Penn National Acquisition of Argosy Approved

30 September 2005

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn") announced that the Illinois Gaming Board (IGB) voted today to approve Penn National's proposed acquisition of Argosy Gaming Company (AGY: NYSE). Earlier this week, Penn National reported that it had informed the IGB that it will divest both of Argosy Gaming Company's Illinois properties. As a condition to The Illinois Gaming Board's consent to proceed with the transaction, Penn National must enter into an agreement to sell the Argosy Casino-Alton in Alton, Illinois and the Empress Casino Joliet in Joliet, Illinois within fifteen months of completing its acquisition of Argosy Gaming Company.

The Illinois Gaming Board approval was the only remaining regulatory approval required to complete the proposed Argosy Gaming Company transaction and Penn National now anticipates closing the acquisition on October 3.

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