PENN Entertainment, Inc. — Director's Dealing 2011

Oct 24, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2011-10-20

Reporting Person: Burke Desiree A. (V. P. and Chief Accounting Off)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-10-20	Common Stock	M	647	—	Acquired	12983	Direct
2011-10-20	Common Stock	D	647	$39.36	Disposed	12336	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-20	Phantom Stock	$	M	647	Disposed	2011-10-20	Common Stock (647)	Direct

Footnotes

F1: The recipient receives a cash payment for each unit equal to the fair market value on the vesting date of one share of the Company's Common Stock.