E Bet gets Bigger

US Licensee Announces Acquisition PartC
ASX Report
12:16:0228 8/08/2002 Issuer: EBT
EBET LIMITED 2002-08-08 ASX-SIGNAL-G
HOMEX - Sydney

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HOLLYWOOD CASINO CORPORATION OWNS AND OPERATES:

Hollywood Casino - Aurora, arguably the finest gaming and
entertainment product in the Chicago marketplace. The 117,000 square
foot dockside casino and entertainment facility is located in Aurora,
Illinois, approximately 35 miles west of downtown Chicago. The
property recently opened a new spectacular dockside casino that
replaced its two original, four level riverboat casinos. The dockside
casino has 53,000 square feet of gaming space on a single level
featuring 1,105 slot machines and 36 table games including the only
poker room in Chicago. The property also features the Hollywood Epici
Buffet (R), which offers the latest in presentation style cooking,
the Fairbanks (R) Steakhouse, the property's gourmet steak restaurant
and a high-end player's lounge.

Hollywood Casino - Tunica, a casino, hotel and entertainment complex
located in Tunica County, Mississippi, approximately 30 miles south
of Memphis, Tennessee. The Tunica Casino was designed to replicate a
motion picture sound stage and features a 54,000 square-foot,
single-level casino with approximately 1,600 slot machines and 40
table games. The casino includes the Adventure Slots themed gaming
area featuring multimedia displays of memorabilia from famous
adventure motion pictures and over 200 slot machines. The Tunica
Casino's 505-room hotel is currently undergoing an $8 million
renovation which is expected to be completed in mid-2003.

Hollywood Casino - Shreveport, a 229,000 square foot entertainment
facility located in Shreveport, Louisiana, approximately 180 miles
east of Dallas, Texas. The property is Shreveport's first "true"
destination resort and is also the market's first highly themed
facility, utilizing an art-deco Hollywood theme throughout the
property. The Shreveport resort features the largest dockside casino
in the Shreveport market, a 403-room, all-suite hotel, an elegant
land-based pavilion that includes a sixty-foot high atrium and
extensive restaurant and entertainment amenities. The property's
dockside casino contains approximately 59,000 square feet of space
with approximately 1,422 slot machines and approximately 66 table
games. Located in the pavilion are the property's acclaimed Epic
Buffet, Hollywood Diner and Fairbanks Steakhouse restaurants and its
state-of-the-art spa and fitness center.

Penn National has received financing commitments from Bear, Stearns &
Co Inc and Merrill Lynch & Co to consummate the transaction which
commitments are subject to several customary conditions.

Lehman Brothers Inc acted as financial advisor to Penn National
Gaming and Goldman, Sachs & Co served as financial advisor to
Hollywood Casino Corporation in the transaction.

Penn National and Hollywood Casino will be hosting a conference call
and simultaneous webcast at 5:30 pm EDT today, both of which are
open to the general public. The conference call number is
800/215-4598; please call five minutes in advance to ensure that you
are connected prior to the presentation. Questions and answers will
be reserved for call-in analysts and investors. Interested parties
may also access the live call on the Internet at
www.companyboardroom.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 August 20, by dialing
800/633-8284 or 402/977-9140 (international callers). The access
code for the replay is 20814618. A replay of the call can also be
accessed for thirty days on the Internet via www.companyboardroom.com.

Penn National Gaming owns and operates Charles Town Races in Charles
Town, West Virginia, which presently features 2,587 gaming machines
(with approval to offer 3,500 machines); two Mississippi casinos, the
Casino Magic hotel, casino, golf resort and marina in Bay St Louis
and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a
riverboat gaming facility in Baton Rouge, Louisiana and the
Bullwhackers properties in Black Hawk, Colorado. Penn National also
owns two racetracks and eleven off-track wagering facilities in
Pennsylvania and the racetrack at Charles Town Races in West
Virginia, and operates the Casino Rama, a gaming facility located
approximately 90 miles north of Toronto, Canada, pursuant to a
management contract.

In addition to historical facts or statements of current condition,
this press release contains forward-looking statements made by Penn
National or Hollywood Casino (collectively, the "Companies") within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Some of these statements are those regarding the accretive nature of
the merger, synergies arising from the merger, future capital
expenditures, prospects for future growth, expectation of continued
acquisitions and optimism in light of current economic conditions.
These statements are subject to a number of risks and uncertainties
that could cause the statements made to be incorrect and the actual
results to differ materially. The Companies describe certain of these
risks and uncertainties in their filings with the Securities and
Exchange Commission, including their Annual Reports on Form 10-K for
the year ended December 31, 2001. Some of these risks include those
relating to the ability of the Penn National to integrate and manage
facilities it acquires, risks relating to the development and
expansion of properties, risks of increased competition and risks
relating to the fact that they are heavily regulated by gaming
authorities. In addition, consummation of Penn National's acquisition
of Hollywood Casino is subject to several conditions including the
completion of Penn National's acquisition financing as well as the
approval of various governmental entities, including certain gaming
regulatory authorities to which the Companies are subject.
Furthermore, the Companies do not intend to update publicly any
forward-looking statements except as required by law. The cautionary
advice in this paragraph is permitted by the Private Securities
Litigation Reform Act of 1995.

Hollywood Casino anticipates filing a proxy statement with the
Securities and Exchange Commission in the near future. Investors and
security holders will be able to obtain a free copy of this document
when it becomes available at the Commission's web site www.sec.gov.

STOCKHOLDERS OF HOLLYWOOD CASINO SHOULD READ THE PROXY STATEMENT
CAREFULLY BEFORE MAKING A DECISION REGARDING THE TRANSACTION.
INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND
ANY OTHER RELEVANT DOCUMENTS RELATED TO THE TRANSACTION WHEN THEY
BECOME AVAILABLE BECAUSE THEY WELL CONTAIN IMPORTANT INFORMATION.

CONTACT: Penn National Gaming, Inc
William J Clifford, 610/373-2400
or
Hollywood Casino Corporation
Paul C Yates, 972/392-7777
or
Jaffoni & Collins Incorporated
Joseph N Jaffoni, 212/835-8500
[email protected]