Market Overview

Penn National Gaming Secures Approval from Missouri Gaming Commission in Connection with Its Pending Acquisition of Pinnacle Entertainment

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Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn National" or the
"Company") announced that at a meeting today, the Company received
approval from the Missouri Gaming Commission ("MGC") in connection with
its pending acquisition of Pinnacle Entertainment, Inc. (NASDAQ:PNK)
("Pinnacle Entertainment"), subject to customary conditions. The
completion of the proposed transaction is contingent on receipt of
additional regulatory approvals, as well as certain other conditions.

Timothy J. Wilmott, Chief Executive Officer of Penn National, commented,
"We appreciate the work of the Missouri Gaming Commission and their
comprehensive review of the application and filings related to our
pending transaction with Pinnacle Entertainment. Reflecting the progress
we have made to date with securing regulatory approvals, and the
timeline we have established for the remaining requisite approvals, we
remain on schedule to complete the transaction early in the fourth
quarter."

Inclusive of the approval from the MGC, Penn National has received
approvals from twelve gaming regulatory bodies in connection with its
proposed acquisition of Pinnacle Entertainment. In addition, on March
29, shareholders of both Penn National and Pinnacle Entertainment
approved the proposed merger, with over 99% of all votes cast in favor
of the transaction.

About Penn National Gaming

Penn National Gaming owns, operates or has ownership interests in gaming
and racing facilities and video gaming terminal operations with a focus
on slot machine entertainment. At June 30, 2018, the Company operated
twenty-eight facilities in sixteen jurisdictions, including Florida,
Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri,
Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West
Virginia, and Ontario, Canada. At June 30, 2018, in aggregate, Penn
National Gaming operated approximately 34,100 gaming machines, 770 table
games and 4,800 hotel rooms. The Company also offers social online
gaming through its Penn Interactive Ventures division.

About Pinnacle

Pinnacle Entertainment, Inc. owns and operates 16 gaming entertainment
businesses, located in Colorado, Indiana, Iowa, Louisiana, Mississippi,
Missouri, Nevada, Ohio and Pennsylvania. In addition, Pinnacle holds a
majority interest in the racing license owner, as well as a management
contract, for Retama Park Racetrack outside of San Antonio, Texas.

Important Additional Information

In connection with the proposed transaction, on February 8, 2018, Penn
filed with the Securities and Exchange Commission (the "SEC") a
registration statement on Form S-4 that contains a joint proxy statement
of Penn and Pinnacle and also constitutes a prospectus of Penn (the
"joint proxy statement/prospectus"). The registration statement was
declared effective by the SEC on February 28, 2018 and Penn and Pinnacle
commenced mailing the definitive joint proxy statement/prospectus to
their respective shareholders and stockholders on February 28, 2018.
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any
vote or approval. Shareholders of Penn and stockholders of Pinnacle are
urged to read the definitive joint proxy statement/prospectus regarding
the proposed transaction and any other relevant documents filed or that
will be filed with the SEC, as well as any amendments or supplements to
those documents, because they contain or will contain important
information. Investors may obtain a free copy of the registration
statement and the joint proxy statement/prospectus, as well as other
filings containing information about Penn and Pinnacle, without charge,
at the SEC's website at www.sec.gov.
Copies of the documents filed with the SEC by Penn can be obtained,
without charge, by directing a request to Justin Sebastiano, Penn
National Gaming, Inc., 825 Berkshire Boulevard, Suite 200, Wyomissing,
Pennsylvania 19610, Tel. No. (610) 401-2029. Copies of the documents
filed with the SEC by Pinnacle can be obtained, without charge, by
directing a request to Vincent Zahn, Pinnacle Entertainment, Inc., 3980
Howard Hughes Parkway, Las Vegas, Nevada 89169, Tel. No. (702) 541-7777.

Forward-Looking Statements

This communication may contain certain forward-looking statements,
including certain plans, expectations, goals, projections, and
statements about the benefits of the proposed transaction, Penn's and
Pinnacle's plans, objectives, expectations and intentions, the expected
timing of completion of the transaction, and other statements that are
not historical facts. Such statements are subject to numerous
assumptions, risks, and uncertainties. Statements that do not describe
historical or current facts, including statements about beliefs and
expectations, are forward-looking statements. Forward-looking statements
may be identified by words such as "expect," "anticipate," "believe,"
"intend," "estimate," "plan," "target," "goal," or similar expressions,
or future or conditional verbs such as "will," "may," "might," "should,"
"would," "could," or similar variations. The forward-looking statements
are intended to be subject to the safe harbor provided by Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange Act
of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or
risk factors is complete, below are certain factors which could cause
actual results to differ materially from those contained or implied in
the forward-looking statements including: risks related to the
acquisition of Pinnacle by Penn and the integration of the businesses
and assets to be acquired; the possibility that the proposed transaction
does not close when expected or at all because required regulatory or
other approvals are not received or other conditions to the closing are
not satisfied on a timely basis or at all; the risk that the financing
required to fund the transaction is not obtained on the terms
anticipated or at all; the possibility that the Boyd Gaming Corporation
and/or Gaming and Leisure Properties, Inc. transactions do not close in
a timely fashion or at all; potential adverse reactions or changes to
business or employee relationships, including those resulting from the
announcement or completion of the transaction; potential litigation
challenging the transaction; the possibility that the anticipated
benefits of the transaction are not realized when expected or at all,
including as a result of the impact of, or issues arising from, the
integration of the two companies; the possibility that the anticipated
divestitures are not completed in the anticipated timeframe or at all;
the possibility that additional divestitures may be required; the
possibility that the transaction may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
diversion of management's attention from ongoing business operations and
opportunities; litigation relating to the transaction; risks associated
with increased leverage from the transaction; and other factors
discussed in the sections entitled "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in Penn's and Pinnacle's respective most recent Annual
Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K as filed with the SEC. Other unknown or unpredictable
factors may also cause actual results to differ materially from those
projected by the forward-looking statements. Most of these factors are
difficult to anticipate and are generally beyond the control of Penn and
Pinnacle. Neither Penn nor Pinnacle undertakes any obligation to release
publicly any revisions to any forward-looking statements, to report
events or to report the occurrence of unanticipated events unless
required to do so by law.

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