AGY Argosy Gaming

Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn") reported today that it has been advised by the Illinois Gaming Board ("IGB") that its proposed acquisition of Argosy Gaming Company (AGY: NYSE) was listed as a placeholder on the IGB agenda for today's meeting even though it is unlikely that the newly constituted IGB will review the transaction or announce its decision today. Penn National has also been informed that the IGB will place the proposed Argosy Gaming Company transaction on each upcoming public meeting agenda to ensure that the matter can legally be discussed and decided (pursuant to IGB regulations) by the IGB at the earliest possible opportunity. The IGB staff also confirmed to Penn National that being placed on the agenda and then tabled is not prejudicial to the company, but rather a result of the IGB's workload. The vote of the Illinois Gaming Board is the only remaining regulatory approval required to complete the proposed transaction. The proposed transaction has been authorized by the regulatory agencies of all of the other twelve jurisdictions in which Penn and Argosy operate, as well as the Federal Trade Commission. About Penn National Gaming Penn National Gaming owns and operates casino and horse racing facilities with a focus on slot machine entertainment. Penn presently operates eleven facilities in nine jurisdictions including West Virginia, Illinois, Louisiana, Mississippi, Pennsylvania, New Jersey, Colorado, Maine and Ontario. In aggregate, Penn's facilities feature over 13,000 slot machines, 260 table games, 1,286 hotel rooms and 417,000 square feet of gaming floor space. In November 2004, Penn agreed to acquire all of the outstanding shares of Argosy Gaming Company. For more information about Penn National, visit http://www.pngaming.com. 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, 2004. Meaningful factors which could cause actual results to differ from expectations described in this press release include, but are not limited to, risks related to the following: the passage of state, federal or local legislation that would expand, restrict, further tax or prevent gaming operations in the jurisdictions in which we do business; delays in obtaining regulatory approvals required to complete, or other delays in completing, the proposed acquisition of Argosy; our ability to successfully complete the tender offers and consent solicitations; our ability to complete the proposed acquisition of Argosy and to successfully integrate its operations; our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses (including without limitation the issuance of final operators' licenses in Maine and Pennsylvania). Furthermore, Penn 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.