PENN Entertainment, Inc. — Director's Dealing 2011

Jun 1, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2011-05-27

Reporting Person: LEVY ROBERT P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-27	Common Stock	M	12500	$33.12	Acquired	29630	Direct
2011-05-27	Common Stock	S	12500	$40.3882	Disposed	17130	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-27	Non Qualified Stock Options (right to buy)	$33.12	M	12500	Disposed	2016-01-12	Common Stock (12500)	Direct

Footnotes

F1: Reporting person is also the indirect beneficial owner of 600 shares owned by his wife, of which he disclaims beneficial ownership.