Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Penn National Gaming, Inc.Global Credit Research – 24 Feb 2022New York, February 24, 2022 — Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Penn National Gaming, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 16 February 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Penn's B1 CFR reflects the meaningful earnings decline from efforts to contain the coronavirus and the potential for a slow or uneven recovery as most properties have reopened. The rating also reflects Penn's high leverage along with longer-term fundamental challenges facing Penn and other regional gaming companies related to consumer entertainment preferences and US population demographics that Moody's believes will continue to move in a direction that does not favor traditional casino-style gaming. Positive credit considerations include Penn's large size in terms of revenue and high level of geographic diversification and the operating and financial benefits Moody's believes are available to Penn through the company's relationship with Gaming & Leisure Properties, Inc. ("GLPI"), a real estate investment trust. Penn benefits from its relationship with GLPI in that it can transact with them and present opportunities for Penn to secure management contracts from new assets at GLPI. Positive consideration is also given to Penn's minority ownership in and relationship with Barstool Sports, Inc., a digital sports media company, which Moody's believes will enable the company to benefit in the retail and online gaming and sports betting markets. Penn's performance since casinos reopened, including margin improvement and expected sequential improvement through 2021, will help drive debt-to-EBITDA leverage down below 7x over the next 12 months, which supports the rating.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Gaming published in June 2021. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Adam McLaren Vice President – Senior Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 John E. Puchalla, CFA Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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