Rosecroft Raceway acquisition moves forward

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it has executed a definitive agreement for its previously announced acquisition of Rosecroft Raceway in Fort Washington, Maryland from Cloverleaf Enterprises, Inc. ("CEI"). Last month Penn National Gaming announced that it had entered into a binding letter of intent to purchase Rosecroft Raceway from CEI. The transaction is expected to close during the fourth quarter of 2007 subject to approval by the Maryland Racing Commission and other customary conditions. Financial details of the transaction were not disclosed.

Peter M. Carlino, Chief Executive Officer of Penn National commented, "Our planned acquisition of Rosecroft allows us to further diversify what is already the nation's second largest portfolio of horse racing assets. We look forward to joining the Prince George's County business community and to continuing to offer exciting live racing at Rosecroft."

Opened in 1949, and located on 130 acres in Prince George's County on the outskirts of Washington, DC, Rosecroft Raceway is a harness racing facility that runs 88 days of live standardbred racing a year. Rosecroft Raceway features a simulcast wagering facility, a clubhouse lounge and dining area overlooking the live action on the racetrack.