Press Release Details

WYOMISSING, Pa., Jan 16, 2002 (BUSINESS WIRE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it will release its fourth quarter financial results at 7:00 a.m. EST on Thursday, February 7 and will host a conference call and simultaneous webcast at 10:00 a.m. EST on Thursday, February 7. Both the call and webcast are open to the general public.

The conference call number is 212/676-5234 or 415/537-1944; please call five minutes in advance to ensure that you are connected prior to the presentation. Questions and answers will be reserved for call-in analysts and investors. Interested parties may also access the live call on the Internet at www.companyboardroom.com; allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the call can be accessed until February 21, by dialing 800/633-8284 or 858/812-6440 (international callers). The access code for the replay is 20205482. A replay of the call can also be accessed for thirty days on the Internet via www.companyboardroom.com.

Penn National Gaming owns and operates Charles Town Races in Charles Town, West Virginia, which presently features 2,000 gaming machines; two Mississippi casinos, the Casino Magic hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; and the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana. Penn National also owns two racetracks and eleven off-track wagering facilities in Pennsylvania and the racetrack at Charles Town Races in West Virginia, and operates the Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract. In August 2001, Penn National agreed to acquire Bullwhackers Casino, the adjoining Bullpen Sports Casino, and Silver Hawk Saloon and Casino in Black Hawk, Colorado.

In addition to historical facts or statements of current condition, this press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, statements regarding the potential benefits and risks related to completing the planned acquisition of the Colorado Gaming and Entertainment Co. assets. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or words and terms of similar meaning. The Company describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, its most recent quarterly reports on Form 10-Q and its Current Reports on Form 8-K. These risks and uncertainties could cause the Company's actual results and experience to differ materially from anticipated results and expectations expressed in any forward-looking statements. Given these risks and uncertainties, any or all forward-looking statements in this press release may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, the Company does not intend (and is not obligated) to update publicly any forward-looking statements. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.

CONTACT:          Penn National Gaming, Inc.
                  Robert Ippolito, 610/373-2400
                  or
                  Jaffoni & Collins Incorporated
                  Joseph N. Jaffoni, 212/835-8500
                  penn@jcir.com

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