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587 Slot Machines Added at Charles Town Races

1 July 2002

CHARLES TOWN, West Virginia --(Press Release)-- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has added 587 reel spinning, coin-out slot machines and opened a 1,500 space parking facility at the Company's Charles Town Races & Slots facility in West Virginia. The additional gaming devices and the new separate garage facility, represent the first phase of the Company's current Charles Town expansion project.

With the additional 587 slot machines, Penn National now operates 2,587 slot machines at Charles Town. Earlier this year, Penn National was granted regulatory approval to increase the number of slot machines authorized for placement at Charles Town Races to 3,500. The Company anticipates installing the remaining slot machines at various intervals throughout 2003.

Commenting on the expansion, Peter M. Carlino, Chief Executive Officer of Penn National, said, "When we acquired Charles Town in 1997 it was our goal to re-establish the operations as an outstanding thoroughbred racetrack facility, a quality entertainment center and an economic contributor to the region. Through our partnership with local officials, the county development office, the West Virginia Lottery Commission and the horsemen, we are achieving this goal. Charles Town today is a premier regional entertainment center with meaningful prospects for continued growth."

Mr. Carlino added, "While our investments in the facility and the region have already yielded excellent returns to the State and to our shareholders, we are confident that our aggressive, yet prudent long-term, master-planned approach to Charles Town's expansion will enable patrons to have even better access to the facilities and an overall improved entertainment experience."

Later this summer Penn National will open other new areas at Charles Town including a food court featuring five fast food restaurant concepts and Slot City. Slot City is a city-themed gaming area that initially will house approximately 500 gaming devices. Concurrent with the opening of Slot City, a temporary facility currently housing approximately 500 gaming devices will be closed and dismantled, making way for further planned expansion.

In addition to Charles Town Races, Penn National Gaming owns and operates 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 operates the Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract.

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