Penn National Won't Proceed with President Casino Acquisition

8 Oct 2004

WYOMISSING, Pennsylvania – (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it will not proceed with its previously announced plans 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. Penn National announced the plan in August noting that it was subject to a potential overbid in a bankruptcy court auction. Yesterday, at a bankruptcy auction, a competing bidder offered $57 million for the assets. Under the terms of its original purchase agreement, Penn National Gaming is entitled to be reimbursed for certain of the expenses it has incurred in the process.

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 Won't Proceed with President Casino Acquisition 8 Oct 2004 WYOMISSING, Pennsylvania – (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it will not proceed with its previously announced plans 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. Penn National announced the plan in August noting that it was subject to a potential overbid in a bankruptcy court auction. Yesterday, at a bankruptcy auction, a competing bidder offered $57 million for the assets. Under the terms of its original purchase agreement, Penn National Gaming is entitled to be reimbursed for certain of the expenses it has incurred in the process. 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.