Penn National Gaming Extends Expiration Date for Tender Offers

WYOMISSING, Pennsylvania – (PRESS RELEASE) -- Penn National Gaming, Inc. (Nasdaq: PENN) announced today that its wholly owned subsidiary Thoroughbred Acquisition Corp. ("TAC"), in connection with the previously announced cash tender offers for any and all of the $200 million aggregate outstanding principal amount of Argosy Gaming Company's ("Argosy") 9% senior subordinated notes due 2011 (CUSIP No. 040228-AJ-7) and any and all of the $350 million aggregate outstanding principal amount of Argosy's 7% senior subordinated notes due 2014 (CUSIP No. 040228-AL-2), has extended the expiration date of each of the tender offers under the Offers to Purchase and Consent Solicitation Statements, each dated July 21, 2005 (each, an "Offer to Purchase"), to 12:00 midnight, New York City time, on August 31, 2005, unless extended or earlier terminated by TAC with respect to that issue of notes. The price determination date has been extended to 2:00 p.m., New York City time, on August 17, 2005, unless further extended.

The tender offers are being conducted in connection with Penn's pending acquisition of Argosy. The closing of the acquisition of Argosy remains subject to certain conditions, including the receipt of gaming approvals in Illinois and Louisiana. Penn's pending acquisition of Argosy is on the August 16 agenda for review by the Louisiana Gaming Control Board and on the August 25 agenda for review by the Illinois Gaming Board. Though there can be no assurances on the outcomes of these meetings, if the Louisiana and Illinois regulatory approvals are secured, Penn expects the acquisition of Argosy to close on September 1, 2005.

The obligation to accept for payment and to pay for notes in each tender offer is subject to customary conditions, including, among other things, the consummation of Penn's acquisition of Argosy, or TAC being satisfied in its sole discretion that such consummation will occur substantially concurrently with the expiration date of the tender offers, and TAC having received the proceeds of the financing on terms satisfactory to Penn, or being satisfied in its sole discretion that such financing and such proceeds will be received substantially concurrently with the expiration date of the tender offers.