PENN Entertainment, Inc. — Director's Dealing 2010

Dec 1, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2010-11-29

Reporting Person: JACQUEMIN JOHN M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-11-29	Common Stock	M	40720	$12.15	Acquired	64315	Direct
2010-11-29	Common Stock	S	40720	$34.5715	Disposed	23595	Direct
2010-11-30	Common Stock	M	19280	$12.15	Acquired	42875	Direct
2010-11-30	Common Stock	S	19280	$34.5954	Disposed	23595	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-11-29	Non-Qualified Stock Options (right to buy)	$12.15	M	40720	Disposed	2011-01-29	Common Stock (40720)	Direct
2010-11-30	Non-Qualified Stock Options (right to buy)	$12.15	M	19280	Disposed	2011-01-29	Common Stock (19280)	Direct