PENN Entertainment, Inc. — Proxy Solicitation & Information Statement 2025

May 23, 2025

DFAN14A 1 i523252dfan14a.htm

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934

Filed by the Registrant ¨

Filed by a Party other than the Registrant x

Check the appropriate box:

¨	Preliminary Proxy Statement
¨	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
¨	Definitive Proxy Statement
x	Definitive Additional Materials
¨	Soliciting material Pursuant to § 240.14a-12

PENN Entertainment, Inc.

(Name of Registrant as Specified In Its Charter)

HG VORA CAPITAL MANAGEMENT, LLC

HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD.

DOWNRIVER SERIES LP – SEGREGATED PORTFOLIO C

PARAG VORA

JOHNNY HARTNETT

CARLOS RUISANCHEZ

WILLIAM CLIFFORD

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

x No fee required.

¨ Fee paid previously with preliminary materials.

¨ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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On May 22, 2025, HG Vora Capital Management, LLC and certain of its affiliates, the beneficial owners of approximately 4.80% of the outstanding common stock of PENN Entertainment, Inc. (NASDAQ: PENN), posted the following materials to www.WinAtPENN.com (the “Site”). Copies of the materials posted to the Site are filed herewith.

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The Nominees Materials w Alsoca HG Vora How to Vote N AWinAtPENN NG Vora Letter to PENN Shareholders - May13, 2025 Meeting Transcript May 22.2025 Massachusetts Gaming Commission Open Meeting Transcript - December 16, 2024 Letters HG Vora Letter to PENN Shareholders - May13,2045 r Rws Rb a iGma, a rL i .a.r n ftr , = Ri a .mi.-mma M. l a S a l a , • li a lm MM.! .flo a m a a Rm a R a a mmm EIMME +14.F...rro mma, Mma • RE M Im a l a r m a imi a l a n R a .R.R•alln a ab a a m a i a l a a a imaRal a a mER.EaMmna•na a m i mliw a .R a a ml•Imm a lm a R a a • MERMEN 1:=AI M ME FEW-. MENEM = Ir a ablemiiaLk• mi-N a N +MEW ni.M.MM a a i M Maiai.M.Imid IAM a M a MEMEL.. IMMEIMINEM PmMIR. NIM L MEIN. M ▪ E- M-LRE MmAM M a YM -I UL.R.m a m a al a im a Rma R M Ma.ar Mulm a • EMIR. :9- .1m 1 ▪• •••••• = .1aInRam .1 a r = a lm a i.. a l C = M = •• taFF M a im a iLim a m a a mpl a mm. a a a m m a MEMENNE R a m. 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