Penn National Gaming, Inc. announced that it is commencing a cash tender offer for any and all of the $300 million aggregate outstanding principal amount of its 5.875% senior notes due 2021 (CUSIP No. 707569 AR0). The tender offer will expire at 5:00 p.m., New York City time, on January 18, 2017, unless the tender offer is extended or earlier terminated. Under the terms and subject to the conditions of the tender offer, holders of notes who validly tender (and do not validly withdraw) their notes at or prior to the Expiration Date (or who validly deliver a properly completed and duly executed Notice of Guaranteed Delivery in accordance with the instructions described in the Offer to Purchase at or prior to the Expiration Date and subsequently deliver their tendered notes by the close of business on January 20, 2017, the second business day after the scheduled Expiration Date), and, in each case, whose tendered notes are accepted for purchase by Penn in the tender offer, will receive cash consideration of $1,045.45 per $1,000 principal amount of tendered notes plus any accrued and unpaid interest from and including the most recent interest payment date, up to, but excluding, the settlement date for the tender offer. Tendered notes may be validly withdrawn at any time at or prior to the Expiration Date or as otherwise set in the Offer to Purchase for the tender offer. The settlement date in respect of notes that are validly tendered at or prior to the Expiration Date and accepted by Penn for purchase in the tender offer will be promptly after the Expiration Date and is expected to be January 19, 2017, the first business day following the scheduled Expiration Date. The settlement date in respect of tendered notes with respect to which a properly completed and duly executed Notice of Guaranteed Delivery is validly delivered at or prior to the Expiration Date (to the extent that such notes are not delivered at or prior to the Expiration Date) that are accepted by Penn for purchase in the tender offer is expected to be January 23, 2017, the third business day following the scheduled Expiration Date.