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Penn National Gaming Declares 2-For-1 Stock Split

22/05/2002

WYOMISSING, Penn.--May 22, 2002--Penn National Gaming, Inc. (PENN:Nasdaq) announced today that its Board of Directors has approved a 2-for-1 split of the Company's common stock.

The stock split will be in the form of a stock dividend of one additional share of the Company's common stock for each share held. The additional shares will be distributed on June 25, 2002 to shareholders of record on June 4, 2002.

As a result of the stock dividend, the number of outstanding shares of Penn National's common stock will increase to approximately 39.1 million.

Peter M. Carlino, Chief Executive Officer of Penn National said, "The Board believes the stock dividend will further enhance the liquidity of Penn National's shares and make them more attractive to a broader range of investors. The Board's decision to effect a stock dividend recognizes both our strong historical growth as well as the significant long term growth opportunities we believe lie ahead."

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; the Casino Rouge, a riverboat gaming facility in Baton
Rouge, Louisiana and the Bullwhackers properties in Black Hawk, Colorado. 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 addition to historical facts or statements of current condition, this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of these statements are those regarding our prospects for future growth and our expectation of continued acquisitions and our optimism in light of current economic conditions. These statements are subject to a number of risks and uncertainties that could cause the statements made to be incorrect and the actual results to differ materially. The Company describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2001. Some of these risks include those relating to the ability of the Company to integrate and manage facilities it acquires, risks relating to the development and expansion of properties, risks of increased competition and risks relating to the fact that we are heavily regulated by gaming authorities. Furthermore, the Company does not intend to update publicly any forward-looking statements except as required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.

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