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Penn National Gaming Third Quarter Earnings Per Share Increase 105% to $0.39 Before Extraordinary Item

10/25/2000

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 25, 2000-- Penn National Gaming, Inc. (Nasdaq:PENN - news) today reported record third quarter and nine month operating results for the period ended September 30, 2000.

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 25, 2000-- Penn National Gaming, Inc. (Nasdaq:PENN - news) today reported record third quarter and nine month operating results for the period ended September 30, 2000.

Revenues for the quarter rose 91.5% to $91,082,000, compared to $47,566,000 in the third quarter of 1999. The Company's Charles Town Races operations achieved a 77.3% gain in third quarter revenues resulting from significant increases in slot revenues related a greater percentage of coin-out slot machines which are generating higher levels of play. Third quarter revenue comparisons also reflect the Company's first recognition of revenues from two recently acquired Mississippi casinos and a 7.9% revenue gain from Penn National Race Course and Pocono Downs and their eleven off-track wagering (OTW) sites. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 118.7% to $18,957,000, from $8,670,000 in the third quarter of 1999. The third quarter 2000 EBITDA growth includes a partial quarter EBITDA contribution of $3,836,000 from the Mississippi casinos and reflects a 119.0% rise in operating income at Charles Town Races related to higher slot wagering and positive operating income from on-track operations, a 57.8% EBITDA gain from the Company's Pennwood Racing New Jersey joint venture, and a 20.9% EBITDA increase from the Company's Pennsylvania racetracks and OTW operations.
Penn National Gaming Third Quarter Earnings Per Share Increase 105% to $0.39 Before Extraordinary Item

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 25, 2000-- Penn National Gaming, Inc. (Nasdaq:PENN - news) today reported record third quarter and nine month operating results for the period ended September 30, 2000.

WYOMISSING, Pa.--(BUSINESS WIRE)--Oct. 25, 2000-- Penn National Gaming, Inc. (Nasdaq:PENN - news) today reported record third quarter and nine month operating results for the period ended September 30, 2000.

Revenues for the quarter rose 91.5% to $91,082,000, compared to $47,566,000 in the third quarter of 1999. The Company's Charles Town Races operations achieved a 77.3% gain in third quarter revenues resulting from significant increases in slot revenues related a greater percentage of coin-out slot machines which are generating higher levels of play. Third quarter revenue comparisons also reflect the Company's first recognition of revenues from two recently acquired Mississippi casinos and a 7.9% revenue gain from Penn National Race Course and Pocono Downs and their eleven off-track wagering (OTW) sites. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 118.7% to $18,957,000, from $8,670,000 in the third quarter of 1999. The third quarter 2000 EBITDA growth includes a partial quarter EBITDA contribution of $3,836,000 from the Mississippi casinos and reflects a 119.0% rise in operating income at Charles Town Races related to higher slot wagering and positive operating income from on-track operations, a 57.8% EBITDA gain from the Company's Pennwood Racing New Jersey joint venture, and a 20.9% EBITDA increase from the Company's Pennsylvania racetracks and OTW operations.
Net income in the third quarter of 2000 was $6,002,000, or $0.39 per diluted share, a gain of 111.9% (before an extraordinary charge for the early extinguishment of debt) compared to net income of $2,838,000, or $0.19 per diluted share, in the third quarter of 1999. Reflecting an extraordinary charge net of taxes of $6,583,000, or $0.43 per diluted share, for the early extinguishment of debt, the Company recorded a net loss of $581,000, or a $0.04 per diluted share loss, in the third quarter of 2000. Per share results are based on a weighted average number of diluted shares outstanding of 15,504,000 and 15,242,000 for the third quarters of 2000 and 1999, respectively.

Revenues for the nine month period ended September 30, 2000 increased 64.4% to $206,758,000, from $125,739,000 during the first nine months of 1999. EBITDA rose 107.2% to $42,850,000, from $20,679,000 in the first nine months of 1999. Net income in the first nine months of 2000 was $15,848,000, or $1.06 per diluted share, (before the extraordinary charge for the early extinguishment of debt) compared to net income of $5,399,000, or $0.36 per diluted share, in the first nine months of 1999. Reflecting the third quarter 2000 extraordinary charge net of taxes of $6,583,000, or $0.43 per diluted share, for the early extinguishment of debt, the Company recorded net income of $9,265,000, or $0.60 per diluted share, in the first nine months of 2000. Per share results are based on a weighted average number of diluted shares outstanding of 15,407,000 and 15,179,000 for the 2000 and 1999 periods, respectively.
Commenting on the Company's record results, Peter M. Carlino, Chief Executive Officer of Penn National, said, ``Penn National's continued strong financial performance in 2000 reflects the successful execution of our long-term growth strategy which is driving gains both internally and through acquisitions. The third quarter clearly highlights the benefits of this approach as we generated solid improvements across the board, with EBITDA rising 119.0% at Charles Town Races, 20.9% at the Pennsylvania racetracks and OTW operations, and 57.8% at our Pennwood Racing New Jersey joint venture. Additionally, we recorded a partial quarter EBITDA contribution of $3,836,000 from our acquisition of two Mississippi casinos which closed on August 8. In addition to the strong year-over-year increases in EBITDA, Charles Town as well as Penn National, Pocono and their OTWs generated quarterly sequential increases in EBITDA over the strong second quarter levels. Combined, these operating gains drove a 105% rise in third quarter earnings per share before extraordinary items.

``In addition to generating record operating results, during the quarter Penn National laid the groundwork for further growth and expansion. In September we were granted approval to add 500 additional slot machines at Charles Town. In approximately four to five weeks, we will complete construction on the expanded, Western-themed area of the gaming and entertainment center and 150-seat restaurant and bar, enabling us to offer 2,000 gaming devices at the facility. With the additional 500 machines our overall machine mix will shift to approximately 64% reel spinning, coin-out machines which typically generate higher play.

``During the quarter we agreed to acquire CRC Holdings/Carnival Resorts and Casinos and Louisiana Casino Cruises in transactions which are expected to be accretive. Under the terms of the transactions, Penn National will own and operate the Casino Rouge, a riverboat gaming facility on the east bank of the Mississippi River in Baton Rouge, Louisiana and control the management contract for Casino Rama, a large gaming facility located approximately 80 miles from Toronto. This proposed transaction is expected to bring financial and strategic benefits to Penn National. In addition to being immediately additive to our operating results, it builds the critical mass of our gaming operations when combined with our newly acquired Casino Magic hotel and casino and Boomtown Biloxi casino and our Charles Town gaming facility, while diversifying the geographic reach of our operations.
``In Mississippi, we are moving forward aggressively on our plan to upgrade the Casino Magic Bay St. Louis property, which as a result of its strong customer base and good local management has remained a steady performer despite market competition and a lack of capital improvements. We currently expect to open a new 300 room hotel adjacent to the casino just prior to the 2002 Super Bowl planned for New Orleans. We believe the new hotel, and the property's 18-hole Arnold Palmer-designed championship golf course, will enable the property to thrive as a stand-alone destination and vacation site.''

Penn National is hosting a conference call and simultaneous webcast at 10:00 am EDT today both of which are open to the general public. The conference call number is 212/676-5377 or 415/537-1901. Interested parties may also access the live call on the Internet at www.themeetingson.com (reservation #16636018); allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the call can be accessed for 30 days on the Internet via www.themeetingson.com.

Penn National owns and operates two Mississippi casinos, the Casino Magic hotel, casino, golf resort and marina in Bay St. Louis, and the Boomtown Biloxi casino in Biloxi as well as three racetracks and eleven off-track wagering (OTW) facilities located in Pennsylvania (two tracks and eleven OTWs) and West Virginia (one track). The West Virginia track, Charles Town Races, presently features 1,500 slot machines which will be increased to 2,000 later this year. Penn National intends (subject to certain conditions) to complete its previously announced acquisition of CRC Holdings, Inc. and the minority interest in Louisiana Casino Cruises, Inc. (LCCI) not owned by CRC. LCCI owns and operates the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and CRC has a management contract for Casino Rama located in Canada on the Chippewas of Mnjikaning First Nation land.
Except for the historical information in this press release, this press release includes forward-looking statements which are made pursuant to the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results, the management of growth, weather, regulatory changes, and other risks detailed from time to time in the Penn National's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth herein.

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
Business Segment Information
Three Months Ended September 30,
(In thousands)
(unaudited)

REVENUES EBITDA
-------- ------
2000 1999 2000 1999
---- ---- ---- ----
Penn National Race Course and
its OTWs $16,933 $16,132 $ 3,010 $ 2,409
------- ------- ------- -------
Pocono Downs and its OTWs $10,972 $ 9,731 $ 2,567 $ 2,205
------- ------- ------- -------
Charles Town Races $38,460 $21,695 $10,364 $ 4,732
------- ------- ------- -------
Mississippi casinos
Casino Magic - Bay St.
Louis $13,794 $ - $ 2,417 $ -
------- ------- ------- -------
Boomtown Biloxi - Biloxi $10,615 $ - $ 1,419 $ -
------- ------- ------- -------
Earnings from Pennwood Racing,
Inc. (New Jersey) $ 815 $ 516 $ 815 $ 516
------- ------- ------- -------
Corporate eliminations(1) ($ 507) ($ 508) $ - $ -
------- ------- ------- -------
Corporate overhead - - ($ 1,635) ($ 1,192)
------- ------- ------- -------
Total $91,082 $47,566 $18,957 $ 8,670
======= ======= ======= =======

(1) For intracompany transactions related to import/export
simulcasting.

PENN NATIONAL GAMING, INC.
Summary Consolidated Statements Of Income
(In thousands, except per share data)
(unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ---------------------
2000 1999 2000 1999
---- ---- ---- ----
Total revenues $ 91,082 $ 47,566 $206,758 $125,739
Total operating expenses 72,125 38,896 163,908 105,060
-------- -------- -------- --------
Earnings before interest,
taxes, depreciation and
amortization 18,957 8,670 42,850 20,679
Depreciation and
amortization 4,089 2,324 8,457 6,469
Total other (expenses) (5,580) (1,835) (9,669) (5,539)
-------- -------- -------- --------
Income before income taxes 9,288 4,541 24,724 8,671
Taxes on income 3,286 1,703 8,876 3,272
-------- -------- -------- --------
Income before extraordinary
item 6,002 2,838 15,848 5,399
Extraordinary item(2) 6,583 - 6,583 -
-------- -------- -------- --------
Net Income (loss) $ (581) $ 2,838 $ 9,265 $ 5,399
======== ======== ======== ========
Per share data:
Basic net income before
extraordinary item $ 0.40 $ 0.19 $ 1.06 $ 0.36
======== ======== ======== ========
Basic net income (loss) $ (0.04) $ 0.19 $ 0.62 $ 0.36
======== ======== ======== ========
Diluted net income before
extraordinary item $ 0.39 $ 0.19 $ 1.03 $ 0.36
======== ======== ======== ========
Diluted net income (loss) $ (0.04) $ 0.19 $ 0.60 $ 0.36
======== ======== ======== ========
Shares outstanding:
Basic 15,007 14,868 14,948 14,812
======== ======== ======== ========
Diluted 15,504 15,242 15,407 15,179
======== ======== ======== ========

(2) For the early extinguishment of debt

--------------------------------------------------------------------------------
Contact:

Penn National Gaming, Inc., Wyomissing
Robert Ippolito
Chief Financial Officer
610/373-2400
or
Jaffoni & Collins Incorporated, New York
Joseph N. Jaffoni
212/835-8500 or penn@jcir.com

PENN NATIONAL GAMING INC files Form 8-K, Current Report

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