filed an application with the Gaming
Commission to hold 100 races in 2014,. which includes a long term agreement
with the Harness Horsemen Association of New England. Continued racing at
Plainridge will help support the 72 horse farms located throughout the
Commonwealth. On October 2, the Massachusetts Gaming Commission unanimously
ruled that Penn National Gaming was suitable to hold a gaming license in the
Commonwealth.

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-eight facilities in eighteen jurisdictions,
including 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 34,500 gaming machines,
850 table games, 2,900 hotel rooms and 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”) 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 that often occurs in new gaming jurisdictions; our
ability to secure state and local permits and approvals necessary for
operation and construction; construction factors, including delays, unexpected
remediation costs, local opposition and increased cost of labor and materials;
our ability to reach agreements with surrounding communities and organized
labor; the ultimate location of the various gaming facilities in
Massachusetts; 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:

Will Keyser, 617/529-5849
will@keyserpublicstrategies.com
or
Bill Ryan, 617/699-3057
bryan@pilgrimstrategies.com
 
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