<SEC-DOCUMENT>0001104659-16-099662.txt : 20160225
<SEC-HEADER>0001104659-16-099662.hdr.sgml : 20160225
<ACCEPTANCE-DATETIME>20160224184542
ACCESSION NUMBER:		0001104659-16-099662
CONFORMED SUBMISSION TYPE:	NT 10-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20151231
FILED AS OF DATE:		20160225
DATE AS OF CHANGE:		20160224
EFFECTIVENESS DATE:		20160225

FILER:

	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

	FILING VALUES:
		FORM TYPE:		NT 10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24206
		FILM NUMBER:		161453425

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-K
<SEQUENCE>1
<FILENAME>a16-5205_1nt10k.htm
<DESCRIPTION>NT 10-K
<TEXT>


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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED STATES<br>   SECURITIES AND EXCHANGE COMMISSION<br>   Washington, D.C. 20549</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:16.0pt;font-weight:bold;">FORM 12b-25</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTIFICATION OF LATE FILING</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;"><br>    <br>    <br><br></font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">SEC FILE NUMBER<br> 0-24206<br><br></font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">CUSIP NUMBER<br> 707569 10 9</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(Check   one):</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.64%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;">&nbsp;Form 10-K</font></p>    </td>
<td width="17%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:17.12%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Form 20-F</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.92%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Form 11-K</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Form 10-Q</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Form 10-D</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.64%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Form N-SAR</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:17.12%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Form N-CSR</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.92%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.64%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:17.12%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.92%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.64%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For Period   Ended:</font></p>    </td>
<td width="66%" colspan="5" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:66.6%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 31, 2015</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">Transition Report on Form 10-K</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">Transition Report on Form 20-F</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">Transition Report on Form 11-K</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">Transition Report on Form 10-Q</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:50.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;</font><font size="2" style="font-size:10.0pt;">Transition Report on Form N-SAR</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.68%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.9%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.86%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="29%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:29.44%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the   Transition Period Ended:</font></p>    </td>
<td width="53%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:53.8%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Read Instructions (on back   page) Before Preparing Form. Please Print or Type.</font></i><b><font size="2" style="font-size:10.0pt;font-weight:bold;"><br>   Nothing in this form shall be construed to imply that the Commission has   verified any information contained herein.</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:</font></p>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART I &#151; REGISTRANT INFORMATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Penn National Gaming, Inc.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Full Name of   Registrant</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Former Name if Applicable</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">825 Berkshire Blvd, Suite 200</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Address of   Principal Executive Office <i>(Street and   Number)</i></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wyomissing, PA 19610</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">City, State and   Zip Code</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART II &#151; RULES 12b-25(b) AND (c)</font></b></p>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule&nbsp;12b-25(b), the following should be completed. (Check box if appropriate)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The reason   described in reasonable detail in Part&nbsp;III of this form could not be   eliminated without unreasonable effort or expense</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The subject   annual report, semi-annual report, transition report on Form&nbsp;10-K,   Form&nbsp;20-F, Form&nbsp;11-K, Form&nbsp;N-SAR or Form&nbsp;N-CSR,   or portion thereof, will be filed on or before the fifteenth calendar day   following the prescribed due date; or the subject quarterly report or   transition report on Form&nbsp;10-Q or subject distribution report on   Form&nbsp;10-D, or portion thereof, will be filed on or before the   fifth calendar day following the prescribed due date; and</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The accountant&#146;s   statement or other exhibit required by Rule&nbsp;12b-25(c) has been   attached if applicable.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART III &#151; NARRATIVE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State below in reasonable detail why Forms&nbsp;10</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">K, 20</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">F, 11</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">K, 10</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">Q, 10</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">D, N</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">SAR, N</font><font size="2" style="font-size:10.0pt;">-</font><font size="2" style="font-size:10.0pt;">CSR, or the transition report or </font><font size="2" style="font-size:10.0pt;">portion thereof, could not be filed within the prescribed time period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penn National Gaming,&nbsp;Inc. (the &#147;Company&#148;) is unable to file its Annual Report on Form&nbsp;10-K for the year ending December&nbsp;31, 2015 (the &#147;2015 Form&nbsp;10-K&#148;) within the prescribed time period for the reasons set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As described in Item 4.02 of the Company&#146;s Current Report on Form&nbsp;8-K filed on October&nbsp;22, 2015, the Company is changing the classification of its master lease (the &#147;Master Lease&#148;) with Gaming and Leisure Properties,&nbsp;Inc. (&#147;GLPI&#148;) from a distribution of assets followed by an operating lease to a financing obligation.&#160; Accordingly, the Audit Committee of the Company&#146;s Board of Directors has determined that the Company will restate previously issued financial statements for its fiscal years ended December&nbsp;31, 2013 and 2014, and interim financial statements for the fiscal quarters ended March&nbsp;31, 2014, June&nbsp;30, 2014, September&nbsp;30, 2014, March&nbsp;31, 2015 and June&nbsp;30, 2015, and, as a result, those financial statements should no longer be relied upon. &#160;Additionally, management&#146;s evaluation of disclosure controls and procedures and management&#146;s report on internal controls over financial reporting for the year ended December&nbsp;31, 2014, the opinion of Ernst&nbsp;&amp; Young LLP (&#147;EY&#148;), the Company&#146;s independent registered public accounting firm, on the consolidated financial statements for each of the two years in the period ended December&nbsp;31, 2014, as well as EY&#146;s opinion on the effectiveness of the Company&#146;s internal controls over financial reporting as of December&nbsp;31, 2014 should also no longer be relied upon.&#160; The Company will disclose a material weakness in internal controls over financial reporting in its restated Annual Report on Form&nbsp;10-K/A for the year ended December&nbsp;31, 2014 and in its 2015 Form&nbsp;10-K.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is currently completing the filings to be made in connection with the restatement and continues to evaluate the effects of the restatement on its financial statements.&#160; As a result, the Company is not in a position to timely file the 2015 Form&nbsp;10-K without unreasonable effort or expense.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company anticipates that it will complete and file the restated financial statements, as well as the September&nbsp;30, 2015 Quarterly Report on Form&nbsp;10-Q and the 2015 Form&nbsp;10-K by March&nbsp;15, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART IV &#151; OTHER INFORMATION</font></b></p>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name and   telephone number of person to contact in regard to this notification</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saul V. Reibstein</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(610)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">373-2400</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Area Code)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Telephone Number)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Have all other   periodic reports required under Section 13 or 15(d) of the Securities   Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940   during the preceding 12 months or for such shorter period that the registrant   was required to file such report(s) been filed? If answer is no, identify   report(s). </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.54%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;">&nbsp;No</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="71%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:71.22%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quarterly Report on Form 10-Q for the period ending September 30, 2015</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.54%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.38%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="71%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:71.22%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:1.54%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:23.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>    </td>
<td width="96%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:96.62%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Is it   anticipated that any significant change in results of operations from the corresponding   period for the last fiscal year will be reflected by the earnings statements   to be included in the subject report or portion thereof?</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.38%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="96%" colspan="5" valign="top" style="padding:0in .7pt 0in .7pt;width:96.62%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.38%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.54%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font><font size="2" style="font-size:10.0pt;">&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;">&nbsp;No</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.38%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.76%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.72%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.54%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.38%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If so, attach an   explanation of the anticipated change, both narratively and quantitatively,   and, if appropriate, state the reasons why a reasonable estimate of the   results cannot be made.</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As noted in Part&nbsp;III, the Company is currently completing the filings to be made in connection with the restatement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;4, 2016, the Company disclosed in a Current Report on Form&nbsp;8-K that, in addition to reclassifying the Master Lease, it anticipates also making adjustments to reduce in the aggregate its previously recorded 2014 and 2013 goodwill and intangible asset impairment charges; to report the $150 million of fees paid to relocate its Ohio racetracks as an indefinite lived intangible asset as opposed to a depreciating asset; to record a full valuation allowance on its deferred tax assets; and, to reclassify the $240.2 million of cash contributed to GLPI in connection with the spin-off of its real estate assets to GLPI on November&nbsp;1, 2013 (the &#147;Spin-Off&#148;) from investing activities to financing activities in its 2013 Consolidated Statement of Cash Flows as well as certain other items that were not individually material to the Consolidated Financial Statements. The Company will also record a charge of approximately $10.7 million in its 2013 Consolidated Statement of Operations in connection with the exchange agreement entered into prior to the Spin-Off between the Company, Peter M. Carlino and a trust for the benefit of his children, and the results of Hollywood Casino Perryville and Hollywood Casino Baton Rouge that were contributed to GLPI on November&nbsp;1, 2013 in connection with the Spin-Off will be accounted for as discontinued operations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:12.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Finally, as disclosed in the Current Report on Form&nbsp;8-K filed on February&nbsp;24, 2016, the Company is in the process of making an adjustment to properly account for an additional lease obligation as a capital lease, which will result in the Company reporting</font> <font size="2" style="font-size:10.0pt;">approximately $25 million in&nbsp;additional&nbsp;debt&nbsp;on its balance sheet.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company does not expect the adjustments in the restatement to have any impact on its cash position, cash flows, revenues and rental payments or other obligations under the Master Lease, or to have a significant effect on its leverage ratios under its senior credit facility and other debt instruments (as the terms of those obligations require the Master Lease to be treated as an operating lease regardless of the treatment required under GAAP).&#160; At December&nbsp;31, 2015, the Company had cash and cash equivalents of $237.0 million and total debt (excluding the financing obligation to GLPI under the Master Lease of approximately $3.56 billion) of $1.71 billion.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Form&nbsp;12b-25 contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.&#160; These statements can be identified by the use of forward looking terminology such as &#147;expects,&#148; &#147;believes,&#148; &#147;estimates,&#148; &#147;projects,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;seeks,&#148; &#147;may,&#148; &#147;will,&#148; &#147;should&#148; or &#147;anticipates&#148; or the negative or other variations of these or similar words.&#160; Although the Company believes that its expectations are based on reasonable assumptions within the bounds of the Company&#146;s knowledge of its business, there can be no assurance that actual results, including the impact of the restatement, will not differ materially from our expectations.&#160; Meaningful factors that could cause actual results to differ from expectations include, but are not limited to, risks relating to the final impact of the restatement on the Company&#146;s financial statements; the impact of the restatement on the Company&#146;s evaluation of the effectiveness of its internal control over financial reporting; delays in the preparation of the financial statements; the risk that additional information will come to light during the course of the preparation of restated financial statements that alters the scope or magnitude of the restatement; potential reviews, litigation or other proceedings by governmental authorities, stockholders or other parties; the risk that the Company will be unable to obtain any required waivers under the Company&#146;s credit facility or note indenture with respect to a significant additional delay in filing periodic reports with the Securities and Exchange Commission; risks relating to the Company&#146;s liquidity and ability to raise capital; risks related to the impact of the restatement on the Company&#146;s reputation, development projects, joint ventures and other commercial contracts; and other factors as discussed in the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2014, subsequent Quarterly Reports on Form&nbsp;10-Q and Current Reports on Form&nbsp;8-K, each as filed with the United States Securities and Exchange Commission.&#160; The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Form&nbsp;12b-25 may not occur.</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Penn National Gaming, Inc.</font></b></p>
<div align="center" style="line-height:8.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
<hr size="1" width="100%" noshade align="center" style="color:black;">
</font></b></div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Registrant as Specified in Charter)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.12%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 24, 2016</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.24%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="44%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Saul V. Reibstein</font></p>    </td>   </tr>
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<td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.12%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.24%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:44.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Saul V. Reibstein</font></p>    </td>   </tr>
<tr>
<td width="4%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:4.88%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.12%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.24%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="44%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:44.76%;">
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer and Treasurer</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative. The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the representative&#146;s authority to sign on behalf of the registrant shall be filed with the form.</font></p>
<p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ATTENTION</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Intentional misstatements or   omissions of fact constitute Federal Criminal Violations (See 18 U.S.C.   1001).</font></b></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">
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</font></b></div>
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