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Penn Gaming won't proceed with Rosecroft Raceway

28 Nov 2007

YOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it will not proceed with its proposed acquisition of Rosecroft Raceway in Fort Washington, Maryland.

On November 19, 2007, the Governor of Maryland signed into law an Act authorizing up to 15,000 video lottery terminals at five locations across the state subject to passage of a statewide referendum in November 2008. The Legislation expressly excludes Prince George's County, the host community of Rosecroft Raceway. As a result, Rosecroft, which already has been operating at a loss, will be denied the opportunity for an alternative revenue source that would enable it to compete with other tracks in the state and racing and gaming venues in neighboring states. Reflecting this development and other factors, Penn National Gaming has decided, pursuant to its rights under the purchase agreement, not to move forward with its acquisition of Rosecroft Raceway.

Penn National Gaming expects to record a one-time charge of $0.01 per diluted share in the quarter ending December 31, 2007 related to the termination of the proposed transaction. This charge was not contemplated in the 2007 fourth quarter and full year guidance that the Company issued on October 25, 2007.

 
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