In a press release out on November 2, Abraxas Schedules Third Quarter 2009 Financial and Operating Results Conference Call

SAN ANTONIO, Nov 02, 2009 -- Abraxas Petroleum Corporation (NASDAQ:AXAS) will announce their third quarter 2009 financial and operating results on Monday, November 9, 2009, after the U.S. financial markets close. The corresponding conference call is scheduled for Tuesday, November 10, 2009 at 10:00 a.m. CT (11:00 a.m. ET). Robert L.G. Watson, President and CEO of Abraxas, will lead the call with a question and answer session to follow.

Abraxas Petroleum Corporation is a San Antonio based crude oil and natural gas exploitation and production company with operations across the Rocky Mountain, Mid-Continent, Permian Basin and Gulf Coast regions of the United States.

Progress Software Corporation (NASDAQ: PRGS) trading at $23.03 per share on trading volume of 33,159 shares.

In a press release out on November 2, Progress DataDirect Announces Advanced Wire Protocol Driver for Microsoft SQL Server

Enhanced Database Driver Offers Robust ODBC Access to Microsoft SQL Server With Enterprise-Class Features That Increase Scalability and Performance by as Much as 75 Percent

BEDFORD, MA, Nov 02, 2009 -- Progress Software Corporation (NASDAQ: PRGS), a leading software provider that enables enterprises to be operationally responsive, today announced the availability of its enhanced Progress(R) DataDirect Connect(R) for ODBC database driver for Microsoft SQL Server. The Microsoft SQL Server native wire protocol driver, which is available in version 6.0 of the DataDirect Connect line of ODBC drivers, includes new innovations intended to streamline application development, boost performance and reduce deployment and maintenance costs.

About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) is a global software company that enables enterprises to be operationally responsive to changing conditions and customer interactions as they occur -- to capitalize on new opportunities, drive greater efficiencies and reduce risk. The company offers a comprehensive portfolio of best-in-class infrastructure software spanning event-driven visibility and real-time response, open integration, data access and integration, and application development and deployment -- all supporting on-premises and SaaS/Cloud deployments. Progress maximizes the benefits of operational responsiveness while minimizing IT complexity and total cost of ownership. Progress can be reached at www.progress.com or +1-781-280-4000.

eOn Communications Corporation(TM) (Nasdaq: EONC) trading at $1.40 on a volume of 100 shares

In a press release out on November 2, eOn Communications Introduces the eConn IP-PBX

SAN JOSE, Calif., Nov 02, 2009 -- eOn Communications Corporation(TM) (Nasdaq: EONC), a leading provider of telecommunications solutions, announces today the debut of its new server-based IP communications platform called the eConn IP-PBX at the VoiceCon(R) San Francisco show being held at the Moscone North Convention Center from November 2-5, 2009.

About eOn Communications

eOn Communications Corporation(TM) is a global provider of innovative communications solutions. Backed by over 30 years of telecommunications engineering expertise, our solutions enable our customers to easily leverage advanced technologies in order to communicate more effectively. To find out more about eOn Communications and its solutions, visithttp://www.eoncommunications.com, or call 800-955-5321.

Penn National Gaming, Inc. (PENN: Nasdaq) trading at $25.51 on a volume of 418,499 shares

In a press release out on November 2, Penn National Gaming Announces a Community Relations Advisory Agreement with Russell Simmons and Labor Framework Agreement with New York Hotel & Motel Trades Council, AFL-CIO

NEW YORK & WYOMISSING, Penn., Nov 02, 2009 -- Penn National Gaming, Inc. (PENN: Nasdaq) announced today that it has reached a community relations agreement with Russell Simmons' Rush Communications of NYC and a labor framework agreement with the New York Hotel & Motel Trades Council, AFL-CIO in relation to a video lottery terminal gaming facility at New York's Aqueduct Race Track. The agreements reflect Penn National's commitment to Aqueduct's local Queens community, New York City and New York State, horsemen and employees, and extend Penn National's record of community, charitable and civic support and diversity initiatives in each of the markets in which it operates.

About Penn National Gaming

Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature over 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.

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In its capacity as community relations advisor on this project, Rush will be involved in public affairs and in advising Penn National on its planned local community relations and outreach, charitable donations, diversity and humane initiatives. Rush will assist Penn National Gaming in meeting its commitment to Community Board 10 and local officials to be a strong local partner. Rush will donate a portion of its compensation for providing services to Penn National to charities.

Russell Simmons commented, "As a Queens native, I am sensitive to the developmental needs, educational opportunities and other conditions that can benefit from Penn National's plan for the Aqueduct facility. I am also acutely aware of the animal rights issues that could be advocated for within this role. Penn National is an exemplary corporate citizen and the re-development of Aqueduct represents an important vehicle for creating sustainable economic growth and contributions to the borough and New York as well as empowerment, community relations, and humane initiatives that are close to my heart."

Penn National's agreement with the New York Hotel & Motel Trades Council, AFL-CIO establishes a framework to ensure that organized labor will participate in the ongoing operations of Aqueduct if Penn National is selected to develop and operate the video lottery terminal facility.

Peter M. Carlino, Chief Executive Officer of Penn National commented, "We are delighted to have access to the counsel, resources and involvement of Russell Simmons and Rush Communications in our plan to develop the Aqueduct facility in Queens. In conversations with Community Board 10 and other local leaders, we understand the importance of working with the Queens community to hear and respond to their priorities and concerns as we move forward with the revitalization of Aqueduct and the surrounding area. As an advisor, Russell will ensure that our company-wide record as a responsible community partner will extend to our proposed development and operation of video lottery terminals at Aqueduct in Queens and improve the greater New York City region and the lives of local constituents. Similarly, the AFL-CIO agreement represents our intention to develop and maintain a constructive and beneficial rapport with employees, as we create sustainable economic benefits for the region and the state.

"Our overall bid for the state contract to revitalize Aqueduct and operate 4,500 video lottery terminals clearly stands above all others. Penn National's proposal includes an immediate cash payment to the state of $250 million, the highest up front amount that has been offered. Furthermore, the time line for our construction re-development and facility opening within ten months of final selection by the State of New York will mean that the state and community will see much needed revenues faster than any of the competing proposals. Finally, Penn National's proven record of investment, development and operation of highly successful pari-mutuel and entertainment facilities in Pennsylvania, Maine, New Mexico and West Virginia exceeds all of the other bidders."

About Penn National Gaming

Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National's operated facilities feature over 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.

About Rush Communications

RUSH Communications is a leading multi-faceted holding company with investments in prominent and respected brands in three industry segments: entertainment and media; fashion and lifestyle; and empowerment.

About Russell Simmons

USA Today recently named Russell Simmons one of the "Top 25 Most Influential People of the Past 25 Years," calling him a "hip-hop pioneer" for his groundbreaking vision that has influenced music, fashion, finance, television and film, as well as the face of modern philanthropy. From creating his seminal Def Jam Recordings in 1984, to the 2007 publishing of his New York Times best-seller Do You! 12 Laws to Access the Power in You to Achieve Happiness and Success, Russell is recognized globally for his influence and entrepreneurial approach to both business and philanthropy. Giving back is of primary importance to him in all aspects of life and as Chairman and CEO of Rush Communications, he has consistently leveraged his influence in the recording industry, fashion, television, financial services, and jewelry sectors to give back. A devoted yogi and social activist, Russell also leads the non-profit division of his empire, Rush Community Affairs, and its ongoing commitment to empowering at-risk youth through education, the arts, and social engagement and was instrumental in the recent overturning of the Rockefeller Drug Laws. Russell also serves as UN Goodwill Ambassador For The Permanent Memorial To Honor The Victims Of Slavery and The Trans-Atlantic Slave Trade.

In addition to historical facts or statements of current conditions, this press release contains forward-looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company's current expectations and beliefs but are not guarantees of future performance. As such actual results may vary materially from expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses; the activities of our competitors and the emergence of new competitors; construction factors, including delays and increased cost of labor and materials; and other factors as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.

SOURCE: Penn National Gaming, Inc.

Penn National Gaming, Inc. 
Eric Schippers 
Sr. Vice President, Public Affairs 
610/373-2400 
or 
Jaffoni & Collins Incorporated 
Joseph N. Jaffoni, Richard Land 
212/835-8500 or penn@jcir.com

- Third Quarter EBITDA of $144.3 Million Inclusive of $12.3 Million of Certain Charges and Expenses Excluded from Guidance -

- Establishes 2009 Fourth Quarter Guidance and Updates 2009 Full Year Guidance -

   Conference Call:  Today, October 21, 2009 at 10:00 a.m. ET
   Dial-in number:   212/231-2931
   Webcast:          www.pngaming.com
   Replay information provided below

Penn National Gaming, Inc. (Nasdaq: PENN) today reported third quarter operating results for the three months ended September 30, 2009, as summarized below:

Summary of Third Quarter Results
(in millions, except per share data)                                  Three Months Ended
                                                                      September 30,
                                                                      2009 Actual     2009 Guidance (2)  2008 Actual
Net revenues                                                          $   620.4       $     651.4        $   617.9
EBITDA (1)                                                                144.3             162.1            150.1
Less depreciation and amortization, gain/loss on disposal of assets,      (122.9 )          (124.4 )         (2.6  )
interest expense - net, income taxes, charge for stock compensation,
impairment loss for replaced Lawrenceburg vessel, Empress Casino
Hotel fire, loss on early extinguishment of debt, merger termination
settlement fees, net of related expenses, and other expenses
Net income                                                            $   21.4        $     37.7         $   147.5
Diluted earnings per common share                                     $   0.20        $     0.35         $   1.69

(1) EBITDA is income from operations, excluding charges for stock compensation, impairment loss for replaced Lawrenceburg vessel, Empress Casino Hotel fire, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of loss from joint venture. A reconciliation of net income per accounting principles generally accepted in the United States of America ("GAAP") to EBITDA, as well as income from operations per GAAP to EBITDA, is included in the accompanying financial schedules.

(2) The figures in this column present the guidance Penn National Gaming provided on July 29, 2009 for the three months ended September 30, 2009.

Review of Third Quarter 2009 Results vs. Guidance and Third
Quarter 2008 Results
                                                                    Three Months Ended
                                                                    September 30,
                                                                         2009        2009 Guidance (1)       2008
Diluted earnings per common share                                   $    0.20        $        0.35      $    1.69
Loss on early extinguishment of debt                                     0.02                 -              -
Write-off of Construction in progress for Black Gold Casino at Zia       0.01                 -              -
Park and Penn Kansas
Ohio lobbying expenses                                                   0.10                 -              0.17
Interest expense related to new bonds                                    0.02                 -              -
Income taxes due to FIN 48 adjustments                                   (0.01 )              -              -
Depreciation and amortization/loss on disposal of equipment/stock        (0.02 )              -              -
option expense
Currency translation loss (gain)                                         0.01                 -              (0.02 )
Separation payments                                                      -                    -              0.04
Merger termination settlement fees, net of related expenses              -                    -              (1.36 )
Diluted earnings per common share before loss on early              $    0.33        $        0.35      $    0.52
extinguishment of debt, write-off of Construction in progress for
Black Gold Casino at Zia Park and Penn Kansas, Ohio lobbying
expenses, interest expense related to new bonds, income taxes due
to FIN 48 adjustments, depreciation and amortization/loss on
disposal of equipment/stock option expense, currency translation
loss (gain), separation payments, and merger termination
settlement fees, net of related expenses

(in millions)                                                       Three Months Ended
                                                                    September 30, 2009
                                                                    - Pre-tax
EBITDA per guidance (1)                                             $      162.1
Write-off of Construction in progress for Black Gold Casino at Zia         (1.1   )
Park and Penn Kansas
Ohio lobbying expenses                                                     (11.2  )
Operations                                                                 (5.5   )
EBITDA as reported                                                  $      144.3

(1) The figures in this column or row present the guidance Penn National Gaming provided on July 29, 2009 for the three months ended September 30, 2009.

Commenting on the results, Peter M. Carlino, Chairman and Chief Executive Officer of Penn National Gaming said, "The challenging economic environment, which has resulted in lower consumer spending at gaming facilities, continued to impact operating results for both the overall industry and Penn National in the third quarter, particularly during the month of August. Penn National's reported third quarter results were below guidance as, in addition to the challenging economy, we incurred charges for several items that were excluded from the guidance provided at the time we reported second quarter results, including lobbying costs and an $800,000 charge for design and development costs related to the proposed addition of a hotel -- which has since been cancelled -- which impacted results at Black Gold Casino at Zia Park.

"On a property-by-property basis, Penn National has taken further steps to maintain operating margins through cost and staff reductions and other initiatives and, as a result, Penn National's third quarter EBITDA margin only declined by approximately 100 basis points when compared to last year. The third quarter EBITDA margins represent a slight improvement over the first two quarters of 2009. Importantly, our cost management efforts reflect the current environment and the markets in which we operate, but do not affect the customer experience nor the maintenance or competitiveness of our facilities. With our focus on managing to current gaming spend trends, nine of Penn National's sixteen owned or operated facilities that offer gaming recorded year-over-year EBITDA gains. In addition, newer properties and those where we have recently completed facility expansions and enhancements such as Hollywood Casino Lawrenceburg, Hollywood Casino at Penn National Race Course, Empress Casino Hotel and Hollywood Slots Hotel and Raceway all recorded year-over-year increases in third quarter EBITDA, though these gains were likely muted by current macro-economic conditions. While several properties under-performed during the quarter, we are generally pleased with the performance of our other properties, given current national and regional economic conditions.

"While there is only so much we can do to address the impact of macro-economic conditions on regional gaming results, we are very focused on the future. Penn National is working aggressively to deploy its strong balance sheet and facility development skills to generate long-term shareholder value through the prudent management of our property base and capital structure, developing new growth opportunities and exercising appropriate risk management disciplines.

"In this regard, during the third quarter, Penn National modified its capital structure to increase financial flexibility and further strengthen liquidity to move forward with pending and potential new growth opportunities. Specifically, we amended our senior credit facility, extended $640 million of revolver capacity, and issued $325 million of ten-year senior subordinated notes. Collectively, the amendments allow us to potentially extend and/or repay the current Term Loan B with either new senior secured, senior unsecured or subordinated debt. More importantly, the amendments allow us to optimize the use of our revolver to fund new greenfield construction projects.

"Earlier this month, we supplemented our gaming application in Maryland and submitted an additional $6 million license fee to expand the scope of our proposed $97.5 million facility in Cecil County, to include 1,500 slot machines, an increase from the prior 500 unit proposal. The Maryland Video Lottery Facility Location Commission is expected to vote on our application today and, if selected, Penn National intends to complete its land purchase and shortly thereafter commence construction of the entertainment and gaming center, food and beverage offerings and extensive parking, with a planned opening in late 2010. Penn National's 36-acre parcel of land in Perryville, along Interstate 95, is a solid location for this facility, as it borders Pennsylvania and Delaware along the Chesapeake Bay, with proximity to the Baltimore metropolitan region.

"During the third quarter, Penn National affirmed its commitment to developing a gaming entertainment facility in Wyandotte County, Kansas, as we entered into an agreement to partner with International Speedway Corporation as a managing member and 50% holder of Kansas Entertainment, LLC. As such, the Company withdrew its application to be considered as a Lottery Gaming Facility Manager in Wyandotte County at another site. Under the new agreement, Kansas Entertainment, LLC will develop and operate a first-class Hollywood-themed and branded entertainment destination facility overlooking Turn 2 at Kansas Speedway with an overall budget of approximately $410 million and a planned opening in early 2012, subject to securing final regulatory approval and licensing. The proposed facility will include a 100,000-square-foot casino floor with capacity for 2,300 slot machines and 86 table games, a high-energy lounge and a variety of dining and entertainment options. Penn National Gaming's share of the future cash expenditures would be between $165 and $185 million. Additional development in later phases, including a hotel, expanded gaming space, a spa, convention center and entertainment retail district, have been master planned and would go forward based on market demand.

"Penn National and International Speedway Corporation anticipate funding the first phase of the development with equity contributions of $50 million each and expect to fund the remaining portion through non-recourse secured debt financing, though if the funding cannot be obtained on reasonable terms, Penn National and International Speedway Corporation are prepared to finance the project. We are confident that the alliance with International Speedway Corporation will allow us to bring the most value to the region and our shareholders as it uniquely combines Penn National's proven property development skills and expertise as a multi-jurisdictional gaming facility operator with an excellent site and the enormous draw of NASCAR(R) racing. The Unified Government of Wyandotte County, the host community, has endorsed the project and the Kansas Lottery Gaming Facility Review Board is expected to vote on the management agreement and development rights for Wyandotte County late this year.

"The situation with respect to gaming in Ohio remains dynamic and uncertain. The Ohio Supreme Court recently ruled that Governor Strickland's plan to allow video lottery terminals (VLTs) at the state's seven existing racetracks was subject to a voter referendum. As owner of Raceway Park in Toledo, and with our eye on other racetracks in the state, we are watching developments closely and can move quickly if circumstances change.

"Earlier this year, Penn National announced its support of the Ohio Jobs and Growth Plan (Issue 3 on the November 3 statewide ballot), a proposed amendment to the state's Constitution that would authorize gaming facilities in the state's four largest cities. If voted into law next month, the Ohio Jobs and Growth Plan is expected to bring over $1 billion in new private investment to Ohio, contributing to the revitalization of Cincinnati, Cleveland, Columbus and Toledo. Penn National has proposed an investment of approximately $600 million to become licensed, build and operate the facilities in Columbus and Toledo, which would feature full gaming with gaming taxes earmarked for counties, cities and public schools across the state as well as for Ohio's horse racing industry.

"During the third quarter and into the fourth quarter, Penn National allocated significant capital in Ohio to support local efforts to educate voters on the broad economic, employment and urban renewal benefits of our proposal. While the Ohio Jobs and Growth Plan has the broad backing of influential community leaders, labor and law enforcement organizations, the outcome of the upcoming election remains uncertain.

"In New York, we are seeking to leverage our position as one of the nation's largest pari-mutuel operators and manager of complementary slot facilities in our bid for the state contract to install and operate 4,500 video lottery terminals at the Aqueduct racing complex in Queens. Penn National's proposal includes an upfront cash payment to the state of $250 million, the highest upfront amount that has been offered. Governor Paterson and legislative leaders are working toward a consensus around the bids and we anticipate either a narrowing of the field or an announcement of the contract award in the near future. If selected, Penn National's unmatched financial and liquidity position would enable us to move quickly to begin construction. We have had a long-term interest in participating in New York's racing heritage and, if selected, we plan to be a proud partner in the racing operations and racing community at Aqueduct.

"We have expended significant effort with outside legal, construction and financial consultants to analyze the potential opportunity for the bankrupt Fontainebleau project in Las Vegas. We recognize that the issues in Las Vegas are extremely challenging, and are focused on attempting to develop a creative and strategic solution that would include bringing in an equity partner. While we have received numerous inquiries from potential investors, we are primarily interested in partnering with entities that can bring strategic value in addition to economic contributions. We are currently in discussions with a partner that we believe meets this criteria, and have advanced a proposal to the debtors and several key creditor constituencies to provide a 'debtor in possession' loan and serve as the stalking horse in an auction of the project. Because the numerous creditors have not unanimously endorsed our proposal, it is uncertain whether our proposal will be accepted or whether we will be the successful bidder at an auction. We will provide additional disclosure on this matter if and when definitive agreements are in place."

Development and Expansion Projects
The table below summarizes Penn National Gaming's current facility
development projects:
Project/Scope                                                         New        Planned Total  Amount         Expected
                                                                      Gaming     Budget         Expended       Opening
                                                                      Positions                 through        Date
                                                                                                September 30,
                                                                                                2009
                                                                                 (in millions)
Hollywood Casino Lawrenceburg (IN) - New two-level, 270,000           1,168      $ 336*         $ 321.8*       Parking Facility - Opened May 2008
square foot gaming vessel, an additional 1,500 space parking garage                                            Gaming Facility - Opened June 25, 2009
and additional surface parking. The Hollywood-themed gaming vessel
allows 3,617 positions on one level, and another 660 positions on
the second level, along with a restaurant and other amenities on the
gaming vessel.
Hollywood Casino Lawrenceburg (IN) - Amenities - Meeting              -          $ 12           $ 0.4          Meeting space - 1st Quarter 2010
space, new three-meal restaurant and remodeled steakhouse in the                                               Pavilion restaurants - 3rd Quarter 2010
pavilion
Perryville, Cecil County (MD) - Pending final licensing               1,500      $ 98           $ 12.8         4th Quarter 2010
approval and settlement on the property, construction will commence
on the new facility with 75,000 square feet of gaming space on a
36-acre parcel of land in Perryville, MD adjacent to Interstate 95.
The Hollywood-themed structure will include 1,500 slot machines
along with food and beverage offerings and extensive parking.
Spending-to-date includes $9 million in licensing fees.
Empress Casino Hotel (IL) - Gaming vessel upgrades, VIP               -          $ 76**         $ 34.3**       Parking Deck - 1st Quarter 2010
amenities, a new pavilion with restaurants, outdoor landscaping and                                            Permanent Land-Based Pavilion
a 1,100 space parking garage.                                                                                  - 4th Quarter 2010
* The Hollywood Casino Lawrenceburg project will be completed for
$8 million less than budget.
** Excluding amounts expected to be recovered via the insurance
claim.

Financial Guidance

The following table sets forth current guidance targets for financial results for the 2009 fourth quarter and full year, based on the following assumptions:

-- Excludes expected gain from insurance proceeds related to Empress Casino Hotel fire which destroyed the casino's land side entertainment pavilion;

-- Includes Ohio lobbying expense;

-- Depreciation and amortization charges in 2009 of $191.6 million, with $50.2 million projected to be incurred in the fourth quarter of 2009;

-- Estimated non-cash stock compensation expenses of $29.2 million for 2009, with $7.3 million of the cost incurred in the fourth quarter of 2009;

-- A diluted share count of approximately 107.0 million shares; and,

-- There will be no material changes in applicable legislation or regulation, world events, weather, economic conditions, or other circumstances beyond our control that may adversely affect the Company's results of operations.

(in millions, except per share data)                                  Three Months Ending December 31,    Full Year Ending December 31,
                                                                      2009 Guidance     2008 Actual       2009 Revised Guidance  2009 Prior Guidance (2)  2008 Actual
Net revenues                                                          $    577.2        $    571.1        $       2,390.6        $       2,463.5          $   2,423.1
EBITDA (1)                                                                 130.2             119.2                575.1                  609.5                595.4
Less depreciation and amortization, gain/loss on disposal of assets,       (112.7 )          (497.8 )             (467.2  )              (473.8  )            (748.7  )
interest expense - net, income taxes, charge for stock compensation,
impairment losses, Empress Casino Hotel fire, loss on early
extinguishment of debt, merger termination settlement fees, net of
related expenses, and other expenses
Net income GAAP                                                       $    17.5         $    (378.6 )     $       107.9          $       135.7            $   (153.3  )
Diluted earnings per common share                                     $    0.16         $    (4.77  )     $       1.01           $       1.27             $   (1.81   )

(1) EBITDA is income from operations, excluding charges for stock compensation, impairment losses, Empress Casino Hotel fire, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of loss from joint venture.

(2) These figures present the guidance Penn National Gaming provided on July 29, 2009 for the full year ending December 31, 2009.

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
Property Information - Operations
(in thousands) (unaudited)
                                               NET REVENUES                       EBITDA (1)
                                               Three Months Ended September 30,   Three Months Ended September 30,
                                               2009            2008                    2009                2008
Charles Town Entertainment Complex             $     116,619   $     123,364      $    32,524         $    35,771
Hollywood Casino Lawrenceburg                        119,286         104,925           37,609              34,041
Hollywood Casino at Penn National Race Course        73,457          65,181            12,971              11,667
Hollywood Casino Aurora                              43,380          49,257            12,918              17,565
Empress Casino Hotel                                 38,613          42,916            10,750              10,460
Argosy Casino Riverside                              48,539          46,465            16,866              15,673
Hollywood Casino Baton Rouge                         29,452          29,591            11,075              11,223
Argosy Casino Alton                                  19,749          20,728            4,779               5,488
Hollywood Casino Tunica                              23,804          22,346            5,800               5,507
Hollywood Casino Bay St. Louis                       23,394          25,037            4,753               5,286
Argosy Casino Sioux City                             13,589          13,747            5,140               4,704
Boomtown Biloxi                                      18,333          18,013            4,727               4,593
Hollywood Slots Hotel and Raceway                    19,312          18,495            3,505               3,496
Bullwhackers                                         5,408           6,126             18                  (283    )
Black Gold Casino at Zia Park                        19,860          23,009            5,634               8,352
Casino Rama management service contract              4,239           4,898             3,841               4,451
Raceway Park                                         2,009           2,152             (199    )           (240    )
Sanford-Orlando Kennel Club                          1,383           1,637             (176    )           (161    )
Earnings from Pennwood Racing, Inc.                  -               -                 (36     )           (139    )
Corporate overhead                                   -               -                 (28,157 )           (27,359 )
Total                                          $     620,426   $     617,887      $    144,342        $    150,095

                                                   NET REVENUES                         EBITDA (1)
                                                   Nine Months Ended September 30,      Nine Months Ended September 30,
                                                   2009              2008                    2009               2008
Charles Town Entertainment Complex                 $      355,958    $      367,949     $    100,541       $    106,469
Hollywood Casino Lawrenceburg                             316,157           334,573          95,581             108,899
Hollywood Casino at Penn National Race Course (2)         223,561           166,258          38,861             23,952
Hollywood Casino Aurora                                   144,480           153,380          45,074             47,935
Empress Casino Hotel                                      75,122            132,219          17,469             32,585
Argosy Casino Riverside                                   147,304           139,412          50,830             47,478
Hollywood Casino Baton Rouge                              95,884            97,467           38,384             39,475
Argosy Casino Alton                                       60,848            65,156           14,577             16,348
Hollywood Casino Tunica                                   71,925            69,017           17,970             17,362
Hollywood Casino Bay St. Louis                            74,805            76,329           16,838             16,486
Argosy Casino Sioux City                                  40,828            42,068           14,835             14,598
Boomtown Biloxi                                           57,195            57,619           16,266             16,532
Hollywood Slots Hotel and Raceway                         50,903            41,273           9,213              8,527
Bullwhackers                                              14,980            17,629           329                (118    )
Black Gold Casino at Zia Park                             61,985            66,415           20,699             24,885
Casino Rama management service contract                   10,946            13,577           9,809              12,318
Raceway Park                                              5,610             6,082            (545    )          (701    )
Sanford-Orlando Kennel Club                               4,978             5,544            170                74
Earnings from Pennwood Racing, Inc.                       -                 -                (755    )          (1,050  )
Corporate overhead                                        -                 -                (61,215 )          (55,861 )
Total                                              $      1,813,469  $      1,851,967   $    444,931       $    476,193

(1) EBITDA is income from operations, excluding charges for stock compensation, impairment loss for replaced Lawrenceburg vessel, Empress Casino Hotel fire, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of loss from joint venture. A reconciliation of net income per GAAP to EBITDA, as well as income from operations per GAAP to EBITDA, is included in the accompanying financial schedules.

(2) Hollywood Casino at Penn National Race Course includes the results of our Pennsylvania casino that opened on February 12, 2008, as well as the Penn National Race Course and four off-track wagering facilities.

Reconciliation of EBITDA to Net Income (GAAP)
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
(in thousands) (unaudited)
                                                             Three Months Ended             Nine Months Ended
                                                             September 30,                  September 30,
                                                                2009           2008            2009            2008
EBITDA                                                       $  144,342     $  150,095      $  444,931      $  476,193
Loss from joint venture                                         36             139             755             1,050
Depreciation and amortization                                   (50,055 )      (44,224  )      (141,427 )      (129,198 )
Charge for stock compensation                                   (6,632  )      (8,991   )      (21,904  )      (18,519  )
Impairment loss for replaced Lawrenceburg vessel                (120    )      -               (11,809  )      -
Empress Casino Hotel fire                                       (211    )      -               (5,942   )      -
Gain (loss) on disposal of assets                               44             (642     )      340             (999     )
Income from operations                                       $  87,404      $  96,377       $  264,944      $  328,527
Interest expense                                                (36,785 )      (37,880  )      (97,874  )      (129,631 )
Interest income                                                 956            720             5,650           1,956
Loss from joint venture                                         (36     )      (139     )      (755     )      (1,050   )
Merger termination settlement fees, net of related expenses     -              195,471         -               195,471
Loss on early extinguishment of debt                            (3,599  )      -               (3,599   )      -
Other                                                           (2,560  )      636             2,419           1,520
Taxes on income                                                 (24,029 )      (107,694 )      (80,293  )      (171,543 )
Net income                                                   $  21,351      $  147,491      $  90,492       $  225,250

Reconciliation of Income from Operations (GAAP) to EBITDA
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
Property Information Including Corporate Overhead
(in thousands) (unaudited)
Three Months Ended September 30, 2009
                                               Income (loss)      Charge for stock compensation  Impairment loss  Empress Casino Hotel Fire  Depreciation   (Gain) loss     Loss       EBITDA
                                               from                                              for replaced                                and            on disposal of  from
                                               operations                                        Lawrenceburg                                amortization   assets          joint
                                                                                                 vessel                                                                     venture
Charles Town Entertainment Complex             $    26,445        $              -               $       -        $            -             $      6,084   $    (5   )     $  -       $  32,524
Hollywood Casino Lawrenceburg                       27,615                       -                       120                   -                    9,874        -             -          37,609
Hollywood Casino at Penn National Race Course       5,213                        -                       -                     -                    7,758        -             -          12,971
Hollywood Casino Aurora                             11,131                       -                       -                     -                    1,781        6             -          12,918
Empress Casino Hotel                                8,249                        -                       -                     211                  2,290        -             -          10,750
Argosy Casino Riverside                             13,950                       -                       -                     -                    2,953        (37  )        -          16,866
Hollywood Casino Baton Rouge                        8,944                        -                       -                     -                    2,288        (157 )        -          11,075
Argosy Casino Alton                                 3,296                        -                       -                     -                    1,477        6             -          4,779
Hollywood Casino Tunica                             4,256                        -                       -                     -                    1,538        6             -          5,800
Hollywood Casino Bay St. Louis                      1,232                        -                       -                     -                    3,526        (5   )        -          4,753
Argosy Casino Sioux City                            4,075                        -                       -                     -                    1,062        3             -          5,140
Boomtown Biloxi                                     1,659                        -                       -                     -                    2,926        142           -          4,727
Hollywood Slots Hotel and Raceway                   85                           -                       -                     -                    3,425        (5   )        -          3,505
Bullwhackers                                        (161    )                    -                       -                     -                    178          1             -          18
Black Gold Casino at Zia Park                       4,671                        -                       -                     -                    963          -             -          5,634
Casino Rama management service contract             3,841                        -                       -                     -                    -            -             -          3,841
Raceway Park                                        (298    )                    -                       -                     -                    99           -             -          (199    )
Sanford-Orlando Kennel Club                         (306    )                    -                       -                     -                    130          -             -          (176    )
Earnings from Pennwood Racing, Inc.                 -                            -                       -                     -                    -            -             (36 )      (36     )
Corporate overhead                                  (36,493 )                    6,632                   -                     -                    1,703        1             -          (28,157 )
Total                                          $    87,404        $              6,632           $       120      $            211           $      50,055  $    (44  )     $  (36 )   $  144,342

Three Months Ended September 30, 2008
                                               Income (loss)      Charge for stock   Depreciation   Loss (gain)     Loss        EBITDA
                                               from               compensation       and            on disposal of  from
                                               operations                            amortization   assets          joint
                                                                                                                    venture
Charles Town Entertainment Complex             $    30,136        $        -         $      5,635   $    -          $  -        $  35,771
Hollywood Casino Lawrenceburg                       29,317                 -                4,670        54            -           34,041
Hollywood Casino at Penn National Race Course       5,672                  -                6,000        (5   )        -           11,667
Hollywood Casino Aurora                             15,630                 -                1,935        -             -           17,565
Empress Casino Hotel                                7,997                  -                2,471        (8   )        -           10,460
Argosy Casino Riverside                             11,844                 -                3,809        20            -           15,673
Hollywood Casino Baton Rouge                        8,310                  -                2,371        542           -           11,223
Argosy Casino Alton                                 3,989                  -                1,499        -             -           5,488
Hollywood Casino Tunica                             3,801                  -                1,700        6             -           5,507
Hollywood Casino Bay St. Louis                      1,776                  -                3,510        -             -           5,286
Argosy Casino Sioux City                            3,599                  -                1,101        4             -           4,704
Boomtown Biloxi                                     1,719                  -                2,868        6             -           4,593
Hollywood Slots Hotel and Raceway                   544                    -                2,952        -             -           3,496
Bullwhackers                                        (775    )              -                469          23            -           (283    )
Black Gold Casino at Zia Park                       7,184                  -                1,168        -             -           8,352
Casino Rama management service contract             4,451                  -                -            -             -           4,451
Raceway Park                                        (335    )              -                95           -             -           (240    )
Sanford Orlando Kennel Club                         (255    )              -                94           -             -           (161    )
Earnings from Pennwood Racing, Inc.                 -                      -                -            -             (139 )      (139    )
Corporate overhead                                  (38,227 )              8,991            1,877        -             -           (27,359 )
Total                                          $    96,377        $        8,991     $      44,224  $    642        $  (139 )   $  150,095

Reconciliation of Income from Operations (GAAP) to EBITDA
PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
Property Information Including Corporate Overhead
(in thousands) (unaudited)
Nine Months Ended September 30, 2009
                                               Income (loss)      Charge for stock compensation  Impairment loss  Empress Casino Hotel Fire  Depreciation    (Gain) loss     Loss        EBITDA
                                               from                                              for replaced                                and             on disposal of  from
                                               operations                                        Lawrenceburg                                amortization    assets          joint
                                                                                                 vessel                                                                      venture
Charles Town Entertainment Complex             $    82,270        $              -               $       -        $            -             $      18,273   $    (2   )     $  -        $  100,541
Hollywood Casino Lawrenceburg                       65,414                       -                       11,809                -                    18,352        6             -           95,581
Hollywood Casino at Penn National Race Course       12,987                       -                       -                     -                    25,876        (2   )        -           38,861
Hollywood Casino Aurora                             39,627                       -                       -                     -                    5,441         6             -           45,074
Empress Casino Hotel                                6,152                        -                       -                     5,942                5,348         27            -           17,469
Argosy Casino Riverside                             42,136                       -                       -                     -                    8,725         (31  )        -           50,830
Hollywood Casino Baton Rouge                        32,038                       -                       -                     -                    6,883         (537 )        -           38,384
Argosy Casino Alton                                 10,206                       -                       -                     -                    4,549         (178 )        -           14,577
Hollywood Casino Tunica                             12,925                       -                       -                     -                    4,991         54            -           17,970
Hollywood Casino Bay St. Louis                      6,286                        -                       -                     -                    10,528        24            -           16,838
Argosy Casino Sioux City                            11,512                       -                       -                     -                    3,288         35            -           14,835
Boomtown Biloxi                                     7,348                        -                       -                     -                    8,752         166           -           16,266
Hollywood Slots Hotel and Raceway                   (1,230  )                    -                       -                     -                    10,446        (3   )        -           9,213
Bullwhackers                                        (655    )                    -                       -                     -                    972           12            -           329
Black Gold Casino at Zia Park                       17,485                       -                       -                     -                    3,214         -             -           20,699
Casino Rama management service contract             9,809                        -                       -                     -                    -             -             -           9,809
Raceway Park                                        (840    )                    -                       -                     -                    295           -             -           (545    )
Sanford-Orlando Kennel Club                         (226    )                    -                       -                     -                    396           -             -           170
Earnings from Pennwood Racing, Inc.                 -                            -                       -                     -                    -             -             (755 )      (755    )
Corporate overhead                                  (88,300 )                    21,904                  -                     -                    5,098         83            -           (61,215 )
Total                                          $    264,944       $              21,904          $       11,809   $            5,942         $      141,427  $    (340 )     $  (755 )   $  444,931

Nine Months Ended September 30, 2008
                                                   Income (loss)      Charge for stock   Depreciation    Loss (gain)     Loss          EBITDA
                                                   from               compensation       and             on disposal of  from
                                                   operations                            amortization    assets          joint
                                                                                                                         venture
Charles Town Entertainment Complex                 $    89,095        $        -         $      17,337   $    37         $  -          $  106,469
Hollywood Casino Lawrenceburg                           95,450                 -                13,345        104           -             108,899
Hollywood Casino at Penn National Race Course (1)       7,889                  -                16,052        11            -             23,952
Hollywood Casino Aurora                                 42,069                 -                5,863         3             -             47,935
Empress Casino Hotel                                    24,203                 -                8,348         34            -             32,585
Argosy Casino Riverside                                 36,014                 -                11,444        20            -             47,478
Hollywood Casino Baton Rouge                            31,957                 -                6,976         542           -             39,475
Argosy Casino Alton                                     11,743                 -                4,585         20            -             16,348
Hollywood Casino Tunica                                 11,997                 -                5,314         51            -             17,362
Hollywood Casino Bay St. Louis                          4,919                  -                11,557        10            -             16,486
Argosy Casino Sioux City                                11,273                 -                3,327         (2   )        -             14,598
Boomtown Biloxi                                         8,085                  -                8,316         131           -             16,532
Hollywood Slots Hotel and Raceway                       3,557                  -                4,970         -             -             8,527
Bullwhackers                                            (1,626  )              -                1,487         21            -             (118    )
Black Gold Casino at Zia Park                           21,238                 -                3,647         -             -             24,885
Casino Rama management service contract                 12,318                 -                -             -             -             12,318
Raceway Park                                            (979    )              -                278           -             -             (701    )
Sanford Orlando Kennel Club                             (389    )              -                463           -             -             74
Earnings from Pennwood Racing, Inc.                     -                      -                -             -             (1,050 )      (1,050  )
Corporate overhead                                      (80,286 )              18,519           5,889         17            -             (55,861 )
Total                                              $    328,527       $        18,519    $      129,198  $    999        $  (1,050 )   $  476,193

(1) Hollywood Casino at Penn National Race Course includes the results of our Pennsylvania casino that opened on February 12, 2008, as well as the Penn National Race Course and four off-track wagering facilities.

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
Consolidated Statements of Income
(in thousands, except per share data) (unaudited)
                                                             Three Months Ended September 30,      Nine Months Ended September 30,
                                                                  2009               2008               2009                 2008
Revenues
Gaming                                                       $    565,483       $    558,424       $    1,651,776       $    1,685,455
Management service fee                                            4,239              4,898              10,946               13,577
Food, beverage and other                                          87,404             88,670             258,273              252,040
Gross revenues                                                    657,126            651,992            1,920,995            1,951,072
Less promotional allowances                                       (36,700 )          (34,105 )          (107,526  )          (99,105   )
Net revenues                                                      620,426            617,887            1,813,469            1,851,967
Operating expenses
Gaming                                                            303,420            301,944            887,602              903,489
Food, beverage and other                                          69,100             67,274             199,158              195,164
General and administrative                                        110,116            108,068            302,587              295,589
Impairment loss for replaced Lawrenceburg vessel                  120                -                  11,809               -
Empress Casino Hotel fire                                         211                -                  5,942                -
Depreciation and amortization                                     50,055             44,224             141,427              129,198
Total operating expenses                                          533,022            521,510            1,548,525            1,523,440
Income from operations                                            87,404             96,377             264,944              328,527
Other income (expenses)
Interest expense                                                  (36,785 )          (37,880 )          (97,874   )          (129,631  )
Interest income                                                   956                720                5,650                1,956
Loss from joint venture                                           (36     )          (139    )          (755      )          (1,050    )
Merger termination settlement fees, net of related expenses       -                  195,471            -                    195,471
Loss on early extinguishment of debt                              (3,599  )          -                  (3,599    )          -
Other                                                             (2,560  )          636                2,419                1,520
Total other (expenses) income                                     (42,024 )          158,808            (94,159   )          68,266
Income from operations before income taxes                        45,380             255,185            170,785              396,793
Taxes on income                                                   24,029             107,694            80,293               171,543
Net income                                                   $    21,351        $    147,491       $    90,492          $    225,250
Basic earnings per common share                              $    0.22          $    1.72          $    0.94            $    2.61
Diluted earnings per common share                            $    0.20          $    1.69          $    0.85            $    2.55
Weighted-average common shares outstanding
Basic                                                             78,255             85,785             78,044               86,288
Diluted                                                           107,219            87,230             106,820              88,228

Diluted Share Count Methodology

Reflecting the issuance on October 30, 2008 of the $1.25 billion, zero coupon, Series B Redeemable Preferred Stock, Penn National Gaming is required to adjust its diluted weighted average outstanding share count for the purposes of calculating diluted earnings per share as follows:

-- When the price of Penn National Gaming's common stock is less than $45, the diluted weighted average outstanding share count is increased by 27,777,778 shares (regardless of how much the stock price is below $45);

-- When the price of Penn National Gaming's common stock is between $45 and $67, the diluted weighted average outstanding share count will be increased by an amount which can be calculated by dividing $1.25 billion by the current price per share. This will result in an increase in the diluted weighted average outstanding share count of between 18,656,716 shares and 27,777,778 shares depending on the current share price; and,

-- When the price of Penn National Gaming's common stock is above $67, the diluted weighted average outstanding share count will be increased by 18,656,716 shares (regardless of how much the stock price exceeds $67).

Reconciliation of Non-GAAP Measures to GAAP

EBITDA, or earnings before interest, taxes, charges for stock compensation, impairment losses, Empress Casino Hotel fire, depreciation and amortization, gain or loss on disposal of assets, and other expenses, and inclusive of loss from joint venture, is not a measure of performance or liquidity calculated in accordance with GAAP. EBITDA information is presented as a supplemental disclosure, as management believes that it is a widely used measure of performance in the gaming industry. In addition, management uses EBITDA as the primary measure of the operating performance of its properties, including the evaluation of operating personnel. EBITDA should not be construed as an alternative to operating income, as an indicator of the Company's operating performance, as an alternative to cash flows from operating activities, as a measure of liquidity, or as any other measure of performance determined in accordance with GAAP. The Company has significant uses of cash flows, including capital expenditures, interest payments, taxes and debt principal repayments, which are not reflected in EBITDA. It should also be noted that other gaming companies that report EBITDA information may calculate EBITDA in a different manner than the Company. EBITDA is presented as a supplemental disclosure, as management believes that it is a principal basis for the valuation of gaming companies, as this measure is considered by many to be a better indicator of the Company's operating results than diluted net income per GAAP. A reconciliation of the Company's EBITDA to net income per GAAP, as well as the Company's EBITDA to income from operations per GAAP, is included in the accompanying financial schedules.

A reconciliation of each property's EBITDA to income from operations is included in the financial schedules herein. On a property level, EBITDA is reconciled to income from operations per GAAP, rather than net income per GAAP due to, among other things, the impracticability of allocating interest expense, interest income, income taxes and certain other items to the Company's various properties on a property-by-property basis. Management believes that this presentation is more meaningful to investors in evaluating the performance of the Company's individual properties and is consistent with the reporting of other gaming companies.

Conference Call, Webcast and Replay Details

Penn National Gaming is hosting a conference call and simultaneous webcast at 10:00 am ET today, both of which are open to the general public. The conference call number is 212/231-2931; please call five minutes in advance to ensure that you are connected prior to the presentation. Questions will be reserved for call-in analysts and investors. Interested parties may also access the live call on the Internet at www.pngaming.com; allow 15 minutes to register and download and install any necessary software.

Following its completion, a replay of the call can be accessed until November 20, 2009 by dialing 800/633-8284 or 402/977-9140 (international callers). The access code for the replay is 21440021. A replay of the call can also be accessed for thirty days on the Internet at www.pngaming.com.

This press release, which includes financial information to be discussed by management during the conference call and disclosure and reconciliation of non-GAAP financial measures, is available on the Company's web site, www.pngaming.com in the "News" section (select link for "Press Releases").

About Penn National Gaming

Penn National Gaming owns and operates gaming and racing facilities with a focus on slot machine entertainment. The Company presently operates nineteen facilities in fifteen jurisdictions, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, and Ontario. In aggregate, Penn National Gaming's operated facilities feature over 26,300 gaming machines, approximately 400 table games, over 2,000 hotel rooms and over 959,000 square feet of gaming floor space.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Although Penn National Gaming, Inc. and its subsidiaries (collectively, the "Company") believe that our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from our expectations. Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks related to the following: our ability to maintain regulatory approvals for our existing businesses and to receive regulatory approvals for our new businesses; the passage of state, federal or local legislation (including referenda) that would expand, restrict, further tax, prevent or negatively impact operations in the jurisdictions in which we do business (such as a smoking ban at any of our facilities); the activities of our competitors and the emergence of new competitors; increases in the effective rate of taxation at any of our properties or at the corporate level; delays or changes to, or cancellations of, planned capital projects at our gaming and pari-mutuel facilities or an inability to achieve the expected returns from such projects; construction factors, including delays and increased cost of labor and materials; the ability to recover proceeds on significant insurance claims; our ability to identify attractive acquisition and development opportunities and to agree to terms with partners for such transactions; the costs and risks involved in the pursuit of such opportunities and our ability to complete the acquisition or development of, and achieve the expected returns from such opportunities; the availability and cost of financing; the maintenance of agreements with our horsemen, pari-mutuel clerks and other organized labor groups; the outcome of pending legal proceedings; the effects of local and national economic, credit, capital market, housing, energy conditions on the economy in general and on the gaming and lodging industries in particular; changes in accounting standards; third-party relations and approvals; our dependence on key personnel; the impact of terrorism and other international hostilities; the impact of weather; and other factors as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC. The Company does not intend to update publicly any forward-looking statements except as required by law.

SOURCE: Penn National Gaming, Inc.

Penn National Gaming, Inc. 
William J. Clifford, 610-373-2400 
Chief Financial Officer 
or 
Jaffoni & Collins Incorporated 
Joseph N. Jaffoni / Richard Land, 212-835-8500 
penn@jcir.com