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National Gaming Increases Slot Positions At Charles Town Races By26%

7/3/2003

Adds 723 Slot Machines Bringing Total to 3,450 -

Penn National Gaming Increases Slot Positions At Charles Town Races By26%

- Adds 723 Slot Machines Bringing Total to 3,450 -

WYOMISSING, Pa. & CHARLES TOWN, W.Va.--July 3, 2003--Penn National Gaming, Inc. (Nasdaq:PENN) announced today that it has added 723 slot machines at the Company's Charles Town Races & Slot (TM) facility in West Virginia. The additional gaming devices represent the completion of the majority of the final phase of the Company's current Charles Town expansion project that began in 2002.

With the additional 723 slot machines, Penn National now operates 3,450 slot machines at Charles Town. In February 2002, Penn National was granted regulatory approval to increase the number of slot machines authorized for placement at Charles Town Races to 3,500. The Company anticipates installing the remaining 50 slot machines shortly.

Peter M. Carlino, Chief Executive Officer of Penn National, commented, "When we acquired Charles Town in 1997 the property was dilapidated and losing millions of dollars annually. Through our continued investment, which now approximates $175 million, we have built an outstanding thoroughbred racetrack facility, a quality entertainment center and a strong economic engine for the region. Through our partnership with local officials, the county development office, the West Virginia Lottery Commission and the horsemen, we are benefiting many constituents as well as our shareholders. We are proud that today, Charles Town is a premier regional entertainment center with meaningful prospects for continued growth."

Mr. Carlino concluded, "While our investments in the facility and the region have already yielded excellent returns to the State and to our shareholders, we are confident that our aggressive, yet prudent long-term, master-planned approach to Charles Town's expansion will enable patrons to have even better access to the facilities and an overall improved entertainment experience."

In addition to new slot machines, the recently completed Charles

Town expansion project included a separate garage facility, a food court featuring five fast food restaurant concepts and Slot City(TM), a city-themed gaming area, all of which were opened in the Summer of 2002. A prior expansion, completed in late 2000 added nearly 20,000 square feet of Western-themed gaming and entertainment center at Charles Town including the OK Corral Slots center, the Sundance Cafe(TM) and Silver City Lounge & Horseshoe Bar(TM). Those facilities adjoined the Silver Screen gaming center which Penn National built and opened in 1997.

Penn National Gaming owns and operates: three Hollywood Casino
properties located in Aurora, Illinois, Tunica, Mississippi and Shreveport, Louisiana; Charles Town Races & Slots(TM) in Charles Town, West Virginia; two Mississippi casinos, the Casino Magic - Bay St. Louis hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and the Bullwhackers casino properties in Black Hawk, Colorado. Penn National also owns two
racetracks and eleven off-track wagering facilities in Pennsylvania;
the racetrack at Charles Town Races & Slots in West Virginia; a 50%
interest in the Pennwood Racing Inc. joint venture which owns and
operates Freehold Raceway in New Jersey; and operates Casino Rama, a
gaming facility located approximately 90 miles north of Toronto,
Canada, pursuant to a management contract.

This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may vary materially from expectations. Although the
Company believes that its expectations are based on reasonable
assumptions within the bounds of its knowledge of its business and
operations, there can be no assurance that actual results will not
differ materially from the Company's expectations. Meaningful factors
which could cause actual results to differ from expectations include,
but are not limited to, risks related to the following: successful

completion of capital projects; the activities of the Company's
competitors; the existence of attractive acquisition candidates; the
Company's ability to maintain regulatory approvals for its existing
businesses and to receive regulatory approvals for its new businesses; the passage of state or federal legislation that would expand, restrict, further tax or prevent gaming operations in the jurisdictions in which the Company operates; the Company's dependence on key personnel; the Company's inability to realize the benefits of the integration of Hollywood Casino Corporation or any other acquired entity; the maintenance of agreements with the Company's horsemen and pari-mutuel clerks; the impact of terrorism and other international hostilities and other factors as discussed in the Company's filings with the United States Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law.

CONTACT: Penn National Gaming, Inc.
William J. Clifford, 610/373-2400
or
Jaffoni & Collins Incorporated
Joseph N. Jaffoni, 212/835-8500
penn@jcir.com

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