Market Overview

Penn National Gaming Secures Approval from Nevada Gaming Regulators in Connection with Its Pending Acquisition of Pinnacle Entertainment

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With All Regulatory Approvals Now Granted, Company Makes Final
Preparations for Mid-October Closing

Penn National Gaming, Inc. (PENN: Nasdaq) ("Penn National" or the
"Company") announced that at meetings today, the Company received
approval from the Nevada Gaming Commission ("NGC") and Nevada Gaming
Control Board ("NGCB") in connection with its pending acquisition of
Pinnacle Entertainment, Inc. (NASDAQ:PNK) ("Pinnacle Entertainment"),
subject to customary conditions. Today's approvals represents the final
required regulatory approvals necessary to complete the transaction and
Penn National anticipates closing the transaction in mid-October,
subject to the satisfaction or waiver of the remaining customary
conditions to closing set forth in the merger agreement between Penn
National and Pinnacle Entertainment.

Timothy J. Wilmott, Chief Executive Officer of Penn National, commented,
"We are grateful to the Nevada Gaming Commission and Nevada Gaming
Control Board for their thorough and diligent review of the applications
and filings related to our pending transaction with Pinnacle
Entertainment. With these approvals in hand, we look forward to the
upcoming closing of the transaction in mid-October and officially
welcoming Pinnacle Entertainment's team members to the Penn National
family."

Earlier this week Penn National announced that the Federal Trade
Commission had cleared its pending acquisition of Pinnacle Entertainment.

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, 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 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 available 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 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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