Gambling News by Gambling Headquarters

Penn National Gaming, Inc. (PENN: Nasdaq) (the "Company") announced today that it is seeking certain amendments to its existing $2.725 billion senior secured credit facility (the "Credit Facility"). The requested amendments relate to: (1) modification of the applicable covenants to enable the Company to repurchase up to $200 million of its equity or debt securities; (2) modification of the Company's capital expenditure covenant to increase certain permitted expenditures consistent with the Company's development and expansion projects as announced in the Company's second quarter earnings release on July 27, 2006; (3) modification of the Company's collateral documents in accordance with requirements of the Pennsylvania gaming authorities and (4) certain other matters. The amendment requires the approval of lenders holding a majority of the outstanding commitments and loans under the Credit Facility. There can be no assurance that the amendments will be approved as described above. The Board of Directors of the Company has not yet authorized the repurchase of its common stock or debt securities.