Penn National Gaming Calls for Redemption of Notes

14 February 2006

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN:Nasdaq) announced today that it has called for redemption all $175 million in aggregate principal amount of its outstanding 8 -7/8% Senior Subordinated Notes due March 15, 2010.

The redemption price is $1,044.38 per $1,000 principal amount, plus accrued and unpaid interest to the scheduled redemption date, which is March 15, 2006. The Company intends to fund the redemption of the Notes from available cash and borrowings under its revolving credit facility.

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