PENN Entertainment, Inc. — Director's Dealing 2012

Jan 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-01-19

Reporting Person: Snyder Steven T. (SR VP-Corp Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-19	Common Stock	M	5000	$21.38	Acquired	89788	Direct
2012-01-19	Common Stock	M	10000	$29.22	Acquired	99788	Direct
2012-01-19	Common Stock	S	15000	$41.4518	Disposed	84788	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-19	Non Qualified Stock Options (right to buy)	$21.38	M	5000	Disposed	2016-01-02	Common Stock (5000)	Direct
2012-01-19	Non Qualified Stock Options (right to buy)	$29.22	M	10000	Disposed	2015-01-06	Common Stock (10000)	Direct

Footnotes

F1: All transactions on this form 4 were made pursuant to a stock trading plan, executed by Mr. Snyder on March 10, 2011, established pursuant to rule 10b5-1.