PENN Entertainment, Inc. — Director's Dealing 2012

Dec 5, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-12-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-12-03	Common Stock	M	12500	$27.19	Acquired	24392	Direct
2012-12-03	Common Stock	S	12500	$51.49	Disposed	11892	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-12-03	Non-Qualified Stock Options (right to sell)	$27.19	M	12500	Disposed	2017-01-02	Common Stock (12500)	Direct

Footnotes

F1: All transactions on this form 4 were made pursuant to a stock trading plan, executed by Ms Burke on November 23, 2011, established pursuant to rule 10b5-1.