Penn has also recently expanded into social online gaming offerings via its Penn Interactive Ventures, LLC division and Penns recent acquisition of Rocket Speed, Inc. (formerly known as Rocket Games, Inc., (Rocket Speed)). Penn currently owns, manages, or has ownership interests in twenty-seven facilities in the following seventeen jurisdictions: California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada. Forward-Looking Statements This press release includes forward looking statements, including statements about the proposed offering, including the anticipated use of proceeds therefrom, and related transactions. These statements can be identified by the use of forward looking terminology such as expects, believes, estimates, projects, intends, plans, seeks, may, will, should or anticipates or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Actual results may vary materially from expectations. Although Penn believes that its expectations are based on reasonable assumptions, within the bounds of its knowledge of its business, there can be no assurance that actual results will not differ materially from Penns expectations, and accordingly, Penns forward looking statements are qualified in their entirety by reference to the factors described in the Penns Annual Report on Form 10-K for the year ended December 31, 2015, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the Securities and Exchange Commission (the SEC). Meaningful factors that could cause actual results to differ materially from the forward looking statements include, without limitation, risks related to the following: the ability of Penns operating teams to drive revenue and adjusted EBITDA margins; the impact of significant competition from other gaming and entertainment operations; Penns ability to obtain timely regulatory approvals required to own, develop and/or operate its facilities, or other delays, approvals or impediments to completing its planned acquisitions or projects, such as construction factors, including delays, unexpected remediation costs, local opposition, organized labor, and increased cost of labor and materials; the passage of state, federal or local legislation (including referenda) that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in which Penn does or seeks to do business (such as a smoking ban at any of its facilities); the effects of local and national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular; the activities of Penns competitors and the rapid emergence of new competitors (traditional, internet, social, sweepstakes based and VGTs in bars, truck stops and other retail establishments); increases in the effective rate of taxation at any of Penns properties or at the corporate level; Penns ability to identify attractive acquisition and development opportunities (especially in new business lines) and to agree to terms with, and maintain good relationships with partners/municipalities for such transactions; the costs and risks involved in the pursuit of such opportunities and Penns ability to complete the acquisition or development of, and achieve the expected returns from, such opportunities; Penns ability to maintain market share in established markets and ramp up operations at its recently opened facilities; Penns expectations for the continued availability and cost of capital; the impact of weather; the outcome of pending legal proceedings; changes in accounting standards; the risk of failing to maintain the integrity of Penns information technology infrastructure and safeguard its business, employee and customer data; risks relating to the remediation of Penns material weaknesses and the costs to strengthen Penns internal control structure; Penns ability to generate sufficient future taxable income to realize its deferred tax assets; with respect to the recently opened Hollywood Casino Jamul-San Diego, particular risks associated with the repayment or subordination of Penns loans to the Jamul Indian Village Development Corporation (JIV), the subordination of Penns management and intellectual property license fees (including the prohibition on payment of those fees if there is a default under JIVs credit facilities), sovereign immunity, local opposition (including several pending lawsuits), access, regional competition and property performance; with respect to Penns Plainridge Park Casino in Massachusetts, the ultimate location and timing of the other gaming facilities in the state and the region; with respect to Penns social and other interactive gaming endeavors, including its recent acquisition of Rocket Speed, risks related to the social gaming industry, employee retention, cyber-security, data privacy, intellectual property and legal and regulatory challenges, as well as Penns ability to successfully develop innovative new games that attract and retain a significant number of players in order to grow Penns revenues and earnings; with respect to Illinois Gaming Investors, LLC, d/b/a Prairie State Gaming, risks relating to recent acquisitions of additional assets and the integration of such acquisitions, Penns ability to successfully compete in the VGT market, its ability to retain existing customers and secure new customers, risks relating to municipal authorization of VGT operations and the implementation and the ultimate success of the products and services being offered; and other factors discussed in Penns filings with the SEC.
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