Penn National Gaming

Tim Wilmott, President & COO

East Coast Gaming Congress - May 24, 2011

Who is Penn National Gaming?

• Largest publicly traded regional gaming operator in the U.S., featuring a $3 billion market cap and $2.5 billion in annual revenues

• Largest pari-mutuel wagering operator in the U.S.

• Named 100 fastest growing companies in the

country a record 6 out of 7 years

• 25 facilities in 17 jurisdictions across North America

• Approximately 15,000 employees companywide

Black Gold Casino atZia Park

Argosy Casino Sioux City

Hollywood Casino Aurora

Empress Casino Hotel

Argosy Casino Alton

Hollywood Casino Bay St. Louis

Hollywood Casino Baton Rouge

Boomtown Biloxi

Sanford Orlando Kennel Club

Charles Town Races & SlotsHollywood

Casino Lawrenceburg

Raceway Park

Casino Rama

(CANADA)

Hollywood Casino at Penn National Race Course

Freehold Raceway

Hollywood Slots Hotel and Raceway

Argosy Casino Riverside

Hollywood Casino Tunica

Bullwhackers

Leading Regionally Diversified Gaming Company

23 facilities across 16 jurisdictions

Laurel Park &Pimlico Race Course

Beulah ParkHollywood Casino Perryville

M Resort

1Q11 Financial Results

Gaming $543.4 $609.1 12.1%

Food, Bev and Other 80.4 85.3 6.0%

Mgmt Service Fee 3.2 3.3 3.1%

(Promotional Allowances) (34.7) (30.7) (11.5%)

Net Revenues $592.3 $667.0 12.6%

Adj. EBITDA $148.8 $178.0 19.6%

Adj. EBITDA Margin 25.1% 26.7% 1.6%

1Q 2011($ in millions)

1Q 2010 Y-o-Y ∆

Initial Returns from Recent Expansions & Openings

Capital Amount GGR Tax DateProject/Scope Spend Spent (3/31/11) Rate (2) Opened

Hollywood Casino at Charles TownTable Games and F&B additions $40 $29.2 35% 7/2/10

• Revenue Growth of 20.6%• EBITDA Growth of 34.9%

Hollywood Casino at Penn NationalTable Games $25 $24.5 16% 7/18/10

• Revenue Growth of 10.1%• EBITDA Growth of 40.8%

Hollywood Casino PerryvilleNew Slot Facility – Cecil County, MD $94 $88.8 67% 9/27/10

• Revenue of $56.9 million and EBITDA excluding pre-opening expenses of $8.8 million in six months since opening

Fully Financed Development Pipeline

Hollywood Casino (JV)Full Casino – Wyandotte County, KS $155 $44.9 0.6M 27% Q1 12

Hollywood CasinoFull Casino – Toledo, OH $300 $41.8 1.0M 33% 1H 12

Hollywood Casino Full Casino – Columbus, OH $400 $45.2 1.8M 33% Q4 12

Planned Capital Capital Spent Gaming Age GGR TaxProject/Scope Spend (3/31/11) Population Rate Opening

M Resort Las Vegas

Acquired outstanding debt in October 2010 for $230.5

million

Property features:

Opened in March 2009

Sits on 90 acres approximately 10 miles south of the Las

Vegas Strip

1,900 slots, 64 tables, 14 poker tables, race & sports

book

390 hotel rooms

Nevada regulatory approval received in May

June 1, M Resort will become Penn’s 18th casino property

M Resort Las Vegas

Hollywood Casino Wyandotte

$411M Investment

50/50 joint venture with International Speedway Corporation

2,000 gaming machines and 64 table games

82,000 sq. ft. gaming facility plus 42,000 sq. ft. for food and entertainment

Located adjacent to Turn 2 at the Kansas Speedway

Opening 1Q 2012

Hollywood Casino Wyandotte - Kansas

Hollywood Casino at Kansas Speedway

Hollywood Casino at Kansas Speedway Construction Progress

Ohio

Hollywood Casino Toledo Project Stats

Size

290,000 SF Casino

2,000 Slot Machines, 60 Game Tables, 20 Table Poker Room

Multiple Restaurants

860,000 SF Parking Garage

5 Levels, 3,000 + Vehicles

Cost & Schedule

Project Cost = $250 M

$50 million license fee

August 2010 groundbreaking

1st half 2012 anticipated opening

Toledo Site

Hollywood Casino Toledo

Progress – April 2011

Progress – April 2011

19

$400 million investment

114 acre site, featuring approximately 300,000 sq. ft. casino and structured parking

$20 million already spent on remediation 3,000 slot machines, approx 70 table games, 30 poker

tables in Phase I Dining and entertainment:

Steakhouse Entertainment Lounge Buffet Sports Pub

Hollywood Casino Columbus

Hollywood Casino Columbus

Columbus Site Plan

Hollywood Casino Columbus

Diversifying and Growing the Operating Base

Employee Tables Hotel ParkingCount Slots Games Rooms Spaces

Existing Total (3/31/11) 15,000 27,065 533 2,032 37,332

Hollywood Casino (50% JV)Wyandotte County, KS 1,000 2,000 64 - 2,800

Hollywood CasinoToledo, OH 1,200 2,000 80 - 4,000

Hollywood CasinoColumbus, OH 2,000 3,000 100 - 4,500

Total New Properties 5,700 8,900 322 390 16,000

GROWTH +38% +32.9% +60.4% 19.2% +42.9%

M ResortLas Vegas, NV 1,500 1,900 78 390 4,700

Expansion States

Texas

Closed on 50/50 JV ownership of Sam Houston Race Park in Houston and two other TX tracks in April 2011

Represents option on the potential for legalization of gaming at tracks throughout the state

Massachusetts

Nearly approved gaming legislation in last year’s session

Tim’s Wish List…