The Cordish Companies and Penn National Gaming File Application for $750+ Million Live! Hotel & Casino New York

Baltimore, MD and Wyomissing, PA (June 30, 2014) – The Cordish Companies (“Cordish”) and Penn National Gaming, Inc. (PENN: Nasdaq) (“Penn National”) formally filed their application today for a gaming license in the Hudson Valley-Catskills Region in the state of New York. The application to develop the $750+ million Live! Hotel & Casino New York consists of well over a thousand pages detailing finances and capital structure, design of the facility, amenities, sustainability, responsible gaming, and workforce development, among many other details. “Our team has worked tirelessly for the last three months to develop the best project for the Hudson Valley-Catskills Region,” said David Cordish, Chairman of The Cordish Companies. “No other applicant can match our comprehensive plan to maximize revenue and jobs in the state of New York while simultaneously empowering the region to grow exponentially for years to come.” Cordish and Penn National’s application includes the creation of a unique Angel Incubator – “H2V2” – non-profit organization to attract new or existing out-of-state manufacturing, computer science, and research businesses to the Hudson Valley-Catskills Region. Cordish and Penn National will fund H2V2 with a $1.5 million annual grant in perpetuity and will include Board representatives from New York based Universities and Community Colleges in one or more of the three business areas to judge applicants and assist grant recipients in the development and operations of their businesses. “H2V2’s sole mission will be to create long-term economic growth in the region. We plan to both attract and develop high-caliber businesses to serve the Hudson Valley-Catskills Region, the state of New York, and bring with it thousands of new jobs and opportunities for residents,” said Cordish. Live! Hotel & Casino New York will include an upscale boutique hotel with over 300 rooms and luxury suites; a destination spa and fitness center; over 3,000 slot machines; more than 250 live table games, including poker; several marquee restaurants; as well as a live entertainment venue and a spacious conference center. The facility will serve as a regional economic engine, creating more than 4,000 permanent local jobs and nearly 3,000 construction jobs. Live! Hotel & Casino New York will be owned and managed by a 50/50 joint venture between The Cordish Companies and Penn National Gaming who boast two of the strongest balance sheets in the industry and a proven track record in operating regional gaming facilities in highly competitive environments. The joint venture companies have built more ground up casino facilities over the past ten years than any other company in the country. Live! Hotel & Casino New York renderings, additional information about the project, and Facebook and Twitter sign up for updates can be accessed at www.livehotelcasinony.com. About the Cordish Companies The Cordish Companies' origins date back to 1910 and encompass four generations of privately held, family ownership. During the past ten decades, The Cordish Companies has grown into one of the largest and most successful operators of entertainment districts and concepts in the United States. Within its entertainment portfolio, The Cordish Companies owns and manages several Live! entertainment districts throughout the United States which welcome over 50 million visitors every year and are the most visited destinations in their respective regions. The Cordish Companies has received international acclaim for its hospitality developments. This division focuses on developing and operating best-in-class, high-profile gaming and lodging destinations. The Cordish Companies is proud to have developed several of the most successful gaming and resort destinations in the world including the Seminole Hard Rock Hotel & Casinos in Hollywood and Tampa, Florida; Maryland Live! Casino in Hanover, MD and Charleston Place in Charleston, SC. About Penn National Gaming Penn National Gaming, through its subsidiaries, owns, operates or has ownership interests in gaming and racing facilities with a focus on slot machine entertainment. Penn National Gaming presently operates twenty-seven facilities in eighteen jurisdictions, including Florida, Illinois, Indiana, Iowa, Kansas, Maine, Massachusetts, Maryland, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario. In aggregate, Penn National Gaming's operated facilities feature approximately 31,000 gaming machines, 800 table games and 2,900 hotel rooms. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the use of forward looking terminology such as “expects,” “believes,” “estimates,” “intends,” “may,” “will,” “should” or “anticipates” or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Such forward looking statements are inherently subject to risks, uncertainties and assumptions about Penn National Gaming and its subsidiaries, including risks related to the ability to obtain local support for the project in New York; and accordingly, any forward looking statements are qualified in their entirety by reference to the factors described in Penn National Gaming’s Annual Report on Form 10-K for the year ended December 31, 2013, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the Securities and Exchange Commission. All subsequent written and oral forward looking statements attributable to Penn National Gaming or persons acting on Penn National Gaming’s behalf are expressly qualified in their entirety by the cautionary statements included herein. Penn National Gaming undertakes no obligation to publicly update or revise any forward looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur. For more information, please visit: www.livehotelcasinony.com