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Penn National CEO earns honor

October 17, 2004

WYOMISSING, Pa. - Peter M. Carlino, chairman and chief executive officer of Penn National Gaming Inc., has been named Best Performing CEO for 2004 by HVS Executive Search, a leading human resources consulting firm dedicated to the gaming, lodging and restaurant industries.

The award, which was announced in the October 2004 issue of Casino Journal, was presented to Carlino in Las Vegas during the Global Gaming Expo.

The award is based on an annual study that analyzes the prior year's performance of a CEO relative to his or her peers based on corporate financial growth, decision-making methodology and application of the HVS Pay-for-Performance Model, which evaluates financial results relative to a CEO's total compensation. Other criteria for the award include stock price appreciation, market capitalization and EBITDA (earnings before interest, taxes, depreciation and amortization) growth.

In 1994, Penn National's first year as a public company, it recorded revenues of approximately $46 million and the company's total market capitalization was less than $50 million. In 2003, Penn National reported revenues of more than $1 billion and its equity market capitalization now exceeds $1.6 billion.

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The Best Performing CEO award follows the recognition of Penn National Gaming for the fourth consecutive year by Fortune magazine as one of the nation's 100 fastest growing companies.

Penn National Gaming owns and operates Charles Town (W.Va) Races & Slots and seven other gaming facilities. It also owns two racetracks and 11 off-track wagering facilities in Pennsylvania.

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