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Penn National Gaming to Report Third Quarter Results on October 17

  Penn National Gaming to Report Third Quarter Results on October 17

Business Wire

WYOMISSING, Pa. -- October 11, 2013

Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it will release
its 2013 third quarter financial results at 7:00 a.m. ET on Thursday, October
17, 2013. The Company will not host a conference call or webcast in connection
with the release of its 2013 third quarter results, as it is in the process of
completing the previously announced planned separation of its operating assets
and real property assets.

The Company expects to complete the spin-off of Gaming and Leisure Properties,
Inc. (“GLPI”), which will hold substantially all of the Company’s real
property assets, on November 1, 2013. The completion of the spin-off is
subject to the satisfaction of certain conditions, including, without
limitation, the completion of the financings needed to fund each of the public
companies and the continuing validity of the factual representations
underlying the private letter ruling from the Internal Revenue Service
received by the Company. The prospectus of GLPI filed with the U.S. Securities
and Exchange Commission on Form 424B3 on October 10, 2013 describes these
conditions in further detail, and also contains more complete information
about GLPI and its separation from the Company, including financial
information and disclosures regarding GLPI’s capital structure, senior
management and relationship with Penn National Gaming.

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 31,000 gaming machines,
800 table games, 2,900 hotel rooms and approximately 8.8 million total
property square feet.

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 believes 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 GLPI from the Company, including our ability to timely receive
all necessary consents and approvals and satisfy all conditions to the
consummation of the spin-off, the anticipated timing of the proposed spin-off,
the expected tax treatment of the proposed transaction, the ability of each of
the post spin Company and GLPI to conduct and expand their respective
businesses following the proposed spin-off, and the diversion of management’s
attention from traditional business concerns; our ability to raise the capital
necessary to finance the spin-off, including the redemption of our existing
debt and preferred stock obligations, the anticipated cash portion of GLPI’s
special E&P dividend and transaction costs; and other factors as discussed in
the Registration Statement, and 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.
William J. Clifford
Chief Financial Officer
610-373-2400
or
JCIR
Joseph N. Jaffoni, Richard Land
212-835-8500
penn@jcir.com