PENN Entertainment, Inc. — Director's Dealing 2011

Jan 20, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2011-01-18

Reporting Person: CRAMER HAROLD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-18	Common Stock	M	45000	$12.15	Acquired	127195	Direct
2011-01-18	Common Stock	S	45000	$34.8568	Disposed	82195	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-18	Non-Qualified Stock Option (right to buy)	$12.15	M	45000	Disposed	2011-01-29	Common Stock (45000)	Direct

Footnotes

F1: All transactions on this form 4 were made pursuant to a stock trading plan, dated June 9, 2010, established pursuant to rule 10b5-1.