PENN Entertainment, Inc. — Director's Dealing 2010

Oct 5, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2010-10-01

Reporting Person: SAVITCH JORDAN B (Sr. Vice President/General Cou)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-10-01	Common Stock	M	3000	$12.15	Acquired	30911	Direct
2010-10-01	Common Stock	S	3000	$29.7397	Disposed	27911	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-01	Incentive Stock Options (right to buy)	$12.15	M	3000	Disposed	2011-01-29	Common Stock (3000)	Direct

Footnotes

F1: All transactions on this form 4 were made pursuant to a stock trading plan, dated May 28, 2010, established pursuant to rule 10b5-1.