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Penn National Gaming to Report Third Quarter Results and Host Conference Call and Webcast On February 4, 2002 at 10 am

31/01/2002

WYOMISSING, PA--Jan. 31, 2001--Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has changed its fourth quarter reporting date to Monday, February 4, 2002 from Thursday, February 7, 2002. The Company also reported that its earnings per dil

WYOMISSING, PA--Jan. 31, 2001--Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has changed its fourth quarter reporting date to Monday, February 4, 2002 from Thursday, February 7, 2002. The Company also reported that its earnings per diluted share for the fourth quarter ended December 31, 2001 will be in line with analyst consensus expectations.

Revised conference call date - Penn National will now release its fourth quarter financial results at 7:00 a.m. EST on Monday, February 4 and will host a conference call and simultaneous webcast at 10:00 a.m. EST on Monday, February 4. Both the call and webcast are open to the general public.

The conference call number is 212/896-6081 or 415/904-7342; please call five minutes in advance to ensure that you are connected prior to the presentation. Questions and answers will be reserved for call-in analysts and investors. Interested parties may also access the live call on the Internet at www.companyboardroom.com; allow 15 minutes to register and download and install any necessary software. Following
its completion, a replay of the call can be accessed until February 18, by dialing 800/633-8284 or 858/812-6440 (international callers). The access code for the replay is 20318213. A replay of the call can also be accessed for thirty days on the Internet via www.companyboardroom.com.

Penn National Gaming owns and operates Charles Town Races in
Charles Town, West Virginia, which presently features 2,000 gaming
machines; two Mississippi casinos, the Casino Magic hotel, casino,
golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino
in Biloxi; and the Casino Rouge, a riverboat gaming facility in Baton
Rouge, Louisiana. Penn National also owns two racetracks and eleven
off-track wagering facilities in Pennsylvania and the racetrack at
Charles Town Races in West Virginia, and operates the Casino Rama, a
gaming facility located approximately 90 miles north of Toronto,

Canada, pursuant to a management contract. In August, Penn National
agreed to acquire the assets of Colorado Gaming and Entertainment Co.,
a subsidiary of Hilton Group plc. These assets include the
Bullwhackers Casino, the adjoining Bullpen Sports Casino, and Silver
Hawk Saloon and Casino in Black Hawk, Colorado.

CONTACT: Penn National Gaming
Robert Ippolito, 610/373-2400

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