Penn National Gaming back in Kansas

Penn Hollywood Kansas, Inc, a subsidiary of Penn National Gaming, Inc.(Nasdaq: PENN) (“the
Company”) announced today that it has entered into an agreement, subject to
local and regulatory approvals and certain other closing conditions, with
principals of The Cordish Company (“Cordish”), the managing member of Kansas Entertainment, LLC, whereby Penn National has agreed to
acquire Cordish’s 50% interest in Kansas Entertainment, LLC and their
role as managing member. As a result of the agreement with Cordish, Penn National will join Kansas Speedway Development Corporation, a wholly owned subsidiary of International Speedway
Corporation (Nasdaq: ISCA) (which owns the other 50% of Kansas
Entertainment, LLC) in its pending application with the Kansas
Lottery Commission to develop and operate a Hollywood-themed entertainment destination
facility overlooking Turn 2 at Kansas Speedway in the North East
Gaming Zone in Wyandotte
County, Kansas Penn National and International Speedway Corporation will share
equally the cost of developing and constructing the proposed facility and intend
to jointly seek third party financing for the project.