Penn National Gaming, Inc. http://www.alacrastore.com/company-snapshot/Penn_National_Gaming_Inc-1082868 Saturday, August 30, 2008 7:37:54 AM 1082868 Penn National Gaming, Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/COP_600039563moodys/COP_600039563htmlGlobal Credit Research Credit Opinion ## AUG #### Credit Opinion: Penn National Gaming, Inc. Penn National Gaming, Inc. Wyomissing, Pennsylvania, United States Ratings Category Moody's Rating Outlook Negative Corporate Family Rating...8/21/2008 12:42:02 AMhtmlPenn National Gaming, Inc.Penn National Gaming, Inc.600039563150.0000NewsCredit OpinionCOP_600039563Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1903524ccbn/T1903524norm...Ladies and gentlemen, thank you very much for standing by and welcome to the Penn National Gaming Second Quarter Results Conference Call. During this presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. (OPERATOR INSTRUCTIONS). ... 7/24/2008 10:15:00 PMPenn National Gaming54.0000FinalPenn National Gaming Q2 2008 Earnings Conference Call TranscriptPENN11:00am ETTranscriptT1903524Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/B1903524ccbn/B1903524norm...PENN reported that its #Q## results were not in line with projections because of a timing issue on a one-time charge www.streetevents.comContact Us ... 7/24/2008 10:14:00 PMPenn National Gaming54.0000EditedPenn National Gaming Q2 2008 Earnings Conference Call SummaryPENN11:00am ETBriefB1903524Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/BW-0001-26705099newstex/BW-0001-26705099xml Jul. ##, #### (Business Wire) -- Penn National Gaming, Inc. (Nasdaq: PENN) announced today that it will release its #### second quarter financial results at #:## a.m. ET on Thursday, July ##, #### and will host a conference call and...04000000040160000401604804016018040160017/16/2008 12:17:47 PM180000001800800018004000190000001900100019001038Business WireBW-0001-26705099PENN NATIONAL GAMING INCPENNNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/658518spcred/658518normThe latest News from S&Pglobalstructured7/8/2008 6:29:29 PM100News658518United StatesCasinos & GamingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingNewsNEW YORK (Standard&Poor's) July 8, 2008--Standard&Poor's Ratings Services lowered its issue-level rating on Penn National Gaming Inc.'s senior secured credit facilities to 'BB+' (two notches higher than the 'BB-' corporate credit rating on the company) from 'BBB-'. The recovery rating on these loans remains unchanged at '1', indicating that lenders can expect very high (90% to 100%) recovery in the event of a payment default. At the same time, Standard&Poor's raised its issue-level rating on Penn National's subordinated debt to 'BB-' (at the same level as the 'BB-' corporate credit rating) from 'B+'. A recovery rating of '3' was assigned to these securities, indicating that lenders can expect meaningful (50% to 70%) recovery inUSA70756970757D25301010 253010 2530 25Penn National Gaming Inc.319335USAPENNNEWSGLOBISSSTRUCCORPABSHotelCredit & Investment ResearchS&P Credit ResearchUS - In July ####, the board of Penn National Gaming Inc, an owner and operator of racetracks, off-track wagering facilities, casinos and video lottery terminals, authorized the repurchase of up to $### mil of the company's common stock in open market or privately negotiated transactions.7/8/2008 12:44:28 PM707569707569707569707569Penn National Gaming IncPenn National Gaming IncPenn National Gaming IncPenn National Gaming Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Penn_National_Gaming_Inc_buys_back_stock-1993649020sdc/19936490201993649020Copyright © 2008, Thomson Financial, All Rights ReservedNasdaqAmusement and Recreation ServicesUnited StatesRacing, including track operation7948PAPennsylvaniaPublicPENN7011:Hotels and motels7948:Racing, including track operation7993:Coin-operated amusement devices7999:Amusement and recreation svcs7011:Hotels and motels7948:Racing, including track operation7993:Coin-operated amusement devices7999:Amusement and recreation svcsNasdaqAmusement and Recreation ServicesUnited StatesRacing, including track operation7948PAPennsylvaniaPublicPENN274232001Own,op race tracks,casinosOwn,op race tracks,casinosCashCash OnlyCommon Stock274232001Jul 8 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000Penn National Gaming Inc,Wyomissing, Pennsylvania, ownsand operates racetracks,off-track wagering facilities,casinos and video lotteryterminals. The company wasfounded in August 1972.Penn National Gaming Inc, Wyomissing, Pennsylvania, owns andoperates racetracks, off-track wagering facilities, casinosand video lottery terminals. The company was founded inAugust 1972.Penn National Gaming Inc, Wyomissing, Pennsylvania, owns and operates racetracks, off-track wagering facilities, casinos and video lottery terminals. The company was founded in August 1972.1.000002.000003.000004.000005.000006.000007.00000Penn National Gaming Inc,Wyomissing, Pennsylvania, ownsand operates racetracks,off-track wagering facilities,casinos and video lotteryterminals. The company wasfounded in August 1972.Penn National Gaming Inc, Wyomissing, Pennsylvania, owns andoperates racetracks, off-track wagering facilities, casinosand video lottery terminals. The company was founded inAugust 1972.Penn National Gaming Inc, Wyomissing, Pennsylvania, owns and operates racetracks, off-track wagering facilities, casinos and video lottery terminals. The company was founded in August 1972.0.000000.000000.000000.00000NU.S. Dollar03 Jul 08Thu, 03 Jul 2008 00:00:00 ESTDate Announced: 07/03/2008Date Effective:BuybackNot Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.00000200 U.S. Dollar200.000000.00000200 U.S. Dollar200.000000.000000.000000.000000.00000200.00000200 U.S. Dollar1.00000N100.878000.000000.000000.000000.000000.00000200.00000200.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004011.3430028.6000034.0000046.140000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000US - In July 2008, the boardof Penn National Gaming Inc,an owner and operator ofracetracks, off-track wageringfacilities, casinos and videolottery terminals, authorizedthe repurchase of up to $200mil of the company's commonstock in open market orprivately negotiatedtransactions.US - In July 2008, the board of Penn National Gaming Inc, an owner and operator of racetracks, off-track wagering facilities, casinos and video lottery terminals, authorized the repurchase of up to $200 mil of the company's common stock in open market or privately negotiated transactions.US - In July 2008, the board of Penn National Gaming Inc, an owner and operator ofracetracks, off-track wagering facilities, casinos and video lottery terminals, authorizedthe repurchase of up to $200 mil of the company's common stock in open market or privatelynegotiated transactions.US - In July 2008, the board of Penn National Gaming Inc, an owner and operator of racetracks, off-track wagering facilities, casinos and video lottery terminals, authorized the repurchase of up to$200 mil of the company's common stock in open market or privately negotiated transactions.US - In July 2008, the board of Penn National Gaming Inc, an owner and operator of racetracks, off-track wagering facilities, casinos andvideo lottery terminals, authorized the repurchase of up to $200 mil of the company's common stock in open market or privately negotiatedtransactions.Intended0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Intended-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007011:Hotels and motels7948:Racing, including track operation7993:Coin-operated amusement devices7999:Amusement and recreation svcs274232001NasdaqUnited States7948PennsylvaniaPublicPENN7011:Hotels and motels7948:Racing, including track operation7993:Coin-operated amusement devices7999:Amusement and recreation svcs274232001NasdaqUnited States7948PennsylvaniaPublicPENN200.00000200.00000200.00000100.87800Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/newstex/MCOM-0004-26483142newstex/MCOM-0004-26483142xml Jul. #, #### (M# Communications Ltd. delivered by Newstex) -- PNG Merger Sub Inc, a wholly owned subsidiary of PNG Acquisition Company Inc, declared on # July that the company has terminated its cash tender offer and consent solicitation...0400000004016000040160057/7/2008 11:17:59 AM1800000018016000M2 EquityBitesMCOM-0004-26483142PENN NATIONAL GAMING INCPENNNewsNewstexhttp://www.alacrastore.com/storecontent/moodys/PR_158736_600039563moodys/PR_158736_600039563htmlGlobal Credit Research Announcement # JUL #### Announcement: Penn National Gaming, Inc. Moody's maintains Penn National on review following merger termination announcement New York, July ##, #### -- Moody's Investors Service said today...7/4/2008 12:43:10 AMhtmlPenn National Gaming, Inc.Penn National Gaming, Inc.600039563150.0000NewsAnnouncementPR_158736_600039563Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657916spcred/657916normThe latest News from S&Pglobalstructured7/3/2008 4:32:22 PM100News657916United StatesCasinos & GamingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingNewsNEW YORK (Standard&Poor's) July 3, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'BB-' corporate credit rating on Penn National Gaming Inc., and removed the corporate credit rating from CreditWatch with negative implications where it was placed on June 15, 2007. The rating outlook is negative. "The company's issue level ratings remain on CreditWatch with negative implications pending our recovery review, which will determine how these issues are notched against the corporate credit rating. We expect the recovery review to be completed in the next several days," said Standard&Poor's credit analyst Ben Bubeck. The affirmation follows the company's announcement today that the acquisition of Penn National by Fortress Investment Group LLC and CenterbridgeUSA70756970757D25301010 253010 2530 25Penn National Gaming Inc.319335USAPENNNEWSGLOBISSSTRUCCORPABSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657917spcred/657917normThe latest Research Update from S&Pglobalstructured7/3/2008 4:32:00 PM175Research Update657917United StatesCasinos & GamingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingResearch UpdateOn July 3, 2008, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Penn National Gaming Inc., and removed the corporate credit rating from CreditWatch with negative implications where it was placed on June 15, 2007. The rating outlook is negative. The company's issue level ratings remain on CreditWatch with negative implications pending our recovery review, which will determine how these issues are notched against the corporate credit rating. We expect the recovery review to be completed in the next several days. The affirmation follows the company's announcement today that the acquisition of Penn National by Fortress Investment Group LLC and Centerbridge Partners LP (jointly the "former buyers") has been terminated. In consideration of the termination, PennUSA70756970757D25301010 253010 2530 25Penn National Gaming Inc.319335USAPENNRESUPDGLOBISSSTRUCCORPABSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1893064ccbn/B1893064norm...PENN announced the dissolution of the sale of Co. to Fortress and Centerbridge and the conclusion of a settlement with them in lieu of closing. Co. will be receiving $###m in cash as the termination fee for the agreement. ... 7/3/2008 1:05:00 PMPenn National Gaming54.0000EditedPenn National Gaming and PNG Acquisition Company Inc. Terminate Merger Agreement SummaryPENN10:00am ETBriefB1893064Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/ccbn/T1893064ccbn/T1893064norm...Ladies and gentlemen, thank you for standing by. Welcome to the Penn National Gaming conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (OPERATOR ... 7/3/2008 1:05:00 PMPenn National Gaming54.0000FinalPenn National Gaming and PNG Acquisition Company Inc. Terminate Merger Agreement TranscriptPENN10:00am ETTranscriptT1893064Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26425408newstex/PRN-0005-26425408xml NEW YORK, Jul. #, #### (PRNewswire delivered by Newstex) -- PNG Merger Sub Inc. (the "Purchaser"), a wholly owned subsidiary of PNG Acquisition Company Inc. ("Parent"), announced today that it has terminated its previously announced...0400000004016000040160057/3/2008 12:32:21 PM1800000018016000190000001900100019001038PR Newswire USPRN-0005-26425408PENN NATIONAL GAMING INCPENNNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26332770newstex/PRN-0005-26332770xml NEW YORK, Jun. ##, #### (PRNewswire delivered by Newstex) -- PNG Merger Sub Inc. (the "Purchaser"), a wholly owned subsidiary of PNG Acquisition Company Inc. ("Parent"), announced today that it has extended the expiration date (the...0400000004016000040160050200000002002000020020066/30/2008 9:21:09 AM180000001801600019000000190010001900103819001032PR Newswire USPRN-0005-26332770PENN NATIONAL GAMING INCPENNNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-26136033newstex/PRN-0005-26136033xml NEW YORK, Jun. ##, #### (PRNewswire delivered by Newstex) -- PNG Merger Sub Inc. (the "Purchaser"), a wholly owned subsidiary of PNG Acquisition Company Inc. ("Parent"), announced today that it has extended the expiration date (the...0400000004016000040160050200000002002000020020066/20/2008 7:15:30 PM180000001801600019000000190010001900103819001032PR Newswire USPRN-0005-26136033PENN NATIONAL GAMING INCPENNNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-25980261newstex/PRN-0005-25980261xml NEW YORK, Jun. ##, #### (PRNewswire delivered by Newstex) -- PNG Merger Sub Inc. (the "Purchaser"), a wholly owned subsidiary of PNG Acquisition Company Inc. ("Parent"), announced today that it has extended the expiration date (the...0400000004016000040160050200000002002000020020066/13/2008 7:16:03 PM180000001801600019000000190010001900103819001032PR Newswire USPRN-0005-25980261PENN NATIONAL GAMING INCPENNNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/654015spcred/654015normThe latest News from S&Pglobalstructured6/13/2008 6:28:17 PM100News654015United StatesCasinos & GamingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingNewsOn June 13, 2008, Standard&Poor's Ratings Services said that its ratings on Penn National Gaming Inc. remain on CreditWatch with negative implications, where they were placed on June 15, 2007. The negative CreditWatch listing reflects the company's announcement on June 15, 2007, that it entered into a definitive agreement to be acquired by certain funds managed by affiliates of Fortress Investment Group LLC and Centerbridge Partners LP. Under the terms of the agreement, Penn National shareholders will receive $67.00 in cash per share, which represented a premium of approximately 31% over the company's closing share price on June 14, 2007. While shareholders approved the transaction on Dec. 12, 2007, it remains subject to regulatory approvals in several states.USA70757D70756925301010 253010 2530 25Penn National Gaming Inc.319335USAPENNNEWSGLOBISSSTRUCCORPABSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/654016spcred/654016normThe latest Research Update from S&Pglobalstructured6/13/2008 6:28:17 PM175Research Update654016United StatesCasinos & GamingUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesHotel & GamingResearch UpdateOn June 13, 2008, Standard&Poor's Ratings Services said that its ratings on Penn National Gaming Inc. remain on CreditWatch with negative implications, where they were placed on June 15, 2007. The negative CreditWatch listing reflects the company's announcement on June 15, 2007, that it entered into a definitive agreement to be acquired by certain funds managed by affiliates of Fortress Investment Group LLC and Centerbridge Partners LP. Under the terms of the agreement, Penn National shareholders will receive $67.00 in cash per share, which represented a premium of approximately 31% over the company's closing share price on June 14, 2007. While shareholders approved the transaction on Dec. 12, 2007, it remains subject to regulatory approvals in several states.USA70757D70756925301010 253010 2530 25Penn National Gaming Inc.319335USAPENNRESUPDGLOBISSSTRUCCORPABSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/CMT_0000440811moodys/CMT_0000440811htmlGlobal Credit Research Issuer Comment ## JUN #### Issuer Comment: Penn National Gaming, Inc. Penn ratings remain on review following merger agreement deadline extension Moody's Investors Service today stated that Penn National Gaming,...6/12/2008 12:30:16 AMhtmlPenn National Gaming, Inc.Penn National Gaming, Inc.600039563150.0000NewsIssuer CommentCMT_0000440811Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/newstex/PRN-0005-25824383newstex/PRN-0005-25824383xml NEW YORK, Jun. #, #### (PRNewswire delivered by Newstex) -- PNG Merger Sub Inc. (the "Purchaser"), a wholly owned subsidiary of PNG Acquisition Company Inc. ("Parent"), announced today that it has extended the expiration date (the "Expiration...0400000004016000040160050200000002002000020020066/6/2008 8:17:17 PM180000001801600019000000190010001900103819001032PR Newswire USPRN-0005-25824383PENN NATIONAL GAMING INCPENNNewsNewstex