Penn National, President Casinos Enter Agreement

11 Aug 2004

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has agreed to purchase all of the outstanding capital stock of President Riverboat Casino-Missouri, which does business as President Casino St. Louis Riverfront, from President Casinos, Inc., for approximately $28 million in cash. If completed, the stock purchase transaction and acquisition of President Casino St. Louis Riverfront is anticipated to close in mid-2005, and is expected to be accretive to Penn National Gaming's earnings.

At present, President Riverboat Casino-Missouri and President Casinos, Inc. are the subjects of federal bankruptcy proceedings. The stock purchase transaction is subject to customary closing conditions and approvals, including approval by the Missouri Gaming Commission, other regulatory bodies and the bankruptcy courts and creditors. The agreement will be submitted to the United States Bankruptcy Court for the Eastern District of Missouri and will be subject to a potential overbid.

Located on the Mississippi River in St. Louis, Missouri, President Casino St. Louis Riverfront is housed on the historic Admiral riverboat and consists of a 70,000 square foot casino with approximately 1,240 slot machines and approximately 49 table games, a 250-seat buffet and food court and a retail location. If completed, the purchase would mark Penn National's entry into the Missouri gaming market, and would become the ninth state in which Penn National operates.

Penn National Gaming owns and operates: Hollywood Casino properties located in Aurora, Illinois, and Tunica, Mississippi; 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 operates two racetracks and eleven off-track wagering facilities in Pennsylvania; the racetrack at Charles Town Races & Slots in West Virginia; the racetrack at Bangor Raceway in Bangor, Maine, and 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, President Casinos Enter Agreement 11 Aug 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 agreed to purchase all of the outstanding capital stock of President Riverboat Casino-Missouri, which does business as President Casino St. Louis Riverfront, from President Casinos, Inc., for approximately $28 million in cash. If completed, the stock purchase transaction and acquisition of President Casino St. Louis Riverfront is anticipated to close in mid-2005, and is expected to be accretive to Penn National Gaming's earnings. At present, President Riverboat Casino-Missouri and President Casinos, Inc. are the subjects of federal bankruptcy proceedings. The stock purchase transaction is subject to customary closing conditions and approvals, including approval by the Missouri Gaming Commission, other regulatory bodies and the bankruptcy courts and creditors. The agreement will be submitted to the United States Bankruptcy Court for the Eastern District of Missouri and will be subject to a potential overbid. Located on the Mississippi River in St. Louis, Missouri, President Casino St. Louis Riverfront is housed on the historic Admiral riverboat and consists of a 70,000 square foot casino with approximately 1,240 slot machines and approximately 49 table games, a 250-seat buffet and food court and a retail location. If completed, the purchase would mark Penn National's entry into the Missouri gaming market, and would become the ninth state in which Penn National operates. Penn National Gaming owns and operates: Hollywood Casino properties located in Aurora, Illinois, and Tunica, Mississippi; 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 operates two racetracks and eleven off-track wagering facilities in Pennsylvania; the racetrack at Charles Town Races & Slots in West Virginia; the racetrack at Bangor Raceway in Bangor, Maine, and 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.