Penn National Gaming Enters into Definitive Agreement to Divest JV Interest in Maryland Jockey Club

Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it has entered into a definitive agreement to sell its joint venture interest in the Maryland Jockey Club to Stron-MJC Limited Partnership.

As announced by MI Developments Inc., Penn National's joint venture partner, an affiliate of MI Developments Inc. will also transfer its interest in the Maryland Jockey Club to an affiliate of Stron-MJC Limited Partnership as part of a transaction approved by the shareholders of MI Developments Inc. that is scheduled to close on June 30, 2011.