Exhibit 99.1

Replay information provided below

FOR IMMEDIATE RELEASE

PENN NATIONAL GAMING SECOND QUARTER REVENUE RISES 15% TO $687.9 MILLION, ADJUSTED EBITDA INCREASES 33% TO $189.6 MILLION

- Second Quarter Net Income Attributable to Penn National

Shareholders of $76.0 Million, or $0.71 Per Diluted Share -

- Establishes 2011 Third Quarter Guidance and Updates 2011 Full Year Guidance -

Wyomissing, Penn., (July 21, 2011) — Penn National Gaming, Inc. (PENN: Nasdaq) today reported second quarter operating results for the three months ended June 30, 2011, as summarized below:

Summary of Second Quarter Results

(1)          Adjusted EBITDA is income (loss) from operations, excluding the impact of stock compensation, impairment losses, insurance recoveries and deductible charges, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of loss from unconsolidated affiliates.  A reconciliation of net income (loss) attributable to the shareholders of Penn National Gaming, Inc. and subsidiaries per accounting principles generally accepted in the United States of America (“GAAP”) to adjusted EBITDA, as well as income (loss) from operations per GAAP to adjusted EBITDA, is included in the accompanying financial schedules.

(2)          The figures in this column present the guidance Penn National Gaming provided on April 21, 2011 for the three months ended June 30, 2011.

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Review of Second Quarter 2011 Results vs. Guidance and Second Quarter 2010 Results

(1)          The guidance figures in the tables above present the guidance Penn National Gaming provided on April 21, 2011 for the three months ended June 30, 2011.

(2)          Reflects final property and business interruption insurance settlement of the March 2009 Hollywood Casino Joilet fire.

(3)          Reflects insurance deductibles for property damage and business interruption related to flooding that closed Hollywood Casino Tunica from May 1, 2011 to May 25, 2011.

Peter M. Carlino, Chairman and Chief Executive Officer of Penn National Gaming commented, “The second quarter marked another period of improved operating performance on both a same-facility and consolidated basis, further progress with our development projects and continued strength in the Company’s liquidity and credit profile.

“Our second quarter revenue and adjusted EBITDA growth of 15% and 33%, respectively, exceeded guidance and highlight the ongoing strength of our regionally diversified gaming operations, continued success with our initiatives to improve operating efficiencies and margins, and solid returns on capital deployed over the last year for expanded and newly opened facilities.  Penn National’s second quarter property adjusted EBITDA exceeded guidance by $11.2 million despite the 25-day closure during the quarter of Hollywood Casino Tunica due to flooding.  Reflecting the double-digit revenue growth and our continued focus on operating efficiently and marketing rationally, second quarter consolidated property adjusted EBITDA margins rose 345 basis points year over year to 30.36%.

“Revenue and adjusted EBITDA growth across our portfolio was broad-based including the benefit of last summer’s addition of table games at Hollywood Casino at Charles Town Races in West

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Virginia and Hollywood Casino at Penn National Race Course in Pennsylvania.  With the recent opening of the sports bar and lounge at Charles Town, we have completed the property’s expansion to complement our table game product offerings and have transformed this facility into one of the largest full amenity casinos in North America.  In addition, Hollywood Casino Perryville had a successful opening last fall and we benefited from a month of operations from M Resort.  Hollywood Casino Perryville generated $5.7 million in quarterly adjusted EBITDA and M Resort contributed $2.1 million of property adjusted EBITDA (excluding transaction costs) in the month of June.  Overall, thirteen of our fifteen gaming facilities generated year-over-year adjusted EBITDA improvements and fourteen increased their adjusted EBITDA margins.

“Despite concerns about a slowdown in U.S. economic growth, during the first half of 2011 we’ve seen gradual improvements in consumer trends, though there continues to be month-to-month revenue volatility in several of the markets where we operate.  With second quarter results exceeding guidance and expectations for continued positive operating momentum throughout 2011, we are raising our full year 2011 revenue and adjusted EBITDA guidance to $2.7 billion and $723.5 million, respectively.

“Last week, Penn National entered into a new $2.15 billion senior secured credit facility which provides the Company with favorable financing terms and improved financial flexibility.  We now have access to an undrawn $700 million five-year revolving credit facility and have outstanding two term loans of $700 million and $750 million, with maturities of five and seven years, respectively.   Penn National’s new senior secured credit facility continues to allow for debt and equity repurchases and provides the Company with increased flexibility to make investments and eliminate limits on the Company’s capital expenditures.  Reflecting our continued focus on actively and conservatively managing our capital structure to provide the financial flexibility to support our near-and long-term growth initiatives, we recently gave notice to call all $250 million of our 6 ¾% Senior Subordinated Notes due to mature in 2015, at 102.25 effective August 19, 2011.

“In June, Penn National entered into an agreement to divest its joint venture interest in the Maryland Jockey Club as we believe its tracks will be well served under a sole ownership structure.   Given that Penn National previously wrote down the value of this investment due to a goodwill impairment charge at the Maryland Jockey Club, we expect to record a gain from the sale in the third quarter.  Going forward in Maryland, our focus will be on resuming live and simulcast racing at the now dormant Rosecroft Raceway in Prince George’s County, which we acquired earlier this year, with the hope of eventually offering expanded gaming there, and building on the initial success of Hollywood Casino Perryville.

“Looking forward, operating results in the second half of 2011 will benefit from our recently completed acquisition of The M Resort, an upscale resort in the Las Vegas market.  Given its extensive, high-quality amenities and location with access to I-15, the facility is uniquely capable of addressing upscale local clientele, Southern California customers, destination-oriented casino visitors

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and meeting and convention groups.  M Resort recorded second quarter property revenue of $43.1 million and adjusted EBITDA of $5.6 million before the impact of transaction costs.  This compares favorably to the prior year revenue and adjusted EBITDA of $41.9 million and $4.5 million, respectively.   We are confident that our operating discipline, rationalized approach to marketing and active player database can continue to improve the property’s financial performance over time.

“In 2012, our three casino projects in Ohio and Kansas will begin contributing to adjusted EBITDA.  Based on the current pace of construction, Hollywood Casino at Kansas Speedway and Hollywood Casino Toledo are expected to open in the first quarter of 2012 and first half of 2012, respectively, provided the required regulatory framework and approvals are in place.   In addition to continued construction progress on these projects, during the quarter we appointed three proven casino executives to lead these new properties, interact with the local communities and recruit over 2,000 employees to staff these new facilities.

“During the second quarter, we entered into a contingent agreement with The City of Columbus that called for annexation of the site of Hollywood Casino Columbus into the City of Columbus in exchange for water and sewer service and other considerations.  The agreement was conditioned, among other things, on the sale of real estate previously purchased by the Company in downtown Columbus for $11 million and an acceptable settlement agreement with certain affiliates of the Columbus Dispatch.  While neither of these conditions were satisfied by the July 19, 2011 deadline set forth in the settlement agreement, we believe that we have now reached an agreement in principle among all parties relative to the satisfaction of these conditions.  We expect to complete the documentation of these matters shortly.  In the meantime, construction has continued on our planned $400 million Hollywood Casino Columbus project, which we expect to open in the fourth quarter of next year.

“In addition, near the very end of the second quarter, we reached an agreement in principle with the State of Ohio that will provide greater clarity regarding our total state tax burden and future competition, and establishes the framework including licensing fees, tax structure and minimal capital expenditures for the placement of VLTs at the state’s seven racetracks.  In addition, the State Legislature authorized the Racing Commission to permit the potential relocation of existing racetracks to Youngstown and Dayton, which we plan to pursue with our Raceway Park and Beulah Park licenses in Toledo and Grove City, in order to optimize the employment and tax benefits to Ohio and the local host communities.”

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Development and Expansion Projects

The table below summarizes Penn National Gaming’s current facility development projects:

Financial Guidance

The table below sets forth current guidance targets for financial results for the 2011 third quarter and full year, based on the following assumptions:

·                  Included in adjusted EBITDA is a gain of approximately $20 million based on an anticipated closing date of August 1 for the disposition of our joint venture interest in the Maryland Jockey Club;

·                  Includes seven months of operating results of the M Resort;

·                  The opening in mid-July of the tenth gaming facility in Illinois;

·                  The signing of an extension of the Casino Rama Management agreement at a similar rate structure;

·                  Includes a full year of results for Beulah Park;

·                  Includes a total of $10.6 million of pre-opening expenses, with $2.4 million projected to be incurred in the third quarter of 2011;

·                  Does not include expected gains from insurance proceeds related to the Hollywood Casino Tunica flood;

·                  Includes the results of operating Rosecroft with a live meet in the second half of 2011;

·                  Depreciation and amortization charges in 2011 of $213.3 million, with $53.4 million projected to be incurred in the third quarter of 2011;

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·                  Capital structure will consist of the following debt instruments after redemption of our $250 million 6 ¾% senior subordinated notes which will be funded through our revolver which is currently un-drawn:

* The Term Loan B is also subject to a LIBOR floor of 100 basis points

·                  $97.4 million of excess cash was utilized to repay principal debt of $68 million, with the remainder representing bank underwriting and advisory fees, other issuance costs and accrued interest and fees on the retired debt;

·                  Debt extinguishment charges of $18.6 million ($13 million of which is non-cash) incurred in the third quarter of 2011

·                  Estimated non-cash stock compensation expenses of $24.9 million for 2011, with $6.3 million of the cost incurred in the third quarter of 2011;

·                  LIBOR is based on the forward curve;

·                  Blended income tax rate of 38.2% for 2011;

·                  A diluted share count of approximately 107.4 million shares for the full year; and,

·                  There will be no material changes in applicable legislation or regulation, world events, weather, economic conditions, or other circumstances beyond our control that may adversely affect the Company’s results of operations.

(1)          Adjusted EBITDA is income (loss) from operations, excluding the impact of stock compensation, impairment losses, insurance recoveries and deductible charges, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of loss from unconsolidated affiliates.

(2)          These figures present the guidance Penn National provided on April 21, 2011 for the full year ending December 31, 2011.

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PENN NATIONAL GAMING, INC. AND SUBSIDIARIES

Property Information — Operations

(in thousands) (unaudited)

(1)          Table games were added to these two properties in July 2010, which significantly benefited results compared to the prior year.

(2)          Hollywood Casino Tunica was closed from May 1, 2011 to May 25, 2011 due to flooding.

(3)          Hollywood Casino Perryville opened to the public on September 27, 2010.

(4)          The conversion of all of the outstanding bank and subordinated debt of the M Resort into its ownership was completed on June 1, 2011 and results were negatively impacted by transaction costs of $957 thousand.

(5)          Beulah Park was acquired on July 1, 2010.

(6)          Rosecroft Raceway was acquired on February 28, 2011. The Company is currently in the process of developing a financially viable plan for operating the track.

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Reconciliation of Adjusted EBITDA to Net income attributable to the shareholders of Penn National Gaming, Inc. and subsidiaries (GAAP)

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES

(in thousands) (unaudited)

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Reconciliation of Income (loss) from operations (GAAP) to Adjusted EBITDA

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES

Property Information Including Corporate Overhead

(in thousands) (unaudited)

Three Months Ended June 30, 2011

Three Months Ended June 30, 2010

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Reconciliation of Income (loss) from operations (GAAP) to Adjusted EBITDA

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES

Property Information Including Corporate Overhead

(in thousands) (unaudited)

Six Months Ended June 30, 2011