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PENN management throws a wet blanket on 2011 regional growth expectations.

At the grand re-opening of Hollywood Casino Joliet, Penn National's president and COO, Tim Wilmott, said PENN is not expecting a better 2011 for the casino business.  He stressed that unemployment and plummeting housing values will continue to depress spending.  We've consistently shown these two variables are the most critical in assessing regional gaming revenues.  As we mentioned in our note, "REGIONAL GAMING HEAD FAKE?" (12/23/10), we haven't seen clear evidence of a recovery in the regional gaming market, despite the October head fake.