Penn National completes kennel club acquisition

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that, following the approval by Florida's Department of Business and Professional Regulation, it has completed its purchase of the Sanford-Orlando Kennel Club in Longwood, Florida from Sanford-Orlando Kennel Club, Inc. and Collins & Collins. In connection with the transaction, Penn National also secured a right of first refusal with respect to a majority stake in the Sarasota Kennel Club in Sarasota, Florida. As previously announced, while financial details were not disclosed, the purchase price for the Sanford-Orlando Kennel Club provides for additional consideration to be paid by Penn National to the sellers based upon certain future regulatory developments.

Peter M. Carlino, Chief Executive Officer of Penn National commented, "The addition of Sanford-Orlando Kennel Club expands Penn National's portfolio of pari-mutuel operations to six facilities and is consistent with Penn National's long-term strategy to acquire properties that increase the scale and diversity of our operations. We look forward to working with our track partners, the dog owners in Florida and the Sanford-Orlando community to continue delivering exciting racing content and a high-quality entertainment experience."

Located on approximately 26 acres in Longwood, Florida, the Sanford-Orlando Kennel Club features year-round greyhound racing, a simulcast wagering facility, a clubhouse lounge and two dining areas. Located in Sarasota, Florida, the Sarasota Kennel Club features year-round greyhound racing, a simulcast wagering facility, two dining options and the One-Eyed Jacks Card Room which features 24 poker tables.