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: IPPOLITO ROBERT S (Vice President, Secretary/Trea)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-04-19	Common Stock	M	26770	$12.15	Acquired	65894	Direct
2012-04-19	Commom Stock	S	27466	$46.00	Disposed	38428	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-19	Non-Qualified Stock Options (right to buy)	$12.15	M	26770	Disposed	2012-12-31	Common Stock (26770)	Direct

Footnotes

F1: All transactions on this form 4 were made pursuant to a stock trading plan, executed by Mr. Ippolito on March 14, 2011, established pursuant to rule 10b5-1.