PENN Entertainment, Inc. — Director's Dealing 2012

Apr 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-04-19

Reporting Person: SAVITCH JORDAN B (Sr. Vice President/General Cou)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-19	Common Stock	M	17073	$8.73	Acquired	31122	Direct
2012-04-19	Common Stock	M	20000	$29.22	Acquired	51122	Direct
2012-04-19	Common Stock	S	37073	$45.8678	Disposed	14049	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-19	Non Qualified Stock Options (right to buy)	$8.73	M	17073	Disposed	2012-09-03	Common Stock (17073)	Direct
2012-04-19	Non Qualified Stock Options (right to buy)	$29.22	M	20000	Disposed	2015-01-06	Common Stock (20000)	Direct

Footnotes

F1: All transactions on this form 4 were made pursuant to a stock trading plan, executed by Mr Savitch on July 26, 2011, established pursuant to rule 10b5-1.