WYOMISSING, Pa. & LONGWOOD, Fla.-- (BUSINESS WIRE) -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that, following the approval by Florida's Department of Business and Professional Regulation, it has completed its purchase of the Sanford-Orlando Kennel Club in Longwood, Florida from Sanford-Orlando Kennel Club, Inc. and Collins & Collins. In connection with the transaction, Penn National also secured a right of first refusal with respect to a majority stake in the Sarasota Kennel Club in Sarasota, Florida. As previously announced, while financial details were not disclosed, the purchase price for the Sanford-Orlando Kennel Club provides for additional consideration to be paid by Penn National to the sellers based upon certain future regulatory developments.

Peter M. Carlino, Chief Executive Officer of Penn National commented, "The addition of Sanford-Orlando Kennel Club expands Penn National's portfolio of pari-mutuel operations to six facilities and is consistent with Penn National's long-term strategy to acquire properties that increase the scale and diversity of our operations. We look forward to working with our track partners, the dog owners in Florida and the Sanford-Orlando community to continue delivering exciting racing content and a high-quality entertainment experience."

Located on approximately 26 acres in Longwood, Florida, the Sanford-Orlando Kennel Club features year-round greyhound racing, a simulcast wagering facility, a clubhouse lounge and two dining areas. Located in Sarasota, Florida, the Sarasota Kennel Club features year-round greyhound racing, a simulcast wagering facility, two dining options and the One-Eyed Jacks Card Room which features 24 poker tables.

About Penn National Gaming

Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature over 23,000 slot machines, over 400 table games, approximately 1,731 hotel rooms and approximately 808,000 square feet of gaming floor space. Penn National Gaming recently announced plans to acquire Rosecroft Raceway in Fort Washington, Maryland.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Penn describes certain of these risks and uncertainties in its filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2006. Meaningful factors which could cause actual results to differ from expectations described in this press release include, but are not limited to, the passage of state, federal or local legislation that would expand, restrict, further tax or prevent gaming operations in Florida; delays in obtaining regulatory approvals required to enable additional gaming; our ability to successfully integrate its operations; and other factors as discussed in the Company's filings with the United States Securities and Exchange Commission. Furthermore, the Company does not intend to update publicly any forward-looking statements except as required by law. The cautionary advice in this paragraph is permitted by the Private Securities Litigation Reform Act of 1995.