<SEC-DOCUMENT>0001104659-15-053523.txt : 20150727
<SEC-HEADER>0001104659-15-053523.hdr.sgml : 20150727
<ACCEPTANCE-DATETIME>20150727200259
ACCESSION NUMBER:		0001104659-15-053523
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20150723
FILED AS OF DATE:		20150727
DATE AS OF CHANGE:		20150727

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN NATIONAL GAMING INC
		CENTRAL INDEX KEY:			0000921738
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				232234473
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD STE 200
		STREET 2:		WYOMISSING PROFESSIONAL CENTER
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610
		BUSINESS PHONE:		6103732400

	MAIL ADDRESS:	
		STREET 1:		825 BERKSHIRE BLVD
		STREET 2:		SUITE 200
		CITY:			WYOMISSING
		STATE:			PA
		ZIP:			19610

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WILMOTT TIMOTHY J
		CENTRAL INDEX KEY:			0001200753

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24206
		FILM NUMBER:		151008052
</SEC-HEADER>
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<SEQUENCE>1
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        <issuerName>PENN NATIONAL GAMING INC</issuerName>
        <issuerTradingSymbol>PENN</issuerTradingSymbol>
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            <rptOwnerName>WILMOTT TIMOTHY J</rptOwnerName>
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            <rptOwnerStreet1>825 BERKSHIRE BLVD SUITE 200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WYOMISSING</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19610</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
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            <officerTitle>President &amp; CEO</officerTitle>
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            <transactionDate>
                <value>2015-07-23</value>
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            <transactionAmounts>
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                    <value>114943</value>
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                <transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F1"/>
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            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>114943</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
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        </derivativeTransaction>
        <derivativeTransaction>
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                <value>Non Qualified Stock Options (right to buy)</value>
            </securityTitle>
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                <value>4.98</value>
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                <value>2015-07-23</value>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <value>2013-01-02</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-01-02</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
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    <footnotes>
        <footnote id="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. Of the original award of phantom stock units, 114,943 units vested on July 23, 2015. The remaining phantom stock units will vest as follows: 114,943 units on July 23, 2016 and 114,942 units on July 23, 2017.</footnote>
        <footnote id="F2">These transactions on this Form 4 were made pursuant to a stock trading plan, executed by Mr. Wilmott on May 4, 2015, established pursuant to rule 10b5-1. The options subject to the transactions reported on this Form 4 would have expired on January 2, 2016.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Christopher Rogers as attorney-in-fact for Timothy J Wilmott</signatureName>
        <signatureDate>2015-07-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
