Penn National Gaming sets shareholders meeting date

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has established a record date and meeting date for a special meeting at which its shareholders will be asked to consider and vote upon a proposal to approve and adopt the previously announced merger agreement providing for the acquisition of the Company by certain funds managed by affiliates of Fortress Investment Group LLC (NYSE: FIG - News) and Centerbridge Partners, L.P. Penn National shareholders of record at the close of business on Wednesday, November 7, 2007, will be entitled to notice of the special meeting and to vote on the proposal. The special shareholder meeting will be held on Wednesday, December 12, 2007, beginning at 10:00 a.m., eastern time, at the offices of Ballard Spahr Andrews & Ingersoll, LLP, 1735 Market Street, 42nd Floor, Philadelphia, PA 19103.

The Agreement and Plan of Merger, dated as of June 15, 2007, provides for, among other things, the merger of PNG Merger Sub Inc. (wholly owned by affiliates of Fortress and Centerbridge) with and into the Company, with the Company continuing as the surviving corporation after the merger and becoming a wholly owned subsidiary of PNG Acquisition Company Inc. (also wholly owned by affiliates of Fortress and Centerbridge).

If the merger is completed by June 15, 2008, Penn National Gaming shareholders will be entitled to receive $67.00 in cash, without interest, for each share of Company common stock they own, as more fully described in the definitive proxy statement filed by the Company with the U.S. Securities and Exchange Commission in connection with the special meeting. If the merger is not completed by June 15, 2008, the $67.00 per share merger consideration will be increased $0.0149 per day.