Press Release Details

WYOMISSING, Pa. & KANSAS CITY, Kan., Mar 04, 2011 (BUSINESS WIRE) --

Penn National Gaming, Inc. (Nasdaq: PENN) announced today that Robert D. Sheldon, 55, has been named Vice President and General Manager of Hollywood Casino at Kansas Speedway in Kansas City, Kansas, subject to regulatory approval. Mr. Sheldon has served as General Manager of Hollywood Casino Aurora in Aurora, Illinois since joining Penn National in August 2010, and his successor for that position will be named shortly.

Hollywood Casino at Kansas Speedway, owned by Kansas Entertainment, LLC, ("Kansas Entertainment") a 50/50 joint venture of Penn Hollywood Kansas, Inc., a subsidiary of Penn National Gaming, Inc. and Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway Corporation (ISCA: Nasdaq Global Select Market; ISCB: OTC Bulletin Board) ("ISC"), is scheduled to open in the first half of 2012.

Prior to joining Penn National, Mr. Sheldon was President of Sugarhouse Casino in Philadelphia, Pennsylvania, which he joined in 2006, where he was responsible for the startup of the $400 million casino entertainment facility. From 2000 to 2006, Sheldon was Chief Operating Officer at Foxwoods Resort Casino in Mashantucket, Connecticut where he oversaw all operations at the resort, which generated over $1 billion in annual revenues. He also served in various management positions at the Golden Nugget Hotel Casino in Las Vegas, Nevada from 1989-2000, including as President from 1997-2000, and in various positions at the Reno Hilton Hotel Casino in Reno, Nevada and at the Las Vegas Hilton and Flamingo Hilton in Las Vegas. Mr. Sheldon has also served as Resident Manager at both the Beverly Hilton Hotel in Beverly Hills, California and at the Waldorf=Astoria Hotel in New York.

Timothy Wilmott, President and Chief Operating Officer of Penn National Gaming, commented, "Bob brings a wealth of relevant experience to his new role, including senior management positions with full responsibility for several of the country's most prominent gaming, resort and lodging and dining facilities in both regional and destination markets. Before joining Penn National last year, Bob oversaw the development of a $400 million casino entertainment facility in Philadelphia and that experience will be of great value as we move toward the completion of construction and the opening of Hollywood Casino at Kansas Speedway.

"Hollywood Casino at Kansas Speedway is a unique and exciting project that leverages the capabilities and resources of both Penn National and International Speedway Corporation and will benefit from the enormous national and worldwide draw of NASCAR(R) racing. The project is moving forward on schedule and on budget and we look forward to continuing our work with the ISC team and opening the facility in the first half of 2012."

Located adjacent to Turn 2 at the Kansas Speedway, the $411 million initial phase of the Hollywood Casino at Kansas Speedway will feature an 82,000 square foot casino with 2,000 slot machines and 52 table games, a 1,253 space parking structure as well as a sports-themed bar, dining and entertainment options.

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-three facilities in sixteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Maryland, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature over 27,000 gaming machines, over 500 table games, over 2,000 hotel rooms and over 1 million square feet of gaming floor space.

Penn National Gaming recently opened Maryland's first casino and added table games to its facilities in West Virginia and Pennsylvania. Through a joint venture, Penn National is developing a full casino at Kansas Speedway in Kansas City, which is anticipated to open in the first half of 2012, and is also developing casinos in Toledo and Columbus, Ohio, with openings targeted for 2012. In September 2010, the Company agreed to establish a joint venture (subject to final approval by the Texas Racing Commission and the satisfaction of certain other closing conditions) to own and operate pari-mutuel operations in Texas, including the Sam Houston Race Park in Houston, the Valley Race Park in Harlingen, and a planned racetrack in Laredo. In October 2010, Penn National purchased all of the outstanding debt of The M Resort LLC. The M Resort Spa Casino is situated on over 90 acres on the southeast corner of Las Vegas Boulevard.

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. Penn describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2010. Meaningful factors which could cause actual results to differ from expectations described in this press release include, but are not limited to, the passage of state, federal or local legislation that would expand, restrict, further tax or prevent racing and/or gaming operations; the activities of our competitors and the emergence of new competitors; construction factors, including delays, local opposition and increased cost of labor and materials; the costs and risks involved in the pursuit of those development opportunities; the availability and cost of financing; the effects of local and national economic, credit, capital market, housing, energy conditions on the economy in general and on the gaming and lodging industries in particular; our relations and agreements with horsemen groups and labor unions; our receipt of applicable regulatory approvals and other factors as discussed in the Company's filings with the United States Securities and Exchange Commission. Furthermore, the Company does not intend to update publicly any forward-looking statements except as required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.

SOURCE: Penn National Gaming, Inc.

Penn National Gaming, Inc.
William J. Clifford
Chief Financial Officer
610-373-2400
or
Jaffoni & Collins Incorporated
Joseph N. Jaffoni, Richard Land
212-835-8500 or penn@jcir.com