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Penn National Gaming Announces Jefferson Parish Council's Casino Development Resolution

PRESS RELEASE

January 13, 2011

Penn National Gaming, Inc., which submitted an application to the Louisiana Gaming Control Board (LGCB) to develop a $300 million casino along the Harvey Canal in Harvey, Louisiana, today expressed its appreciation for the resolution unanimously passed yesterday by the Jefferson Parish Council regarding the proposed gaming facility.

Pursuant to the resolution, if Penn National Gaming is awarded a provisional gaming license by the LGCB this spring, the Jefferson Parish Council has agreed to allow Parish citizens to vote on whether they support the development of the proposed riverboat gaming facility. The Council resolution, proposed by Councilman Byron Lee, recognizes the opportunity for new jobs, additional local gaming tax revenue and the promotion of economic development on the West Bank in Jefferson Parish that would result from the Hollywood Casino, Harvey project.

Penn National Gaming projects that the proposed Hollywood Casino, Harvey would generate approximately $30 million in annual gaming taxes for the State of Louisiana and another $8 million for Jefferson Parish. In addition, construction of the project's first phase is expected to create over 1,000 construction jobs in Louisiana. Once in operation, Hollywood Casino, Harvey expects to fill approximately 600 positions in the first phase alone. Penn National Gaming has also committed to a 25 percent target rate for minority and women's business enterprise participation for the construction phase of the project.

"The Jefferson Parish Council's resolution underscores the community leadership's belief that a new gaming facility in the Parish will generate much-needed jobs and tax revenues to support local citizens while cleaning up an environmentally damaged and blighted area of Harvey," said Peter Carlino, Penn National Gaming Chairman and CEO. "We look forward to working with Jefferson Parish leaders and citizens on this project and we are committed to leveraging the strength of our balance sheet and financial position to create sustainable economic benefits for the region and the state."

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