Penn National Gaming extends merger end date

9 Jun 2008

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) (the "Company") announced today that it has, in accordance with the terms of the merger agreement providing for the acquisition of the Company by PNG Acquisition Company Inc. ("Parent"), an entity indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG - News) ("Fortress") and Centerbridge Partners, L.P. ("Centerbridge"), delivered a notice to Parent extending the end date of the merger agreement (the "End Date") by 120 days, from June 15, 2008 to October 13, 2008.

On June 15, 2007, the Company announced that it had entered into a definitive agreement to be merged into an entity owned by Parent. Under the terms of the merger agreement, either party has the right to extend the End Date by 120 days by delivery of notice to the other if all of the conditions to the closing of the merger are or were capable of being satisfied on June 15, 2008 other than the condition relating to the receipt of gaming approvals. Since consideration of the merger remains pending before a number of state regulatory authorities, as more fully described below, the Company has concluded that the requisite regulatory approvals will not be obtained on or prior to June 15, 2008. The merger agreement further provides that the $67.00 per share merger consideration is to be increased $0.0149 per day, commencing June 15, 2008.

The timing of the closing is subject to obtaining certain regulatory approvals and satisfying other customary closing conditions; however, no assurance can be given whether or when such regulatory approvals may be obtained or such other customary closing conditions may be satisfied. At a special meeting of shareholders held on December 12, 2007, the Company's shareholders approved the merger agreement. Also, in December 2007, the applicable waiting period under the Hart-Scott-Rodino Act expired without Fortress, Centerbridge or the Company receiving a second request for information.

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	Penn National Gaming extends merger end date 9 Jun 2008 WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) (the "Company") announced today that it has, in accordance with the terms of the merger agreement providing for the acquisition of the Company by PNG Acquisition Company Inc. ("Parent"), an entity indirectly owned by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG - News) ("Fortress") and Centerbridge Partners, L.P. ("Centerbridge"), delivered a notice to Parent extending the end date of the merger agreement (the "End Date") by 120 days, from June 15, 2008 to October 13, 2008. On June 15, 2007, the Company announced that it had entered into a definitive agreement to be merged into an entity owned by Parent. Under the terms of the merger agreement, either party has the right to extend the End Date by 120 days by delivery of notice to the other if all of the conditions to the closing of the merger are or were capable of being satisfied on June 15, 2008 other than the condition relating to the receipt of gaming approvals. Since consideration of the merger remains pending before a number of state regulatory authorities, as more fully described below, the Company has concluded that the requisite regulatory approvals will not be obtained on or prior to June 15, 2008. The merger agreement further provides that the $67.00 per share merger consideration is to be increased $0.0149 per day, commencing June 15, 2008. The timing of the closing is subject to obtaining certain regulatory approvals and satisfying other customary closing conditions; however, no assurance can be given whether or when such regulatory approvals may be obtained or such other customary closing conditions may be satisfied. At a special meeting of shareholders held on December 12, 2007, the Company's shareholders approved the merger agreement. Also, in December 2007, the applicable waiting period under the Hart-Scott-Rodino Act expired without Fortress, Centerbridge or the Company receiving a second request for information.