<SUBMISSION>
<ACCESSION-NUMBER>0001104659-07-047183
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20070606
<ITEMS>5.01
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20070612
<DATE-OF-FILING-DATE-CHANGE>20070612
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PENN NATIONAL GAMING INC
<CIK>0000921738
<ASSIGNED-SIC>7990
<IRS-NUMBER>232234473
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-24206
<FILM-NUMBER>07915239
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>825 BERKSHIRE BLVD STE 200
<STREET2>WYOMISSING PROFESSIONAL CENTER
<CITY>WYOMISSING
<STATE>PA
<ZIP>19610
<PHONE>6103732400
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>825 BERSHIRE BLVD
<STREET2>SUITE 200
<CITY>WYOMISSING
<STATE>PA
<ZIP>19610
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a07-16453_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>






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<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON,
D.C. 20549</font></b></p>

<div style="line-height:9.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 8-K</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
REPORT</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
to Section 13 or 15 (d) of the</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Securities
Exchange Act of 1934</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report<b> &#151; June 6, 2007</b></font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date of earliest
event reported)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">PENN
NATIONAL GAMING, INC.</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(Exact name of registrant as specified in its
charter)</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>Pennsylvania</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">0-24206</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">23-2234473</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File
  Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of
  incorporation)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification</font></p>
  </td>
 </tr>
 <tr>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.38%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in .7pt 0in .7pt;width:31.74%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;text-indent:5.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="75%" valign="top" style="padding:0in .7pt 0in 0in;width:75.5%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b>825 Berkshire Blvd., Suite 200, Wyomissing Professional Center,
  Wyomissing, PA</b></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="22%" valign="top" style="padding:0in .7pt 0in 0in;width:22.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19610</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="75%" valign="top" style="padding:0in .7pt 0in 0in;width:75.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of
  principal executive offices)</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in 0in;width:1.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="22%" valign="top" style="padding:0in .7pt 0in 0in;width:22.52%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Area Code
(610) 373-2400</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s
telephone number)</font></p>

<p style="margin:12.0pt 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the
appropriate box below if the form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2 to Form 8-K):</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt .5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;"> <p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

<!-- SEQ.=1,FOLIO='',FILE='C:\fc\16304248277_F25897_2182657\16453-1-ba.htm',USER='jmsproofassembler',CD='Jun 12 00:42 2007' -->



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<div>


<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="14%" valign="top" style="padding:0in .7pt 0in 0in;width:14.86%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --><b>Item</b><b> 5.02</b></p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in 0in;width:85.14%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Departure
  of Directors or Certain Officers; Election of Directors; Appointment of
  Certain Officers; Compensatory Arrangements of Certain Officers</font></u>.</b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 70.0pt;text-indent:-70.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June 6, 2007, the
shareholders of Penn National Gaming, Inc. (the &#147;Company&#148;) approved the Company&#146;s
Annual Incentive Plan (the &#147;Plan&#148;) and the performance goals thereunder.&#160; The Plan provides for cash bonuses payable
upon the attainment of pre-established corporate performance goals.&#160; The Compensation Committee approved a performance
measure of free cash flow compared to the results of a peer group of the
Company&#146;s competitors and a performance measure of earnings before interest,
taxes, depreciation, and amortization (&#147;EBIDTA&#148;) compared to plan as the
business criteria upon which performance goals are based.&#160; Participants may receive a bonus with a
threshold, target and maximum payout.&#160;
The Committee may determine to pay the bonus in shares of the Company&#146;s
common stock, instead of cash, under the Company&#146;s equity-based incentive
compensation plans.&#160; The Compensation
Committee may reduce, but may not increase, any bonus.&#160; Eligible employees of the Plan include the
Company&#146;s Chief Executive Officer, the other executive officers of the Company
and other key officers of the Company.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Plan will be
administered by the Compensation Committee of the Board of Directors of the
Company who will, among other things, designate participants from among the
eligible employees of the Company, establish performance goals within the
parameters of the Plan and administer the Plan as it deems necessary or
advisable.&#160; The Compensation Committee
also has the right to terminate or amend the Plan, without shareholder
approval, at any time and for any reason.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A full description of the
Plan is attached as Exhibit 10.1 and incorporated herein by reference.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
8.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Other Events</u>.</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June 6, 2007, the
Company issued a press release announcing the results of its 2007 Annual
Meeting of Shareholders and that, as a result of the fact that the 2007
Employees Long Term Incentive Compensation Plan and the 2007 Long Term
Incentive Compensation Plan for Non-Employee Directors of the Company were not
approved by shareholders, the Company will not proceed with its previously
announced program to repurchase up to $200 million of the Company&#146;s common
stock, as it was conditioned on shareholder approval of such plans.</font></p>

<p style="margin:12.0pt 0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Financial Statements
and Exhibits</u>.</font></b></p>

<p style="margin:12.0pt 0in 12.0pt 27.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>Exhibits</i>.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:8.92%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:88.1%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="bottom" style="padding:0in .7pt 0in 0in;width:8.92%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="88%" valign="bottom" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0in .7pt 0in 0in;width:8.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of the Penn National Gaming, Inc. Annual
  Incentive Plan.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0in .7pt 0in 0in;width:8.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="8%" valign="top" style="padding:0in .7pt 0in 0in;width:8.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88%" valign="top" style="padding:0in .7pt 0in 0in;width:88.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release of Penn National Gaming, Inc., dated
  June 6, 2007</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></u></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading -->Dated: June 12, 2007</p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PENN NATIONAL GAMING, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0in .7pt 0in 0in;width:49.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="50%" valign="top" style="padding:0in .7pt 0in 0in;width:50.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in 0in;width:6.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="36%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:36.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ <font style="text-transform:uppercase;">Robert S.
  Ippolito</font></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in 0in;width:5.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:57.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:42.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert S. Ippolito</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:57.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" colspan="2" valign="top" style="padding:0in .7pt 0in 0in;width:42.46%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President, Secretary and Treasurer</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT INDEX</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:9.9%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><!-- SET mrlNoTableShading -->Exhibit No.</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in 0in;width:87.12%;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Description</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:9.9%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="87%" valign="bottom" style="border:none;padding:0in .7pt 0in 0in;width:87.12%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="top" style="padding:0in .7pt 0in 0in;width:9.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in 0in;width:87.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Description of the Penn National Gaming, Inc. Annual
  Incentive Plan.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="top" style="padding:0in .7pt 0in 0in;width:9.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in 0in;width:87.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="9%" valign="top" style="padding:0in .7pt 0in 0in;width:9.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in 0in;width:2.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87%" valign="top" style="padding:0in .7pt 0in 0in;width:87.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Press Release of Penn National Gaming Inc., dated
  June 6, 2007</font></p>
  </td>
 </tr>
</table>

<p style="margin:12.0pt 0in;"><font size="2" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Description
of the Penn National Gaming, Inc. Annual Incentive Plan</font></b></p>

<p style="margin:12.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Annual Incentive Plan provides for cash bonuses payable upon the
attainment of pre-established performance goals.&#160; The Annual Incentive Plan will enable Penn
National Gaming, Inc. (the &#147;Company&#148;) to claim tax deductions for all bonuses
payable under the Annual Incentive Plan, including bonuses for the 2007
calendar year and bonuses for calendar years through 2011.&#160; Without such Annual Incentive Plan, Section
162(m) of the Internal Revenue Code of 1986, as amended, would deny the Company
a deduction for bonuses under the Annual Incentive Plan paid to the Chief
Executive Officer and the four other most highly compensated executive
officers, to the extent each officer&#146;s compensation that is subject to Section
162(m) exceeds $1 million.&#160; The
unavailability of this deduction would cause the Company to pay higher Federal
income taxes.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Administration.</font></b>&#160; The Annual Incentive Plan is administered by
the Compensation Committee.&#160; The
Compensation Committee will, among other things, designate participants from
among the eligible employees, establish performance goals within the parameters
described below and administer the Annual Incentive Plan as it deems necessary
or advisable.&#160; The Compensation Committee
has the right to terminate or amend the Annual Incentive Plan, without
stockholder approval, at any time and for any reason.&#160; The Company also may adopt other bonus or
incentive plans.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eligible Employees.</font></b>&#160; Employees eligible to participate in the
Annual Incentive Plan include the Chief Executive Officer, the other executive
officers of the Company and other key officers of the Company, which currently
consists of approximately nine individuals.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Performance Goals.</font></b>&#160; The Annual Incentive Plan is an incentive
compensation plan designed to promote teamwork towards achieving
pre-established corporate performance goals each year.&#160; The Compensation Committee approved a
performance measure of free cash flow compared to the results of a peer group
of the Company&#146;s competitors and a performance measure of earnings before
interest, taxes, depreciation, and amortization (&#147;EBIDTA&#148;) compared to plan as
the business criteria upon which performance goals are based.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:12.0pt 0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Plan Benefits.</font></b>&#160;
Participants in the Annual Incentive Plan may receive a bonus with a
threshold, target and maximum payout.&#160;
The annual bonus will be paid depending on whether the performance
criteria established for the year are achieved.&#160;
No bonuses will be paid if performance criteria established for the year
do not meet the threshold.&#160; If the
Company&#146;s performance with respect to any or all of the performance criteria
meets or exceeds the threshold, then a varying amount of cash, up to the
maximum, may be achieved.&#160; A maximum of
$6,000,000 may be paid each year to each executive who participates in the
Annual Incentive </p>


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<p style="margin:12.0pt 0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Plan.&#160; The Committee may
determine to pay the bonus in shares of the Company&#146;s common stock, instead of
cash, under the Company&#146;s equity-based incentive compensation plans.&#160; The Compensation Committee may reduce, but
may not increase, any bonus.</font></p>

<p style="margin:12.0pt 0pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>



</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 align="right" style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
99.1</font></b></h1>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="35%" style="padding:0in .7pt 0in 0in;width:35.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading --><font size="4" style="font-size:14.0pt;">News Announcement</font></p>
  </td>
  <td width="64%" style="padding:0in .7pt 0in 0in;width:64.32%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img width="364" height="85" src="g164531kci001.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>

<h1 align="right" style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0in .7pt 0in 0in;width:65.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><!-- SET mrlNoTableShading -->CONTACT:</p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0in .7pt 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William J. Clifford</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joseph N. Jaffoni, Richard Land</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0in .7pt 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jaffoni &amp; Collins Incorporated</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="65%" valign="top" style="padding:0in .7pt 0in 0in;width:65.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">610/373-2400</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in .7pt 0in 0in;width:34.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">212/835-8500 or penn@jcir.com</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PENN NATIONAL
GAMING REPORTS ON ANNUAL MEETING RESULTS</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151; Two Class II Directors Elected and Annual
Incentive Plan is Approved &#151;</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#151; Employees Long Term Incentive Compensation Plan
and Long Term Incentive Compensation Plan for Non-Employee Directors of the
Company are Not Approved &#151;</font></b></p>

<p align="left" style="margin:0in 0in 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wyomissing, Penn.,
(June 6, 2007) -- Penn National Gaming, Inc. (PENN: Nasdaq) today
announced results of its Annual Meeting of Shareholders, which was held earlier
today:</font></p>

<p align="left" style="font-size:10.0pt;margin:0in 0in 12.0pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders
voted to re-elect Robert P. Levy and Barbara Z. Shattuck for three year terms
as Class II directors.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in 12.0pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders
approved the Annual Incentive Plan and the performance goals thereunder, which
specifies bonus compensation for employees based upon the attainment of
pre-established performance goals.</p>

<p align="left" style="font-size:10.0pt;margin:0in 0in 12.0pt .25in;text-align:left;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders
voted against the 2007 Employees Long Term Incentive Compensation Plan and the
2007 Long Term Incentive Compensation Plan for Non-Employee Directors of the
Company (&#147;the 2007 Equity Compensation Plans&#148;).&#160;
Accordingly, the Company will not proceed with its previously announced
program to repurchase up to $200 million of the Company&#146;s common stock as it
was conditioned on shareholder approval of the 2007 Equity Compensation Plans.</p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">About Penn
National Gaming</font></b></p>

<p align="left" style="margin:0in 0in 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penn
National Gaming owns and operates casino and horse racing facilities with a
focus on slot machine entertainment.&#160; The
Company presently operates eighteen facilities in fourteen jurisdictions
including Colorado, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi,
Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and
Ontario.&#160; In aggregate, Penn National&#146;s
operated facilities feature nearly 23,000 slot machines, over 400 table games,
approximately 1,731 hotel rooms and approximately 808,000 square feet of gaming
floor space.</font></p>

<p align="center" style="margin:0in 0in 12.0pt .25in;text-align:center;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"># # #</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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