EXHIBIT 99.1


PRESS RELEASE

Louisiana Casino Cruises, Inc. and CRC Holdings, Inc. to be Acquired by Penn
National Gaming, Inc.

Baton Rouge, Louisiana, July 31, 2000.

Louisiana  Casino  Cruises,  Inc.  (LCCI),  which owns and  operates the leading
riverboat  gaming  facility in Baton Rouge,  Louisiana,  and CRC Holdings,  Inc.
(CRC),   which  does   business  as  Carnival   Resorts  and  Casinos  and  owns
approximately  59%  of  LCCI,  announced  today  that  CRC  has  entered  into a
definitive agreement to be acquired by Penn National Gaming, Inc. (NASDAQ: PENN)
for $95.8 million,  and the assumption of approximately $32 million in net debt.
As part of the  acquisition,  the minority  shareholders  of LCCI entered into a
definitive  agreement to have their  approximate 41% minority  ownership of LCCI
acquired by Penn for $32.5 million. In connection with such transactions,  it is
anticipated LCCI will implement a tender offer for all of its 11% senior secured
notes due December 1, 2005 at closing of the transaction.

The  transaction,  expected  to close in the first  half of 2001,  is subject to
regualtory  and other  approvals in both  Louisiana and Canada,  financing,  the
expiration  of  the  applicable   Hart-Scott-Rodino  waiting  period  and  other
customary closing conditions.

Penn owns,  operates and  conducts  wagering at its Penn  National  Race Course,
Pocono  Downs  Racetrack,   and  ten  off-track  wagering  (OTW)  facilities  in
Pennsylvania.   Penn  also  owns  and  operates   Charles  Town  Races,  a  live
thoroughbred  racing  facility in Jefferson  County,  West Virginia,  which also
features 1,500 slot machines.  Penn's 50%-owned joint venture,  Pennwood Racing,
Inc., owns and operates Freehold  Raceway,  and under a long-term lease operates
Garden State Park in New Jersey. Penn intends (subject to certain conditions) to
acquire the Casino Magic hotel, casino, golf resort and marina in Bay St. Louis,
Mississippi and the Boomtown Biloxi casino in Biloxi,  Mississippi from Pinnacle
Entertainment,  Inc. (NYSE: PNK). Penn serves as the exclusive U.S. wagering hub
operator for the TrackPower direct-to-home pari-mutual digital satellite service
(Dish Network),  which also  distributes  races conducted at Penn facilities and
certain races simulcast through Penn.







                                   SIGNATURES

      Pursuant to the  requirements  of the Securities  Exchange Act of 1934, as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.



                                         LOUISIANA CASINO CRUISES, INC.




                                         By: __________________________
                                              W. Peter Temling
                                              Chief Financial Officer


Dated: August 1, 2000