PENN Entertainment, Inc. — Director's Dealing 2012

Mar 23, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PENN NATIONAL GAMING INC (PENN)
CIK: 0000921738
Period of Report: 2012-03-21

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-03-21	Common Stock	M	1507	$8.73	Acquired	15556	Direct
2012-03-21	Common Stock	S	1507	$44.90	Disposed	14049	Direct
2012-03-22	Common Stock	M	200	$8.73	Acquired	14249	Direct
2012-03-22	Common Stock	S	200	$44.915	Disposed	14049	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-03-21	Non Qualified Stock Options (right to buy)	$8.73	M	1507	Disposed	2012-09-03	Common Stock (1507)	Direct
2012-03-22	Non Qualified Stock Options (right to buy)	$8.73	M	200	Disposed	2012-09-03	Common Stock (200)	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.