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<PERIOD>20071109
<ITEMS>8.01
<FILING-DATE>20071115
<DATE-OF-FILING-DATE-CHANGE>20071115
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PENN NATIONAL GAMING INC
<CIK>0000921738
<ASSIGNED-SIC>7990
<IRS-NUMBER>232234473
<STATE-OF-INCORPORATION>PA
<FISCAL-YEAR-END>1231
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<FILE-NUMBER>000-24206
<FILM-NUMBER>071248252
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<BUSINESS-ADDRESS>
<STREET1>825 BERKSHIRE BLVD STE 200
<STREET2>WYOMISSING PROFESSIONAL CENTER
<CITY>WYOMISSING
<STATE>PA
<ZIP>19610
<PHONE>6103732400
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<STREET1>825 BERSHIRE BLVD
<STREET2>SUITE 200
<CITY>WYOMISSING
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<ZIP>19610
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<TYPE>8-K
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<FILENAME>penn8k.htm
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<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>UNITED STATES <BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=4>SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Washington, DC 20549 </FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>FORM 8-K</FONT></B></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF<BR>
</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">THE SECURITIES EXCHANGE ACT OF 1934 </FONT></B></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Date of Report (Date of earliest event reported): November 9, 2007</FONT></P>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=5>PENN NATIONAL GAMING, INC.</FONT></B></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Commission file number 0-24206</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Incorporated Pursuant to the Laws of the Commonwealth of Pennsylvania</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>IRS Employer Identification No. 23-2234473</FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>825 Berkshire Blvd., Suite 200<BR>
Wyomissing, PA 19610</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT> </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT> </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT> </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face=Wingdings>&#168;</FONT> </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </FONT></P>
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<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2><FONT size=3>Item 8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Events.</FONT></FONT></B></P>
<P align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT size=2><FONT size=3>As described in the definitive proxy statement first mailed to the shareholders of Penn National Gaming, Inc. (the &#147;Company&#148;) on or about November 9, 2007 (the &#147;Proxy Statement&#148;), a complaint was filed previously on behalf of a putative class of public shareholders of the Company and derivatively on behalf of the Company in the Court of Common Pleas of Berks County, Pennsylvania (the &#147;Court&#148;), styled <I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Superior Partners</FONT></I> v. <I><FONT face="TimesNewRomanPS-ItalicMT,Times &#13;&#10;New Roman,Times,serif">Carlino, et al.</FONT></I>, Case No. 07-9637 (the &#147;Action&#148;). The Action was filed against the Company&#146;s directors and the Company.&nbsp;The Action&nbsp;related to the proposed acquisition of the Company by affiliates of Fortress Investment Group LLC and Centerbridge Partners, L.P. (the &#147;Merger&#148;). On November 9, 2007, following settlement discussions between representatives of the parties in the Action, the parties entered into a Memorandum of Understanding (&#147;MOU&#148;) contemplating a settlement of the Action. Among other things, the MOU provides that, in consideration for the settlement, certain additional disclosures were made in the Proxy Statement. Shareholders of the Company who are members of the class expected to be certified in the Action will receive, at a future date, written notice of the terms of the proposed settlement. The settlement contemplated by the MOU is subject, among other things, to the execution by the parties of a definitive settlement agreement, the approval of that agreement by the Court and the consummation of the Merger. If the Court approves the settlement contemplated in the MOU, the Action will be dismissed with prejudice.</FONT></FONT></FONT></P>
<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><FONT size=3><FONT size=2><FONT size=3>* *</FONT></FONT></FONT> <FONT size=3>*</FONT></FONT></P>
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<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2><FONT size=3>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</FONT></FONT></P>
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     <TD noWrap align=left width="39%"><FONT size=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=3>Dated: November 15, 2007</FONT>&nbsp;</FONT></TD>
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     <TD noWrap align=left width="58%"><FONT size=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=3>PENN NATIONAL GAMING, INC.</FONT>&nbsp;</FONT></TD></TR>
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     <TD noWrap align=left width="58%"><FONT size=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=3>By: /s/ Robert Ippolito</FONT>&nbsp;</FONT></TD></TR>
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     <TD noWrap align=left width="58%"><FONT size=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=3>Name: Robert Ippolito</FONT>&nbsp;</FONT></TD></TR>
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     <TD noWrap align=left width="58%"><FONT size=3><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=3>Title: Vice President, Secretary and Treasurer</FONT>&nbsp;</FONT></TD></TR></TABLE><BR>
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