Penn National Acquisition Vote on Argosy Gaming Postponed

WYOMISSING, Pennsylvania – (PRESS RELEASE) -- Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn") announced today that the Illinois Gaming Board postponed its August 25, 2005 scheduled vote on Penn National's proposed acquisition of Argosy Gaming Company (AGY: NYSE). The vote of the Illinois Gaming Board is the only remaining regulatory approval required to complete the proposed transaction. The proposed transaction has been authorized by the regulatory agencies of all of the other twelve jurisdictions in which Penn and Argosy operate, as well as the Federal Trade Commission.

The Company believes the postponement is related to the Illinois Gaming Board's need for additional time to review the information that Penn has provided and that the additional review is focused predominantly on the issue of whether the merger could result in an undue economic concentration of assets in the state. Penn has no information at this time as to when the Illinois Gaming Board will meet to vote on the proposed transaction. The Company continues to expect that if the Illinois Gaming Board's approval is secured that it will be able to complete the transaction shortly thereafter.