Penn National Gaming Appoints New Director

30 Jan 2004

WYOMISSING, Pennsylvania -- (Press Release) -- Penn National Gaming, Inc. (Nasdaq:PENN) announced today the appointment of Barbara Z. Shattuck, 53, to its Board effective January 29. With the addition of Ms. Shattuck, Penn National's Board now includes six directors, five of whom are independent as specified in the corporate governance rules of the Nasdaq Stock Market.

Ms. Shattuck, a Principal of Shattuck Hammond Partners LLC -- an investment banking firm specializing in healthcare, technology, consumer and industrial products -- brings over 30 years of financial and investment banking industry experience to the Penn National Board.

Prior to co-founding Shattuck Hammond in 1993, Ms. Shattuck spent 11 years at an investment banking firm she co-founded, Cain Brothers, Shattuck & Company, Inc. From 1976 to 1982 she was Vice President at Goldman, Sachs & Co., where she managed the firm's healthcare finance department and oversaw client relationships and financings of over $3 billion during her tenure. Ms. Shattuck began her career as a municipal bond analyst at Standard & Poor's Corporation.

"We are delighted to welcome Barbara to Penn National's Board of Directors," stated Chairman and Chief Executive Officer Peter M. Carlino. "She brings a wealth of expertise and experience in both finance and investment banking to our Company, and we look forward to the benefit of her counsel and guidance as a contributing, independent member of our Board."

Ms. Shattuck is a Principal and Registered Representative of the New York Stock Exchange, American Stock Exchange and NASD. She chairs the Connecticut College Board of Trustees, and is an active member of the boards of a number of not-for-profit organizations. In addition, Ms. Shattuck is a director of Sun Life Insurance and Annuity Company of New York, and served until 2000 as a director of Computer Task Group. She also serves on the boards of several private companies.

Penn National Gaming owns and operates: three Hollywood Casino properties located in Aurora, Illinois, Tunica, Mississippi and Shreveport, Louisiana; Charles Town Races & Slots(TM) in Charles Town, West Virginia; two Mississippi casinos, the Casino Magic - Bay St. Louis hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and the Bullwhackers casino properties in Black Hawk, Colorado. Penn National also owns two racetracks and 11 off-track wagering facilities in Pennsylvania; the racetrack at Charles Town Races & Slots in West Virginia; a 50% interest in the Pennwood Racing Inc. joint venture which owns and operates Freehold Raceway in New Jersey; and operates Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract.

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	Penn National Gaming Appoints New Director 30 Jan 2004 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> WYOMISSING, Pennsylvania -- (Press Release) -- Penn National Gaming, Inc. (Nasdaq:PENN) announced today the appointment of Barbara Z. Shattuck, 53, to its Board effective January 29. With the addition of Ms. Shattuck, Penn National's Board now includes six directors, five of whom are independent as specified in the corporate governance rules of the Nasdaq Stock Market. Ms. Shattuck, a Principal of Shattuck Hammond Partners LLC -- an investment banking firm specializing in healthcare, technology, consumer and industrial products -- brings over 30 years of financial and investment banking industry experience to the Penn National Board. Prior to co-founding Shattuck Hammond in 1993, Ms. Shattuck spent 11 years at an investment banking firm she co-founded, Cain Brothers, Shattuck & Company, Inc. From 1976 to 1982 she was Vice President at Goldman, Sachs & Co., where she managed the firm's healthcare finance department and oversaw client relationships and financings of over $3 billion during her tenure. Ms. Shattuck began her career as a municipal bond analyst at Standard & Poor's Corporation. "We are delighted to welcome Barbara to Penn National's Board of Directors," stated Chairman and Chief Executive Officer Peter M. Carlino. "She brings a wealth of expertise and experience in both finance and investment banking to our Company, and we look forward to the benefit of her counsel and guidance as a contributing, independent member of our Board." Ms. Shattuck is a Principal and Registered Representative of the New York Stock Exchange, American Stock Exchange and NASD. She chairs the Connecticut College Board of Trustees, and is an active member of the boards of a number of not-for-profit organizations. In addition, Ms. Shattuck is a director of Sun Life Insurance and Annuity Company of New York, and served until 2000 as a director of Computer Task Group. She also serves on the boards of several private companies. Penn National Gaming owns and operates: three Hollywood Casino properties located in Aurora, Illinois, Tunica, Mississippi and Shreveport, Louisiana; Charles Town Races & Slots(TM) in Charles Town, West Virginia; two Mississippi casinos, the Casino Magic - Bay St. Louis hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and the Bullwhackers casino properties in Black Hawk, Colorado. Penn National also owns two racetracks and 11 off-track wagering facilities in Pennsylvania; the racetrack at Charles Town Races & Slots in West Virginia; a 50% interest in the Pennwood Racing Inc. joint venture which owns and operates Freehold Raceway in New Jersey; and operates Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract.