Proposed project for Hollywood Casino, Harvey

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PRESS RELEASE

December 16, 2010

Officials from Penn National Gaming, Inc. revealed details of their proposed casino to Louisiana's Gaming Control Board today in Baton Rouge. In addition to a first class gaming vessel to be located along the Harvey Canal in Jefferson Parish, the Company offered to fund a $75 million escrow account to demonstrate their commitment to the project.

"Beyond our undeniable success as one of the country's foremost casino developers and operators, we felt it was important for us to demonstrate to the Board our financial strength to actually get the project done," noted Penn National Gaming Chairman and CEO, Peter Carlino. "The past three years have been tough on the gaming industry and obtaining financing remains an obstacle for most new casino projects. Penn National wanted to demonstrate to the Board as well as to the residents of Jefferson Parish that we can and we will build if granted Louisiana's 15th license."

Penn National is one of three applicants competing for the 15th license. The project's nearly $150 million investment will include up to 1,500 slots machines, 44 table games (including a 10 table poker room), parking garage, an upscale buffet and steakhouse as well as other food and beverage offerings and a multipurpose room. Penn National's proposed second phase would be an additional $155 million investment that includes a 250-room hotel, an additional parking garage and a dedicated entertainment showroom and a pedestrian skywalk that would connect these additional amenities to the riverboat over Peters Road.

"We appreciate the positive response we've received from organizations and leaders of Jefferson Parish and are excited at the prospect of being their newest business partner. We believe we have the strongest plan and the strongest balance sheet to execute this project," continued Mr. Carlino.

Hollywood Casino, Harvey is expected to generate approximately $30 million in annual gaming taxes for the State of Louisiana and another $8 million for Jefferson Parish. Penn National Gaming has committed to paying the same 6% local tax rate to Jefferson Parish and its towns and cities as the existing riverboat does. Construction of the project's first phase is expected to create over 1,000 construction jobs in Louisiana, most of which will be in the New Orleans metro area. Once in operation, Hollywood Casino, Harvey expects to hire approximately 600 permanent positions in the first phase alone.

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