PENN Entertainment, Inc. — Director's Dealing 2012

Jan 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-01-03

Reporting Person: CLIFFORD WILLIAM J (Chief Financial Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-03	Non-Qualified Stock Options (right to buy)	$38.07	A	150000	Acquired	2019-01-03	Common Stock (150000)	Direct

Footnotes

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