PENN Entertainment, Inc. — Director's Dealing 2011

Jan 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2011-01-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-03	Common Stock	M	2920	$12.15	Acquired	24244	Direct
2011-01-03	Common Stock	S	2920	$35.1765	Disposed	21324	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-03	Non-Qualified Stock Options (right to buy)	$35.15	A	70000	Acquired	2018-01-03	Common Stock (70000)	Direct
2011-01-03	Incentive Stock Options (right to buy)	$12.15	M	2920	Disposed	2011-01-29	Common Stock (2920)	Direct

Footnotes

F1: Vests over 4 years at 25% a year on the anniversary of the date of grant.

F2: This transaction was made pursuant to a stock trading plan, dated May 28, 2010, established pursuant to rule 10b5-1.