Penn National Gaming Receives Final Regulatory Approval to Acquire Operations of Hollywood Casino Perryville

Penn National Gaming, Inc. (PENN: Nasdaq)(“Penn National” or the “Company”) announced today that it has received final approval from the Maryland Lottery and Gaming Control Commission (“Commission”) to acquire the operations of Hollywood Casino Perryville. Penn National entered into a definitive agreement with Gaming and Leisure Properties, Inc. (GLPI: Nasdaq) (“GLPI”) in December 2020 to acquire the operations of Hollywood Casino Perryville for $31.1 million in cash, subject to certain customary working capital adjustments. Simultaneous with the closing of the transaction, Penn National will enter into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville facility with annual rent of approximately $7.77 million.

“I want to thank the Commission and their staff for their time and effort in reviewing and approving our Company’s license to operate Hollywood Casino Perryville,” said Jay Snowden, President and CEO of Penn National. “We are thrilled to be re-entering the Maryland market at a property we developed in 2010 as it will add a twentieth gaming jurisdiction to our already leading nationwide footprint.

“In addition, we’re equally excited to be entering this market following the legalization of sports betting in Maryland a few weeks ago. This acquisition provides another opportunity to expand our unique omni-channel platform with a Barstool-branded retail sports book and mobile app,” concluded Mr. Snowden.

The transaction is expected to close in mid-2021, subject to customary closing conditions.

About Penn National Gaming

With the nation's largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company's properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L'Auberge. Our wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company's portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company's land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company's omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.