Penn National Gaming Named to Fortune's List

WYOMISSING, Pennsylvania -- (PRESS RELEASE) -- Penn National Gaming, Inc. (Nasdaq: PENN) has been named again as one of the country's fastest-growing companies by Fortune magazine in its September 5, 2005 issue. This marks the fifth consecutive year that Penn National ("Penn") has been named to Fortune's annual list of the 100 fastest-growing companies in the U.S.

To make the list, which is compiled with the help of Zacks Investment Research, companies had to have at least $50 million in revenue over the past four quarters, a minimum market cap of $50 million, and annual sales and EPS (earnings per share) growth of at least 25% for three straight years. Total return to investors was also factored into the equation. Penn had a three-year annual rate of return to investors of 59% and an annual growth rate for EPS and revenues of 35% and 32%, respectively.

"It is a credit to the strength of our senior management and corporate staff as well as our General Managers and their respective operating teams that Penn has been able to achieve the financial performance for which we are being recognized. It is particularly gratifying that this year marks the fifth consecutive year that Penn has been named to Fortune's fastest-growing companies list," said Peter M. Carlino, Chief Executive Officer of Penn National. "Given the number of internal growth opportunities we currently have as well as the expected benefit from our pending acquisition of Argosy Gaming Company, we are optimistic in our ability to continue to deliver solid returns for investors over the long term."

Penn National Gaming owns and operates casino and horse racing facilities with a focus on slot machine entertainment. The Company presently operates eleven facilities in nine jurisdictions including West Virginia, Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado, Maine and Ontario. In aggregate, Penn National's facilities feature over 13,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000 square feet of gaming floor space. In November 2004, Penn agreed to acquire all of the outstanding shares of Argosy, which it expects to complete in September 2005.