Penn National Gaming Submits Bid for Illinois License

22 Jan 2004

WYOMISSING, Pennsylvania -- (Press Release) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has submitted a bid to finance and construct a casino in the greater Chicago area. As disclosed by the Illinois Gaming Board , Penn National was one of seven companies seeking to purchase the bankrupt Emerald Casino Inc. and one of three companies proposing to construct a casino in Rosemont, Illinois.

Financial details of the bid were not publicly disclosed at this time. It is presently expected that the Illinois Gaming Board will select three final bidders on February 23 and that the Illinois Gaming Board will announce the prevailing bidder on March 15.

Peter Carlino, Chairman and Chief Executive Officer of Penn National Gaming commented, "The proposal submitted by Penn National is highly competitive and reflects our expertise as a multi-jurisdictional operator and our proven property development skills. As the owner of Hollywood Casino Aurora, our proposal also reflects our heightened sensitivities to the economic returns sought by the state. While there can be no assurance that Penn National will emerge as the prevailing bidder, we are confident that our proposal squarely addresses the needs of the state both now and on a long-term basis."

The proposed Rosemont site is in close proximity to Chicago's O'Hare International Airport, accessible from major freeways and adjacent to Illinois' second-largest convention center, the 840,000 square-foot Rosemont Convention Center. Surrounding the site are nearly 6,000 hotel rooms and a major entertainment district that includes the 18,000-seat Allstate Arena and the 4,300-seat Rosemont Theatre.

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 eleven 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 Submits Bid for Illinois License 22 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. (PENN: Nasdaq) announced today that it has submitted a bid to finance and construct a casino in the greater Chicago area. As disclosed by the Illinois Gaming Board , Penn National was one of seven companies seeking to purchase the bankrupt Emerald Casino Inc. and one of three companies proposing to construct a casino in Rosemont, Illinois. Financial details of the bid were not publicly disclosed at this time. It is presently expected that the Illinois Gaming Board will select three final bidders on February 23 and that the Illinois Gaming Board will announce the prevailing bidder on March 15. Peter Carlino, Chairman and Chief Executive Officer of Penn National Gaming commented, "The proposal submitted by Penn National is highly competitive and reflects our expertise as a multi-jurisdictional operator and our proven property development skills. As the owner of Hollywood Casino Aurora, our proposal also reflects our heightened sensitivities to the economic returns sought by the state. While there can be no assurance that Penn National will emerge as the prevailing bidder, we are confident that our proposal squarely addresses the needs of the state both now and on a long-term basis." The proposed Rosemont site is in close proximity to Chicago's O'Hare International Airport, accessible from major freeways and adjacent to Illinois' second-largest convention center, the 840,000 square-foot Rosemont Convention Center. Surrounding the site are nearly 6,000 hotel rooms and a major entertainment district that includes the 18,000-seat Allstate Arena and the 4,300-seat Rosemont Theatre. 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 eleven 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.