PENN Entertainment, Inc. — Director's Dealing 2012

Oct 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-10-20

Reporting Person: WILMOTT TIMOTHY J (President & COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-10-20	Common Stock	M	10156	—	Acquired	106112	Direct
2012-10-20	Common Stock	D	10156	$41.98	Disposed	95956	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-10-20	Phantom Stock	$	M	10156	Disposed	2012-10-20	Common Stock (10156)	Direct

Footnotes

F1: The recipient receives a cash payment for each unit equal to the fair market value on the vesting date of one share of the Company's Common Stock.