Press Release

New Entertainment Destination Features Las Vegas-Style Gaming and Amenities on a Single Floor

TOLEDO, Ohio--(BUSINESS WIRE)--May. 29, 2012-- Glitz, glamour and red-carpet service were rolled out today in Northwest Ohio as Penn National Gaming (Nasdaq: PENN) opened its highly-anticipated Hollywood Casino Toledo. Penn National Chairman and Chief Executive Officer, Peter Carlino, was joined at a ribbon cutting ceremony by Toledo Mayor, the Honorable Michael Bell; Ohio Casino Control Commission Chair, Jo Ann Davidson; and, television star and Toledo native, Jamie Farr. Overlooking the Maumee River just west of I-75 in Toledo, the $320 million state-of-the-art casino offers Las Vegas-style gaming and amenities, all on a single floor.

In addition to its $50 million state license fee, the new gaming and entertainment facility is expected to generate in excess of $65 million of annual recurring taxes and attract more than 2.8 million guests a year. Hollywood Casino Toledo has created more than 1,300 new full and part-time positions, with 90 percent of the facility’s workforce coming from the Toledo region.

Peter Carlino commented, “We are grateful to the State of Ohio and the Ohio Casino Control Commission for their work to make this day possible, and we are proud of the partnerships we have established with the cities of Toledo and Rossford and Lucas County to bring new jobs and tax revenues that are driving an economic recovery in the region.

“This spectacular casino marked by luxurious design and modern grandeur offers guests a regional destination with premier gaming, dining and entertainment options as well as the convenience of a dynamic, single floor layout, all at the crossroads of Northwest Ohio. Just seconds from I-75 and its nearby intersection with the Ohio Turnpike, Hollywood Toledo is in a convenient and easily accessible location for players from Michigan, Indiana, elsewhere in Ohio and beyond.”

Casino Design

Hollywood dreams come to life for guests as they set foot onto the casino floor and surrounding dining areas which feature elegant chandeliers, art deco columns and classic movie posters from the Golden Age of Hollywood. A giant video ribbon featuring the latest video and audio technology displays movie trailers, vintage commercials and animation while flat panel monitors and video trees interspersed among slots and table games allow guests to enjoy entertainment programming and live sports as they play.

“The facility’s décor and atmosphere is true to the Hollywood name,” said Hollywood Casino Toledo General Manager Richard St. Jean. “From the moment guests walk in the building, they’re immersed in the sophistication of classic 1930s Hollywood with complementary state-of-the-art technology that seamlessly blends vintage with modern. These design and entertainment features, coupled with our renowned red carpet treatment delivered by Hollywood team members, offers a memorable and entertaining experience for guests with every visit.”

Top Slots Throughout the Gaming Floor

The 125,000-foot gaming floor at Hollywood Casino Toledo features more than 2,000 of the newest and hottest slot machines. Pop culture TV- and movie-themed games include Wheel-of-Fortune, The Wizard of Oz, The Hangover, Tarzan, Ghostbusters and The Dark Knight. Hollywood is also the only casino in the region to offer the new Breakfast at Tiffany’s slot machine.

Slot players can enjoy Hollywood’s wide selection of game denominations from penny to $100 machines, including some with a top jackpot award of more than $100,000. Video poker players can choose among 162 machines on the floor, including 10 games located at Scene and H Lounge.

Table Games & Poker

Blackjack, craps, roulette and carnival-style games grace 60 live tables. Other featured games include Mini Baccarat, Dragon Bonus Mini Baccarat, Crazy 4 Poker, Mississippi Stud, Ultimate Texas Hold ‘em, Fortune Pai Gow, Let it Ride Bonus and Three-Card poker (a progressive). Adding to the excitement, select blackjack tables offer a Royal Match 21 side bet while craps tables have a Fire Bet with a 999-1 payout.

Hollywood’s semi-exclusive high limit table games area is adjacent to the high limit slots area. A Bet the Set feature is offered at select high limit games.

The inviting Poker Room at Hollywood, featuring 20 tables, offers variations of Texas Hold ’em and Omaha. Designed for maximum guest comfort, the room is trimmed in rich woods, provides drink holders for players at every table and displays sports programming on multiple LCD screens.

Marquee Rewards

Hollywood’s multi-tiered Marquee Rewards card takes players’ gaming experience to a whole new level. Guests can earn points while they play for rewards that include meals to one of the casinos’ restaurants or even free slot play. Hollywood’s cashier cage and players services area is combined into a single location on the casino floor, making it easy for guests to address both financial and guest service transactions.

Dining & Retail

Five dining choices are available at Hollywood Casino Toledo to suit a range of tastes, each with its own unique flair, flavor and red-carpet service.

The 130-seat Final Cut Steak & Seafood restaurant allows guests to dine among elegant glass display cases filled with gowns, tuxedos and accessories worn by stars of Hollywood past. The restaurant goes beyond the traditional steakhouse menu to offer a large, balanced menu with classically-driven specialty dishes, specially prepared prime cuts of beef, homemade pastas, seafood and shellfish, plus unmatched tableside service. Final Cut Steak & Seafood also offers an intimate cocktail lounge and private dining room.

The casino’s 260-seat Epic Buffet is unmatched by ordinary buffet fare, taking on freshly made-to-order attributes of a menu restaurant with the variety offered by traditional buffet dining. Five featured stations include carving/rotisserie, homemade pizza and Italian, Asian, continental and American. Joining these are offerings of various soups, salads and sweets. A private dining room can be rented for receptions and community events.

Scene is Hollywood’s 173-seat modern sports grill located in the center of the casino floor. It features more than 40 pre-prohibition-style, handcrafted cocktails and more than two-dozen beers on tap including several local brewery favorites. The menu focuses on fresh and homemade meals, featuring generous burgers, entrée specialties and an array of comfort foods. Giant flat screen video panels project the latest sports action.

At night, Scene transforms into a club-like atmosphere as the adjacent H Lounge features live music seven days a week including jazz trios, acoustic sets, and rock, blues and country bands playing on weekends.

Take 2 Grill is guests’ 24-hour dining option, providing 40 seats of grab-and-go service featuring specialty coffee drinks made with Cadillac coffee, plus homemade scones, sticky buns, pastries and more.

The Rodeo Drive Gift Shop is Hollywood’s retail outlet, selling a variety of Hollywood Casino-logoed merchandise as well as local souvenirs, sunglasses, jewelry and handbags.

Getting There

Hollywood Casino Toledo is conveniently located west of I-75 (exit 199, Miami Street) and just minutes from downtown Toledo. Upon arrival, guests have the option to valet park at the porte-cochere, or take advantage the casino parking garage with more than 2,450 complimentary parking spots.

For more information, visit www.hollywoodcasinotoledo.com.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. The company presently operates twenty-seven facilities in nineteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National's operated facilities currently feature approximately 31,700 gaming machines, approximately 725 table games, 2,400 hotel rooms and 1.35 million square feet of gaming floor space. Penn National is also developing a casino in Columbus, Ohio targeted to open in fall 2012.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Penn National Gaming 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, 2011. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to successfully integrate the new facility into our existing business and to achieve the expected returns; our ability to receive, or delays in obtaining, the regulatory approvals required to own, develop and/or operate our facilities (which can result in lost revenue and forfeiture of deposits), or other delays or impediments to completing our planned projects, including favorable resolution of any related litigation; our ability to secure state and local permits and approvals necessary for construction; construction factors, including delays, unexpected remediation costs, local opposition and increased cost of labor and materials; the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; and other factors as discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.

Source: Penn National Gaming, Inc.

Penn National Gaming, Inc.
Eric Schippers
Sr. Vice President, Public Affairs & Govt. Relations
610-378-8321
or
TBC Public Relations
Brent Burkhardt / Madeline LaFave
410-986-1303 / 410-986-1275
bburkhardt@tbc.us/mlafave@tbc.us