PENN Entertainment, Inc. — Director's Dealing 2012

Nov 21, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-11-20

Reporting Person: LEVY ROBERT P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-11-20	Common Stock	M	10000	$29.34	Acquired	21065	Direct
2012-11-20	Common Stock	S	10000	$46.9406	Disposed	11065	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-11-20	Non-Qualiffied Stock Options (right to buy)	$29.34	M	10000	Disposed	2018-08-08	Common Stock (10000)	Direct

Footnotes

F1: Reporting person is also the indirect beneficial owner of 600 shares owned by his wife, of which he disclaims beneficial ownership.