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Charles Town Races - OK Corral Grand OpeningPenn National sees Q4, 2000 earnings shortfall

12/15/2000

WYOMISSING, Penn., Dec 15 (Reuters) - Penn National Gaming Inc. ( PENN ) an owner and operator of racetracks and off-track waging facilities, said on

WYOMISSING, Penn., Dec 15 (Reuters) - Penn National Gaming Inc. ( PENN ) an owner and operator of racetracks and off-track waging facilities, said on
Friday its fourth quarter operating earnings will fall short of Wall Street
expectations, due to an earnings shortfall at two Mississippi casinos and
other factors. The company also said it would take a one-time 2-cent-a-share charge in the fourth quarter from the lease termination of the Garden State Park. The New Jersey race track is owned by Pennwood, in which Penn National owns a 50 percent stake.
Penn National expects earnings before interest, taxes, depreciation and
amortization (EBITDA) before charges to be $17 million to $17.5 million, or 19 cents to 22 cents a share, compared with $7.9 million, or 17 cents a share, last year.
The company said the fourth quarter earnings per share estimate before
one-time items was 23 cents a share. A consensus estimate compiled by
research firm First Call/Thomson Financial put earnings at 26 cents a share.
In last year's fourth quarter, the company reported EBITDA and earnings per diluted share before charges of $7.9 million, or 17 cents a share. Penn National attributed its earnings shortfall in the latest fourth quarter to declines at casinos in Mississippi as a result of "intense promotional activities by in-market competitors." The company also cited seasonal trends at the company's Charles Town Races operations in West Virginia. Penn National, Wyomissing, Pa., expects full year 2000 EBITDA to be in a range of $59.8 million to $60.3 million, or $1.22 to $1.25 a share before charges. First Call's consensus estimate is $1.29 a share. The company expects 2001 EBITDA to be $85 million to $90 million, or $1.45 to 1.55 a share before charges. The First Call consensus is $1.55 a share. Shares closed at $9-5/8, down 2.5 percent or 1/4, in Friday's Nasdaq trading. Shares reached as high as $18-3/8 in October and as low as $6-13/16 in March.
((New York Newsroom, 212-859-1700))
REUTERS
Rtr 16:31 12-15-00

Coin-drop slots at Charles Town's OK Corral Charles Town Races & Slots will cut loose 500 new coin-drop slots at the Grand Opening of the OK Corral Saturday, Nov. 25. The new slots area, located where the indoor track paddock stood for more than 50 years, will feature nickel, quarter, half-dollar and dollar slots in a casual setting.
New, exciting games are offered in the OK Corral, as well as the old
favorites found on the existing 1,500 slots in the Silver Screen Gaming
Center.

The OK Corral's contemporary western theme will encompass the
150-seat Sundance Caf?, Silver City Lounge and full-service Horseshoe Bar. The Sundance Caf?, open daily from 7 a.m. to 3 a.m., will offer breakfast all day and feature southwestern cuisine entrees ranging from $4 to $14.

A full day of entertainment is planned for the OK Corral concert
stage, set to begin after ribbon-cutting ceremonies at 10 a.m.. Penn
National Gaming Inc. CEO Peter Carlino, Charles Town Races & Slots President Jim Buchanan and several Penn National gaming executives will be joined by statewide dignitaries at the opening ceremonies.

To help celebrate the Grand Opening, Charles Town Races & Slots will
offer a special Cash Sweepstakes Drawing. From noon to midnight, one name will be drawn each hour as a $100 winner.

Players' Choice Club members must present the OK Corral postcard
they received in the mail for one free sweepstakes entry and a $5 slots

voucher. A special OK Corral coupon will appear in selected newspapers, as well. The first 500 patrons to present an OK Corral newspaper coupon will receive a free T-shirt. The newspaper ad also includes a Players Choice Club membership application and coupons for a free sweepstakes entry and five bonus entries for the Dec. 2 Mercedes giveaway to all new club members. Club membership is free.

The OK Corral will operate seven days a week. Hours are:

Monday through Friday - 9 a.m. to 3:30 a.m.
Saturday - 7 a.m. to 3 a.m.
Sunday - 1 p.m. to 3:30 a.m.
For more information, call 800-795-7001.

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