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Hollywood Casino Shreveport Names New General Manager

SHREVEPORT, Louisiana -- (Press Release) -- HCS I, Inc., the managing general partner of Hollywood Casino Shreveport ("HCS"), announced today that subject to final regulatory approval, Mel Thomas has been named General Manager of the property. In his new role, Mr. Thomas will be responsible for all facets of the operation of Hollywood Casino Shreveport.

Mel Thomas' career spans over 30 years of gaming experience in various operational capacities in the Lake Tahoe, Las Vegas, Tunica, Nova Scotia, Black Hawk and Reno gaming markets at various casino properties including Harrah's Hotel Casino, Harvey's Resort Hotel/Casino, Summit Casinos International, Sheraton Casinos Tunica, Sheraton Casinos Nova Scotia, Caesars Tahoe and Black Hawk Casino by Hyatt. During his career, Mr. Thomas has overseen hotel/casino operations, expansion projects, staffing and training, budgeting and business and marketing plan development and has directed pre-opening activities. He has also provided consulting expertise to land-based casinos, Native American tribes, poker room operations and chain hotels. Mr. Thomas has established a proven track record for improving a property's operating efficiencies, financial performance and market share.

As previously reported in HCS's quarterly report on Form 10-Q for the quarter ended June 30, 2003, HCS received notice from the representatives of the holders of the $150 million Senior Secured Notes due 2006 and the $39 million First Mortgage Notes due 2006, issued by HCS and Shreveport Capital Corporation, that HCS had failed to make repurchase offers as required under the indentures governing the respective notes and, consequently, was in default under both note indentures. On August 1, 2003, HCS and it co-issuer Shreveport Capital Corporation failed to make the August 1, 2003 interest payments, aggregating $12.3 million, due on the Senior Secured Notes and First Mortgage Notes.

HCS is presently in negotiations with representatives of the noteholders of both note issuances regarding a possible restructuring of its indebtedness or other possible resolution.

There can be no assurance that any such restructuring or other resolution can be agreed upon and effected. In addition, there can be no assurance that HCS may not eventually be involved in a proceeding under the federal bankruptcy laws.

HCS I is a wholly owned indirect subsidiary of Penn National Gaming, Inc. (PENN: Nasdaq). The HCS and Shreveport Capital Corporation notes are non-recourse to Penn National Gaming, Inc.

Hollywood Casino Shreveport is a riverboat casino/hotel complex located on the Red River in Shreveport, Louisiana.

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