<SEC-DOCUMENT>0001104659-21-109550.txt : 20210826
<SEC-HEADER>0001104659-21-109550.hdr.sgml : 20210826
<ACCEPTANCE-DATETIME>20210826080056
ACCESSION NUMBER:		0001104659-21-109550
CONFORMED SUBMISSION TYPE:	424B7
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210826
DATE AS OF CHANGE:		20210826

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:		424B7
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-238149
		FILM NUMBER:		211208859

	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>424B7
<SEQUENCE>1
<FILENAME>tm2125595d1_424b7.htm
<DESCRIPTION>424B7
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Filed pursuant
to Rule&nbsp;424(b)(7)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Registration
No.&nbsp;333-238149</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><B>Title of Each Class&nbsp;of<BR>
    Securities to be Registered<SUP>(1)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold"><B>Amount<BR>
    Registered<SUP>(2)</SUP></B></TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Proposed Maximum<BR>
    Offering&nbsp;Price<BR> Per share</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Proposed Maximum<BR>
    Aggregate<BR>
    Offering&nbsp;Price</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Amount of<BR>
    Registration<BR>
    Fee</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%; font-size: 10pt">Common stock, $0.01 par value per share</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">198,103</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">65.65</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><SUP>(3)(4)</SUP></TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">13,005,461.95</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,419</TD><TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><SUP>(4)</SUP></TD></TR>
  </TABLE>


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This prospectus supplement relates to the resale or other distribution
                                            by the selling shareholder referenced in this prospectus supplement of up to 198,103 shares
                                            of the registrant&rsquo;s common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>This prospectus supplement also relates to such additional shares of
                                            common stock as may be issued in connection with a stock split, stock dividend, recapitalization,
                                            or similar transaction effected without receipt of consideration that increases the number
                                            of the registrant&rsquo;s outstanding shares of common stock, pursuant to Rule&nbsp;416 of
                                            the Securities Act of 1933, as amended, or the Securities Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Estimated solely for the purposes of computing the registration fee with
                                            respect to 198,103 shares of common stock pursuant to Rule&nbsp;457(c)&nbsp;under the Securities
                                            Act, based on the average of the high and low prices of the common stock on the NASDAQ Global
                                            Select Market on August&nbsp;19, 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Calculated in accordance with Rule&nbsp;457(r)&nbsp;under the Securities
                                            Act with respect to the 198,103 shares of common stock registered pursuant to this prospectus
                                            supplement that have not previously been registered. Payment of the registration fee at the
                                            time of filing of the registrant&rsquo;s registration statement on Form&nbsp;S-3 filed with
                                            the Securities and Exchange Commission on May&nbsp;11, 2020 (File No.&nbsp;333-238149) was
                                            deferred pursuant to Rules&nbsp;456(b)&nbsp;and 457(r)&nbsp;of the Securities Act, and is
                                            paid herewith. This &ldquo;Calculation of Registration Fee&rdquo; table will be deemed to
                                            update the &ldquo;Calculation of Registration Fee&rdquo; table in such registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Filed pursuant
to Rule&nbsp;424(b)(7)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: right; text-indent: -0.25in"><B>Registration
No.&nbsp;333-238149</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUPPLEMENT<BR>
</B></FONT>(to Prospectus dated May&nbsp;11, 2020)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>198,103
</B></FONT><B>Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2125595d1_424b7img001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder referred to in this prospectus
supplement may offer and resell up to 198,103 shares of our common stock, $0.01 par value per share (&ldquo;common stock&rdquo;) under
this prospectus supplement. The selling shareholder acquired these shares from us pursuant to a Membership Interest Purchase Agreement
dated May&nbsp;15, 2021, by and among us, PM Texas Holdings LLC, PM Texas LLC, Houston Gaming Ventures,&nbsp;Inc. and New SHRP Acquisition,&nbsp;Inc.
(as the assignee of PM Texas Holdings LLC), which we refer to in this prospectus supplement as the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our registration of the shares of common stock
covered by this prospectus supplement does not mean that the selling shareholder will offer or sell any of the shares. The common stock
offered by the selling shareholder may be sold from time to time through public or private transactions at market prices prevailing at
the time of sale, at prices related to such market prices, at varying prices determined at the time of sale, at fixed prices, or at negotiated
prices. The timing and amount of any sale is within the sole discretion of the selling shareholder, subject to certain restrictions.
See &ldquo;Plan of Distribution&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any proceeds from any sale
of shares of common stock by the selling shareholder. Our common stock is listed on the NASDAQ Global Select Market under the trading
symbol &ldquo;PENN.&rdquo; On August&nbsp;25, 2021, the last reported sale price of our common stock was $79.92 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Investing in our common stock involves a high
degree of risk. You should review carefully the risks and uncertainties described in the section titled &ldquo;Risk Factors&rdquo; beginning
on page&nbsp;S-2 of this prospectus supplement and on page&nbsp;5 of the accompanying prospectus, as well as our other filings that are
incorporated by reference into this prospectus supplement and the accompanying prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus supplement is
August 26, 2021.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 90%; text-align: left"><A HREF="#sp1-011">ABOUT
    THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 10%; vertical-align: bottom"><A HREF="#sp1-011">ii</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><A HREF="#sp1-012">TRADEMARKS</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-012">ii</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp1-013">IMPORTANT INFORMATION
    AND CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-013">iv</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><A HREF="#sp1-014">SUMMARY</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-014">S-1</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp1-015">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-015">S-2</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><A HREF="#sp1-016">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-016">S-3</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp1-017">SELLING SHAREHOLDER</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-017">S-5</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><A HREF="#sp1-018">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-018">S-6</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp1-019">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-019">S-8</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif"><A HREF="#sp1-020">EXPERTS</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-020">S-9</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp1-021">WHERE YOU CAN
    FIND ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-021">S-10</A></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#sp1-022">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><A HREF="#sp1-022">S-11</A></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="sp1-011"></A>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May&nbsp;11, 2020, we filed with the Securities
and Exchange Commission, or the SEC, an automatic shelf registration statement on Form&nbsp;S-3 (File No.&nbsp;333-238149) utilizing
a shelf registration process relating to certain securities, including the securities described in this prospectus supplement, which
registration statement became effective automatically on filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This document is in two parts. The first part
is this prospectus supplement, which describes the specific terms of this offering and also adds to and updates information contained
in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement and the accompanying prospectus.
The second part, the accompanying prospectus, gives more general information, some of which may not apply to this offering. You should
read this prospectus supplement and the accompanying prospectus, including the information incorporated by reference in the prospectus
supplement, the accompanying prospectus, and any free writing prospectus we have authorized for use in connection with this offering,
in their entirety before making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If anyone provides you with different or inconsistent
information, you should not rely on it. You should assume that the information in this prospectus supplement, the accompanying prospectus,
any document incorporated by reference in the prospectus supplement and the accompanying prospectus and any free writing prospectus we
have authorized for use in connection with this offering are accurate or complete only as of their respective dates, regardless of the
time of delivery of this prospectus supplement, the accompanying prospectus, and any authorized free writing prospectus. Our business,
financial condition, results of operations, and prospects may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In this prospectus supplement, as permitted by
law, we &ldquo;incorporate by reference&rdquo; information from other documents that we file with the SEC. This means that we can disclose
important information to you by referring you to those documents. The information incorporated by reference is considered to be a part
of this prospectus supplement and the accompanying prospectus and should be read with the same care. When we update the information contained
in documents that have been incorporated by reference by making future filings with the SEC, the information included or incorporated
by reference in this prospectus supplement is considered to be automatically updated and superseded. In other words, in case of a conflict
or inconsistency between information contained in this prospectus supplement, the accompanying prospectus, or incorporated by reference
into this prospectus supplement and the accompanying prospectus, you should rely on the information contained in the document that was
filed later. See &ldquo;Incorporation of Certain Information by Reference&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not, and the selling shareholder is not,
making an offer to sell the securities in any jurisdiction where the offer or sale is not permitted or in which the person making such
offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should not consider any information included
or incorporated by reference in this prospectus supplement or the accompanying prospectus to be investment, legal, or tax advice. You
should consult your own counsel, accountants and other advisers for legal, tax, business, financial, and related advice regarding the
purchase of the shares of common stock offered by this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-012"></A>TRADEMARKS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have proprietary rights to trademarks used
in the information incorporated by reference into this prospectus supplement, which are important to our business, many of which are
registered under applicable intellectual property laws. Solely for convenience, trademarks and trade names referred to in the information
incorporated by reference in this prospectus supplement may appear without the &ldquo;&reg;&rdquo; or &ldquo;&trade;&rdquo; symbols,
but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable
law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of
other companies&rsquo; trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by,
any other companies. Each trademark, trade name or service mark of any other company appearing in this prospectus supplement is the property
of its respective holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-013"></A>IMPORTANT INFORMATION AND CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement, the accompanying prospectus,
and the documents incorporated or deemed incorporated by reference herein and therein include &ldquo;forward-looking statements&rdquo;
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act
of 1934, as amended (the &ldquo;Exchange Act&rdquo;). These statements can be identified by the use of forward-looking terminology such
as &ldquo;expects,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo;
 &ldquo;goal,&rdquo; &ldquo;seeks,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; or &ldquo;anticipates&rdquo; or
the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties.
Specifically, forward-looking statements include, but are not limited to, statements regarding: COVID-19; continued demand for the gaming
properties that have reopened and the possibility that the our gaming properties may be required to close again in the future due to
COVID-19; the impact of COVID-19 on general economic conditions, capital markets, unemployment, and our liquidity, operations, supply
chain and personnel; the potential benefits of the Perryville transaction with Gaming and Leisure Properties,&nbsp;Inc.; the potential
benefits of the HitPoint transaction; the potential benefits of our operations of Hollywood Casino York; our estimated cash burn and
future liquidity, future revenue and Adjusted EBITDAR, including from our iGaming business in Pennsylvania,  Michigan and New Jersey; the expected
benefits and potential challenges of the investment in Barstool Sports; the expected launch of the Barstool-branded mobile sports betting
product in future states and its future revenue and profit contributions; our expectations of future results of operations and financial
condition, including margins; our expectations for our properties and the potential benefits of the cashless, cardless and contactless
technology; our development projects or our iGaming initiatives; the timing, cost and expected impact of planned capital expenditures
on our results of operations; the anticipated opening dates of our retail sportsbooks in future states; our expectations with regard
to acquisitions, potential divestitures and development opportunities, as well as the integration of and synergies related to any companies
we have acquired or may acquire; the outcome and financial impact of the litigation in which we are or will be periodically involved;
the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to our business
and the impact of any such actions; our ability to maintain regulatory approvals for our existing businesses and to receive regulatory
approvals for our new business partners; our expectations with regard to the impact of competition in online sports betting, iGaming
and retail/mobile sportsbooks as well as the potential impact of this business line on our existing businesses; and the performance of
our partners in online sports betting, iGaming and retail/mobile sportsbooks, including the risks associated with any new business, the
actions of regulatory, legislative, executive or judicial decisions with regard to online sports betting, iGaming and retail/mobile sportsbooks
and the impact of any such actions. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly
affect the our future financial results and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Accordingly, we caution that the forward-looking
statements contained in this prospectus supplement, the accompanying prospectus, and the documents incorporated or deemed incorporated
by reference herein and therein are qualified by important factors that could cause actual results to differ materially from those reflected
by such statements. Such factors include, but are not limited to: (a)&nbsp;the magnitude and duration of the impact of the COVID-19 pandemic
on general economic conditions, capital markets, unemployment, consumer spending and our liquidity, financial condition, supply chain,
operations and personnel; (b)&nbsp;industry, market, economic, political, regulatory and health conditions; (c)&nbsp;disruptions in operations
from data protection breaches, cyberattacks, extreme weather conditions, medical epidemics or pandemics such as the COVID-19, and other
natural or man-made disasters or catastrophic events; (d)&nbsp;our ability to access additional capital on favorable terms or at all;
(e)&nbsp;our ability to remain in compliance with the financial covenants of our debt obligations; (f)&nbsp;actions to reduce costs and
improve efficiencies to mitigate losses as a result of the COVID-19 pandemic that could negatively impact guest loyalty and our ability
to attract and retain employees; (g)&nbsp;the outcome of any legal proceedings that may be instituted against us or our directors, officers
or employees; (h)&nbsp;the impact of new or changes in current laws, regulations, rules&nbsp;or other industry standards; (i)&nbsp;the
ability of our operating teams to drive revenue and margins; (j)&nbsp;the impact of significant competition from other gaming and entertainment
operations; (k)&nbsp;our ability to obtain timely regulatory approvals required to own, develop and/or operate our properties, or other
delays, approvals or impediments to completing our planned acquisitions or projects, construction factors, including delays, and increased
costs; (l)&nbsp;the passage of state, federal or local legislation that would expand, restrict, further tax, prevent or negatively impact
operations in or adjacent to the jurisdictions in which we do or seek to do business; (m)&nbsp;the effects of local and national economic,
credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging industries in particular;
(n)&nbsp;our ability to identify attractive acquisition and development opportunities (especially in new business lines) and to agree
to terms with, and maintain good relationships with partners and municipalities for such transactions; (o)&nbsp;the costs and risks involved
in the pursuit of such opportunities and our ability to complete the acquisition or development of, and achieve the expected returns
from, such opportunities; (p)&nbsp;the risk of failing to maintain the integrity of our information technology infrastructure and safeguard
our business, employee and customer data (particularly as our iGaming division grows); (q)&nbsp;with respect to new casinos, risks relating
to construction, and our ability to achieve our expected budgets, timelines and investment returns; (r)&nbsp;we may not be able to achieve
the anticipated financial returns from the acquisition of Score Media&nbsp;&amp; Gaming,&nbsp;Inc. (&ldquo;theScore&rdquo;), including
due to fees, costs and taxes in connection with the integration of theScore and expansion of our betting and content platform; (s)&nbsp;the
closing of the acquisition of theScore may be delayed or may not occur at all, for reasons beyond our control; (t)&nbsp;the requirement
to satisfy the closing conditions in the agreement with theScore, including receipt of regulatory approvals and the approval of shareholders
of theScore; (u)&nbsp;there is significant competition in the interactive gaming market; (v)&nbsp;potential adverse reactions or changes
to business or regulatory relationships resulting from the announcement or completion of the acquisition of theScore; (w)&nbsp;the ability
of us or theScore to retain and hire key personnel; (x)&nbsp;the occurrence of any event, change or other circumstances that could give
rise to the right of one or both of us and theScore to terminate the agreement between the companies; (y)&nbsp;the outcome of any legal
proceedings that may be instituted against us, theScore or their respective directors, officers or employees; and (z)&nbsp;other factors
as discussed in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020, subsequent Quarterly Reports on Form&nbsp;10-Q
and Current Reports on Form&nbsp;8-K, each as filed with the U.S. Securities and Exchange Commission. We do not intend to update publicly
any forward-looking statements except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<DIV STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt; width: 98%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-014"></A>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
summary highlights selected information about us and this offering appearing in this prospectus supplement, the accompanying prospectus
and the documents incorporated or deemed incorporated by reference herein and therein. This summary may not contain all of the information
that you should consider before making an investment decision. You should read carefully the more detailed information included or referred
to under the headings &ldquo;Risk Factors&rdquo; </I></FONT><I>and &ldquo;Important Information and Cautionary Statement Regarding Forward-Looking
Statements&rdquo; of this prospectus supplement and the other information included in this prospectus supplement, the accompanying prospectus,
the documents incorporated or deemed incorporated by reference herein and therein, including our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000009/penn-20201231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020</A>, our Quarterly Reports on Form&nbsp;10-Q for the quarters ended <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000017/penn-20210331.htm" STYLE="-sec-extract: exhibit">March&nbsp;31, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000046/penn-20210630.htm" STYLE="-sec-extract: exhibit">June&nbsp;30, 2021</A>, and any related free writing prospectus before deciding to invest in our common stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">Penn National
Gaming,&nbsp;Inc., together with its subsidiaries (&ldquo;Penn National,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo;
 &ldquo;our,&rdquo; or &ldquo;us&rdquo;), is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing
properties, online gaming, retail and online sports betting operations, and video gaming terminal (&ldquo;VGT&rdquo;) operations.
Our wholly-owned interactive division, Penn Interactive Ventures, LLC (&ldquo;Penn Interactive&rdquo;), operates retail sports
betting across the Company&rsquo;s portfolio, as well as online sports betting, online social casino, bingo and online casinos
(&ldquo;iGaming&rdquo;). The Company holds a&nbsp;36% (inclusive of&nbsp;1% on a delayed basis) equity interest in Barstool
Sports,&nbsp;Inc. (&ldquo;Barstool Sports&rdquo;), a leading digital sports, entertainment, lifestyle and media company, and entered
into a strategic relationship with Barstool Sports, whereby Barstool Sports will exclusively promote the Company's land-based retail
sportsbooks, iGaming products and online sports betting products, including the Barstool Sportsbook mobile app, to its national
audience. We launched an app called Barstool Sportsbook and Casino in Pennsylvania, Michigan,&nbsp;Illinois, Indiana, Virginia,
Colorado and New Jersey. Our mychoice&reg; customer loyalty program currently has over&nbsp;20&nbsp;million members and provides such members with
various benefits, including complimentary goods and/or services. The Company&rsquo;s strategy continues to evolve from an owner and
manager of gaming and racing properties into an omni-channel provider of retail and online gaming and sports betting
entertainment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this prospectus supplement,
we owned, managed, or had ownership interests in&nbsp;43&nbsp;gaming and racing properties in&nbsp;20&nbsp;states and were licensed to
offer live sports betting at our properties in Colorado,&nbsp;Illinois,&nbsp;Indiana,&nbsp;Iowa, Michigan, Mississippi, Nevada, Pennsylvania,
and West Virginia. The majority of the real estate assets (i.e., land and buildings) used in our operations are subject to triple net
master leases, the most significant of which are the Penn Master Lease and the Pinnacle Master Lease, with Gaming and Leisure Properties,&nbsp;Inc.,
a real estate investment trust. In addition, we recently commenced operations of Hollywood Casino York, a Category 4 satellite gaming
casino in Pennsylvania, and expect to commence operations of Hollywood Casino Morgantown, our other Pennsylvania Category 4 satellite
gaming casino, by the end of 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are organized under the laws of the Commonwealth
of Pennsylvania. The address and telephone number of our executive offices are 825 Berkshire Blvd., Suite&nbsp;200, Wyomissing, Pennsylvania
19610, and (610) 373-2400. Our common shares are listed on the NASDAQ Global Select Market under the symbol &ldquo;PENN.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Investing in the common shares involves substantial
risk. You should carefully consider all of the information in this prospectus supplement, including the information incorporated by reference
herein. In particular, for a discussion of some specific factors you should consider before buying the common shares, see &ldquo;Risk
Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
</DIV>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-015"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An investment in our common shares involves a
high degree of risk. Before making an investment in our common shares, you should carefully consider the risks and all of the information
included or incorporated by reference into this prospectus supplement, including the risks described under the heading &ldquo;Item 1A.
Risk Factors&rdquo; in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000009/penn-20201231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020, filed with the SEC on February&nbsp;26, 2021</A>, and under the heading &ldquo;Item 1A. Risk Factors&rdquo; in our Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31,
2021 and June&nbsp;30, 2021, filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000017/penn-20210331.htm" STYLE="-sec-extract: exhibit">May&nbsp;6, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000046/penn-20210630.htm" STYLE="-sec-extract: exhibit">August&nbsp;5, 2021</A>, respectively (each of which is incorporated
by reference herein), as updated by the other reports and documents we file with the SEC that are incorporated by reference herein. Please
see the sections of this prospectus supplement entitled &ldquo;Where You Can Find Additional Information&rdquo; and &ldquo;Incorporation
of Certain Documents by Reference.&rdquo; The occurrence of one or more of those risk factors could adversely impact our business, financial
condition or results of operations. As a result, the market value of our common shares could decline and you could lose part or all of
your investment. The order in which the risks are presented does not necessarily reflect the likelihood of their occurrence or the magnitude
of their potential impact on our business, financial condition, results of operations and prospects or on the value of our common shares.
Please also read carefully the section titled &ldquo;Important Information and Cautionary Statement Regarding Forward-Looking Statements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-016"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder will receive all of the
proceeds from the sale or other disposition of the shares of common stock covered by this prospectus supplement. We will not receive
any of the proceeds from the sale or other disposition of the shares of common stock offered in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVIDEND POLICY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We currently intend to retain all available funds
and any future earnings for use in the operation of our business, and therefore we do not currently expect to pay any cash dividends
on common shares. Any future determination to pay dividends to holders of our common shares will be at the discretion of our Board of
Directors and will depend upon many factors, including our results of operations, financial condition, capital requirements, restrictions
in debt agreements and other factors that our Board of Directors deems relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-017"></A>SELLING SHAREHOLDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement relates to the sale
or other disposition of up to 198,103 shares of our common stock previously issued to the selling shareholder. The shares of common stock
held by the selling shareholder were issued in connection with transactions contemplated by the Purchase Agreement which we entered into
on March&nbsp;15, 2021 with PM Texas Holdings LLC, who assigned its rights and obligations under the Purchase Agreement to New SHRP
Acquisition,&nbsp;Inc., for the purchase of the remaining 50% ownership interest in the Sam Houston Race Park in Houston, Texas, the
Valley Race Park in Harlingen, Texas, and a license to operate a racetrack in Austin, Texas. Prior to the transaction, the selling shareholder
held a 50% ownership interest in PM Texas LLC and our subsidiary Houston Gaming Ventures,&nbsp;Inc. owned the other 50% ownership interest
in PM Texas LLC. The purchase price consists of $56.0 million, comprised of $42.0 million in cash and $14.0 million of our common equity,
as well as certain contingent consideration. The transaction closed August&nbsp;2, 2021. On August 25, 2021, we issued 198,103
shares of our common stock to New SHRP Acquisition,&nbsp;Inc. as the common equity portion of the purchase price pursuant to the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shares of common stock being covered hereby
may be sold or otherwise disposed of from time to time during the period the registration statement of which this prospectus supplement
relates remains effective, by or for the account of the selling shareholder. See the section entitled &ldquo;Plan of Distribution&rdquo;
beginning on page&nbsp;S-7 of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below sets forth, to our knowledge,
information as of the date of this prospectus supplement for the selling shareholder and other information regarding the beneficial ownership
of the shares of common stock held by the selling shareholder. The second column lists the number of shares and percentage of common
stock beneficially owned by the selling shareholder as of August 25, 2021. The third column lists the maximum number of shares
of common stock that may be sold or otherwise disposed of by the selling shareholder pursuant to the registration statement of which
this prospectus supplement relates. The fourth column lists the number of shares and percentage of common stock beneficially owned by
the selling shareholder upon completion of the offering contemplated hereby, assuming the sale of all shares of common stock that may
be sold or otherwise disposed of by the selling shareholder pursuant to this prospectus supplement. Notwithstanding, the selling shareholder
may sell or otherwise dispose of some, all or none of their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the rules&nbsp;and regulations of
the SEC, beneficial ownership includes any shares of common stock as to which the selling shareholder has sole or shared voting power
or investment power and any shares of common stock that the selling shareholder has the right to acquire within 60 days of the date of
this prospectus supplement. Except as described in this prospectus supplement, to our knowledge, the selling shareholder has not been
an officer or director of ours or of our affiliates within the past three years or had any material relationship with us or our affiliates
within the past three years. Our knowledge is based on information provided by the selling shareholder questionnaire in connection with
the filing of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information about the selling shareholder may
change over time. Any changed information will be set forth in an amendment to the registration statement or supplement to this prospectus
supplement, to the extent required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Shares of Common Stock<BR> Beneficially Owned Prior to<BR> this Offering</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of Shares of<BR> Common Stock Being</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Shares of Common Stock<BR> Beneficially Owned Upon<BR> Completing of this Offering</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Name of Selling Shareholder</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Number</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Percentage (1)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Offered</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Number (2)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">Percentage (2)</TD><TD STYLE="padding-bottom: 1pt; text-align: center; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: left">New SHRP Acquisition,&nbsp;Inc. (3)</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">198,103</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.13</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">198,103</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Based on 156,789,295 shares of our stock outstanding as of
August&nbsp;2, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Assumes the sale of all shares offered by the selling shareholder
pursuant to this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;New SHRP Acquisition,&nbsp;Inc. is wholly-owned by MAXXAM
Inc. Charles E. Hurwitz holds an 80.7% voting interest in MAXXAM Inc. By virtue of his voting interest in MAXXAM Inc., Mr.&nbsp;Charles
Hurwitz may be deemed to beneficially own the shares listed in this report as beneficially owned by New SHRP Acquisition,&nbsp;Inc. Prior
to the transaction, Charles Hurwitz was a director of PM Texas LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-018"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder may, from time to time,
sell any or all of its shares of common stock beneficially owned and offered in this prospectus supplement. We will not receive any of
the proceeds from the sale by the selling shareholder of the shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder of our common stock and
any of its pledgees, assignees, and successors-in-interest may, from time to time, sell any or all of their securities covered in this
prospectus supplement on the principal trading market for our common stock or any other stock exchange, market, or trading facility on
which our common stock is traded or in private transactions. These sales may be at market prices prevailing at the time of sale, at prices
related to such market prices, at varying prices determined at the time of sale, at fixed prices, or at negotiated prices. The selling
shareholder may use any one or more of the following methods when selling securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>ordinary
                                            brokerage transactions and transactions in which the broker-dealer solicits purchasers&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>block
                                            trades in which the broker-dealer will attempt to sell the common stock as agent but may
                                            position and resell a portion of the block as principal to facilitate the transaction&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>purchases
                                            by a broker-dealer as principal and resale by the broker-dealer for its account&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>an
                                            exchange distribution in accordance with the rules&nbsp;of the applicable exchange&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>privately
                                            negotiated transactions&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>settlement
                                            of short sales&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>in
                                            transactions through broker-dealers that agree with the selling shareholder to sell a specified
                                            number of such common stock at a stipulated price per security&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>through
                                            the writing or settlement of options or other hedging transactions, whether through an options
                                            exchange or otherwise&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>a
                                            combination of any such methods of sale&#894; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any
                                            other method permitted pursuant to applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the selling shareholder may elect
to make a pro rata in-kind distribution of shares of our common stock to its members, partners, or shareholders pursuant to the registration
statement of which this prospectus supplement forms a part by delivering a prospectus supplement. To the extent that such members, partners,
or shareholders are not affiliates of ours, such members, partners, or shareholders would receive freely tradeable shares of our common
stock pursuant to the distribution through a registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder may also sell securities
under Rule&nbsp;144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus
supplement. The selling shareholder is not obligated to, and there is no assurance that the selling shareholder will, sell all or any
of the common stock we are registering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Broker-dealers engaged by the selling shareholder
may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling shareholder
(or, if any broker-dealer acts as agent for the purchaser of common stock, from the purchaser) in amounts to be negotiated, but, except
as set forth in a supplement to this prospectus supplement, in the case of an agency transaction not in excess of a customary brokerage
commission in compliance with Financial Industry Regulatory Authority, or FINRA, Rule&nbsp;5110&#894; and in the case of a principal
transaction a markup or markdown in compliance with FINRA Rule&nbsp;2121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the sale of our common stock
or interests in this prospectus supplement, the selling shareholder may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>enter
                                            into hedging transactions with broker-dealers or other financial institutions, which may
                                            in turn engage in short sales of our common stock in the course of hedging the positions
                                            they assume&#894;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>sell
                                            common stock short and deliver these shares to close out their short positions, or loan or
                                            pledge the securities to broker-dealers that in turn may sell these shares&#894; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>enter
                                            into option or other transactions with broker-dealers or other financial institutions or
                                            create one or more derivative securities which require the delivery to such broker-dealer
                                            or other financial institution of securities offered by this prospectus supplement, which
                                            securities such broker-dealer or other financial institution may resell pursuant to this
                                            prospectus supplement (as supplemented or amended to reflect such transaction).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling shareholder and any broker-dealers
or agents that are involved in selling the securities may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities
Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale
of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The resale securities will be sold only through
registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale
securities covered in this prospectus supplement may not be sold unless they have been registered or qualified for sale in the applicable
state or an exemption from the registration or qualification requirement is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under applicable rules&nbsp;and regulations under
the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities
with respect to our common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.
In addition, the selling shareholder will be subject to applicable provisions of the Exchange Act and the rules&nbsp;and regulations
thereunder, including Regulation M, which may limit the timing of purchases and sales of our common stock by the selling shareholder
or any other person. We will make copies of this prospectus supplement and the accompanying prospectus available to the selling shareholder
and have informed them of the need to deliver a copy of this prospectus supplement and the accompanying prospectus to each purchaser
at or prior to the time of the sale (including by compliance with Rule&nbsp;172 under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-019"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the shares of common stock offered
by this prospectus supplement will be passed upon for us by Ballard Spahr LLP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-020"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements as of December&nbsp;31,
2020 and 2019, and for each of the three years in the period ended December&nbsp;31, 2020, incorporated in this Prospectus Supplement
by reference from the Company's Annual Report on Form&nbsp;10-K, and the effectiveness of Penn National Gaming Inc.'s internal control
over financial reporting have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, which
are incorporated herein by reference (which reports (1)&nbsp;express an unqualified opinion on the financial statements and includes
an explanatory paragraph referring to the adoption of accounting standards and (2)&nbsp;express an unqualified opinion on the effectiveness
of internal control over financial reporting). Such financial statements have been so incorporated in reliance upon the reports of such
firm given upon their authority as experts in accounting and auditing.<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-021"></A>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We file reports, proxy statements and other information
with the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding
issuers that file electronically with the SEC at <I>https://www.sec.gov</I>. Information about us, including our SEC filings, is also
available at our Internet site at <I>https://www.pngaming.com</I>. We have included our website address for the information of prospective
investors and do not intend it to be an active link to our website. Information contained on our website is not part of this prospectus
supplement or the accompanying prospectus (or any document incorporated by reference herein or therein), and you should not rely on that
information in making your investment decision unless that information is also in this prospectus supplement or the accompanying prospectus
or has been expressly incorporated by reference into this prospectus supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement constitutes part of
a registration statement on Form&nbsp;S-3 that we filed with the SEC under the Securities Act. As permitted by the rules&nbsp;and regulations
of the SEC, this prospectus supplement omits some of the information, exhibits and undertakings included in the registration statement.
You may read and copy the information omitted from this prospectus supplement but contained in the registration statement, as well as
the periodic reports and other information we file with the SEC, at the addresses and websites listed above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-022"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC allows us to incorporate by reference
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is considered to be a part of this prospectus supplement and the accompanying prospectus, and
later information that we file with the SEC will automatically update and, to the extent inconsistent, supersede this information. SEC
rules&nbsp;and regulations also permit us to &ldquo;furnish&rdquo; rather than &ldquo;file&rdquo; certain reports and information with
the SEC. Any such reports or information which we &ldquo;furnish&rdquo; or have &ldquo;furnished&rdquo; shall not be deemed to be incorporated
by reference into or otherwise become a part of this prospectus supplement and the accompanying prospectus, regardless of when furnished
to the SEC. We incorporate by reference the following documents listed below and any future filings made with the SEC under Section&nbsp;13(a),
13(c), 14 or 15(d)&nbsp;of the Exchange Act (other than, in each case, information deemed to have been furnished and not filed in accordance
with SEC rules), on or after the date of this prospectus supplement until we have terminated the offerings of all of the securities to
which this prospectus supplement relates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000009/penn-20201231.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2020;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our
                                            Quarterly Reports on Form&nbsp;10-Q for the quarters ended <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000017/penn-20210331.htm" STYLE="-sec-extract: exhibit">March&nbsp;31, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000046/penn-20210630.htm" STYLE="-sec-extract: exhibit">June&nbsp;30, 2021</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the
                                            information in our Definitive Proxy Statement on Schedule 14A for our Annual Meeting of Shareholders
                                            that is incorporated by reference in our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000009/penn-20201231.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2020</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our
                                            Current Reports on Form&nbsp;8-K filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921000097/tm2039617d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;4, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000119312521113920/d119433d8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;13, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000025/penn-20210607.htm" STYLE="-sec-extract: exhibit">June&nbsp;8, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000029/penn-20210609.htm" STYLE="-sec-extract: exhibit">June&nbsp;11, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173821000034/penn-20210617.htm" STYLE="-sec-extract: exhibit">June&nbsp;21, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921088276/tm2120561d2_8k.htm" STYLE="-sec-extract: exhibit">July&nbsp;1, 2021</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465921100817/tm2124243d1_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;5, 2021</A> (accepted
                                            at 4:55 p.m.) (other than the portions of those documents furnished and not deemed to be
                                            filed).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information that becomes a part of this prospectus
after the date of this prospectus will automatically update and, to the extent inconsistent, replace information in this prospectus and
information previously filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You may request a copy of these filings (other
than an exhibit to a filing unless that exhibit is specifically incorporated by reference into that filing), at no cost, by writing or
calling us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Penn National Gaming,&nbsp;Inc.<BR>
825 Berkshire Boulevard, Suite&nbsp;200<BR>
Wyomissing, Pennsylvania 19610<BR>
Attention: Secretary<BR>
(610) 373-2400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain of our SEC filings, including our annual
reports on Form&nbsp;10-K and our quarterly reports on Form&nbsp;10-Q, can be viewed and printed from the investor relations section
of our website at <I>https://www.pngaming.com</I> free of charge. We have included our website address for the information of prospective
investors and do not intend it to be an active link to our website. Information contained on our website is not part of this prospectus
supplement or the accompanying prospectus (or any document incorporated by reference herein or therein), and you should not rely on that
information in making your investment decision unless that information is also in this prospectus supplement or the accompanying prospectus
or has been expressly incorporated by reference into this prospectus supplement or the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN NATIONAL GAMING, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Common
Stock</B></FONT><B><BR STYLE="clear: both">
Preferred Stock<BR STYLE="clear: both">
Depositary Shares<BR STYLE="clear: both">
Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The securities listed above may be offered and sold
by us or may be offered and sold, from time to time, by one or more selling securityholders to be identified in the future. We will provide
the specific terms of these securities in supplements to this prospectus. You should read this prospectus and the applicable prospectus
supplement, as well as the documents incorporated and deemed to be incorporated by reference in this prospectus and the applicable prospectus
supplement, carefully before you invest in the securities described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus may not be used to sell securities
unless accompanied by the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>Investing in our securities involves risks. You
should carefully consider the risk factors referred to on page&nbsp;5 of this prospectus, in any applicable prospectus supplement and
in the documents incorporated by reference or deemed incorporated by reference in this prospectus and any applicable prospectus supplement
before you invest in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>None of the U.S. Securities and Exchange Commission,
any state securities commission, any state gaming commission or any other gaming authority or other regulatory agency has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal
offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is May&nbsp;11,
2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Page    </U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 90%"><A HREF="#sp1-001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">About This Prospectus</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center; width: 10%"><A HREF="#sp1-001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#sp1-002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#sp1-003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#sp1-004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#sp1-005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Industry and Market Data</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#sp1-006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#sp1-007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#sp1-008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Common Stock, Preferred Stock, Depositary Shares and Debt Securities</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#sp1-009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD><A HREF="#sp1-010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="white-space: nowrap; min-width: 6pt; text-align: center"><A HREF="#sp1-010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></A></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Unless the context requires otherwise, references
to &ldquo;Penn National,&rdquo; the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; or similar terms are
to Penn National Gaming, Inc. and its subsidiaries. References to &ldquo;$&rdquo; and &ldquo;dollars&rdquo; are to United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus, any applicable prospectus supplement
and any free writing prospectus filed by us do not constitute an offer to sell or the solicitation of an offer to buy any securities other
than the registered securities to which they relate, nor do they constitute an offer to sell or the solicitation of an offer to buy securities
in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">For investors outside of the United States, neither
we nor any selling securityholders have done anything that would permit the offering, possession or distribution of this prospectus in
any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about
and to observe any restrictions relating to the offering, possession or distribution of this prospectus outside of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus is a part of a registration statement
that we filed on Form S-3 with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) under a &ldquo;shelf&rdquo; registration
process. Under this shelf registration process, we may, from time to time, offer and sell, either separately or together, common stock,
preferred stock, depositary shares or debt securities in one or more offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Each time we offer and sell securities, we will
provide a prospectus supplement or other type of offering document or supplement (together referred to herein as a &ldquo;prospectus supplement&rdquo;)
that will contain specific information about the terms of that offering. Any applicable prospectus supplement or free writing prospectus
may also add, update or change information contained in this prospectus, and accordingly, to the extent inconsistent, information in this
prospectus is superseded by the information in such applicable prospectus supplement or free writing prospectus. You should read this
prospectus and any applicable prospectus supplement together with the additional information described under the heading &ldquo;Where
You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus contains summaries of certain provisions
contained in key documents described in this prospectus. All of the summaries are qualified in their entirety by the actual documents,
which you should review before making your investment decision. Copies of the documents referred to herein have been filed, or will be
filed or incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies
of those documents as described below under &ldquo;Where You Can Find More Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>You
should rely only on the information contained or incorporated or deemed incorporated by reference in this prospectus, in any applicable
prospectus supplement or in any free writing prospectus filed by us with the SEC. We have not authorized anyone to provide any information
other than that contained in this prospectus or in any prospectus supplement or free writing prospectus prepared by or on behalf of us
or to which we may have referred you. We do not take any responsibility for, and can provide no assurance as to the reliability of, any
other information that others may give you. We have not authorized any other person to provide you with different or additional information,
and we are not making an offer to sell securities in any jurisdiction where the offer or sale is not permitted. You should assume that
the information appearing in this prospectus is accurate only as of the date hereof or, in the case of information incorporated or deemed
incorporated by reference herein, as of the date thereof, regardless of the time of delivery of the prospectus or any sale of securities.
Our business, financial condition, results of operations and prospects may have changed since the date of such information.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-002"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We file annual, quarterly and current reports, proxy
statements and other information with the SEC. Our SEC filings are available to the public from the SEC website at http://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The SEC allows us to incorporate by reference the
information we file with them, which means that we can disclose important information to you by referring you to those documents. The
information incorporated by reference is considered to be a part of this prospectus, and later information that we file with the SEC
will automatically update and, to the extent inconsistent, supersede this information. SEC rules and regulations also permit us to &ldquo;furnish&rdquo;
rather than &ldquo;file&rdquo; certain reports and information with the SEC. Any such reports or information which we &ldquo;furnish&rdquo;
or have &ldquo;furnished&rdquo; shall not be deemed to be incorporated by reference into or otherwise become a part of this prospectus,
regardless of when furnished to the SEC. We incorporate by reference the following documents listed below and any future filings made
with the SEC under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)
(other than, in each case, information deemed to have been furnished and not filed in accordance with SEC rules), on or after the date
of this prospectus until we have terminated the offerings of all of the securities to which this prospectus relates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 4pt; width: 20pt"></TD><TD STYLE="padding-bottom: 4pt; width: 20pt; text-align: left">&bull;</TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173820000009/penn1231201910k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019;</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 4pt"></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&bull;</TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173820000018/penn0331202010q.htm" STYLE="-sec-extract: exhibit">our Quarterly Report on Form 10-Q for the fiscal quarter ended March&nbsp;31, 2020;</A></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 4pt"></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the
information in our Definitive Proxy Statement on Schedule&nbsp;14A for our Annual Meeting of Shareholders that is incorporated by reference
in our </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173820000009/penn1231201910k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2019</A>; and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 4pt"></TD><TD STYLE="padding-bottom: 4pt; text-align: left">&bull;</TD><TD STYLE="padding-bottom: 4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">our
Current Reports on Form 8-K filed on </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920006729/tm205508d1_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;24, 2020</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920007843/tm205508d2_8k.htm" STYLE="-sec-extract: exhibit">January&nbsp;29, 2020</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920023447/tm209344d1_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;20, 2020</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920027159/tm209344-2_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;28, 2020</A>,
<A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920033586/tm2012802d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;16, 2020</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920036934/tm2013358-1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;20, 2020</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920039804/tm2013358-2_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;30, 2020</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000110465920048389/tm2016085-1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;20, 2020</A> (other than the portions of those documents furnished
and not deemed to be filed).</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Information that becomes a part of this prospectus
after the date of this prospectus will automatically update and, to the extent inconsistent, replace information in this prospectus and
information previously filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">You may request a copy of these filings (other than
an exhibit to a filing unless that exhibit is specifically incorporated by reference into that filing), at no cost, by writing or calling
us at the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Penn
National Gaming, Inc.</FONT><BR>
825 Berkshire Boulevard, Suite 200<BR>
Wyomissing, Pennsylvania 19610<BR>
Attention: Secretary<BR>
(610) 373-2400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Certain of our SEC filings, including our
annual reports on Form 10-K and our quarterly reports on Form 10-Q, can be viewed and printed from the investor relations section of
our website at www.pngaming.com free of charge. We have included our website address for the information of prospective investors
and do not intend it to be an active link to our website. Information contained on our website is not part of this prospectus or any
accompanying prospectus supplement (or any document incorporated by reference herein or therein), and you should not rely on that
information in making your investment decision unless that information is also in this prospectus or any accompanying prospectus
supplement or has been expressly incorporated by reference into this prospectus or any accompanying prospectus supplement. Our
common stock is listed on the NASDAQ Global Select Market under the symbol &ldquo;PENN&rdquo;. You may inspect reports, proxy
statements and other information about us at the office of NASDAQ, One Liberty Plaza, 165 Broadway, New York, New York 10006.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-003"></A>FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This prospectus includes &ldquo;forward-looking
statements&rdquo; within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Exchange
Act. These statements are included throughout the document, including within &ldquo;Risk Factors,&rdquo; and relate to our business strategy,
our prospects and our financial position. These statements can be identified by the use of forward-looking terminology such as &ldquo;expects,&rdquo;
 &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;seeks,&rdquo;
 &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; or &ldquo;anticipates&rdquo; or the negative or other variations of these
or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward looking statements
include, but are not limited to, statements regarding: the reopening of the U.S. economy, the COVID-19 pandemic and potential new treatments
and vaccines; the length of time the Company&rsquo;s gaming properties will be required to remain closed and the impact of these continued
closures on the Company and its stakeholders; the demand for gaming once the properties reopen as well as the impact of post opening restrictions;
the impact of COVID-19 on general economic conditions, capital markets, unemployment, consumer spending and the Company&rsquo;s liquidity,
financial condition, operations, supply chain and personnel; the potential benefits and expected timing of the Morgantown and Perryville
transactions with Gaming and Leisure Properties, Inc., a real estate investment trust (&ldquo;GLPI&rdquo;); the Company&rsquo;s estimated
cash burn, future liquidity, future revenue and Adjusted EBITDAR; availability of potential benefits to us under the CARES Act or other
legislation that may be enacted in response to the COVID-19 pandemic; our future financial performance; the expected benefits and potential
challenges of the investment in Barstool Sports, Inc. (&ldquo;Barstool Sports&rdquo;), including the benefits for the Company&rsquo;s
online and retail sports betting and iCasino products; the expected financial returns from the transaction with Barstool Sports; the expected
launch of the Barstool-branded mobile sports betting product and its future revenue and profit contributions; property level operating
margins; growth opportunities and potential synergies related to the acquisition of Pinnacle Entertainment, Inc. and the ability of the
Company to obtain third-party approvals, including regulatory approvals; our expectations of future results of operations and financial
condition; our expectations for our properties, our development projects or our iGaming initiatives; the timing, cost and expected impact
of planned capital expenditures on our results of operations; our expectations with regard to the impact of competition; our expectations
with regard to acquisitions, potential divestitures and development opportunities, as well as the integration of and synergies related
to any companies we have acquired or may acquire; the outcome and financial impact of the litigation in which we are or will be periodically
involved; the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to
our business and the impact of any such actions; our ability to maintain regulatory approvals for our existing businesses and to receive
regulatory approvals for our new business partners; our expectations with regard to the impact of competition in online sports betting,
iGaming and retail/mobile sportsbooks as well as the potential impact of this business line on our existing businesses; the performance
of our partners in online sports betting, iGaming and retail/mobile sportsbooks, including the risks associated with any new business,
the actions of regulatory, legislative, executive or judicial decisions at the federal, state or local level with regard to online sports
betting, iGaming and retail/mobile sportsbooks and the impact of any such actions; and our expectations regarding economic and consumer
conditions. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company&rsquo;s
future financial results and business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Accordingly, the Company cautions that the
forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially
from those reflected by such statements. Such factors include, but are not limited to, risks related to the following: (a)&nbsp;the
magnitude and duration of the impact of the COVID-19 pandemic on capital markets, general economic conditions, unemployment,
consumer spending and the Company&rsquo;s liquidity, financial condition, supply chain, operations and personnel; (b)&nbsp;industry,
market, economic, political, regulatory and health conditions; (c)&nbsp;disruptions in operations from data protection breaches,
cyberattacks, extreme weather conditions, medical epidemics or pandemics such as COVID-19, and other natural or manmade disasters or
catastrophic events; (d)&nbsp;the reopening of the Company&rsquo;s gaming properties are subject to various conditions, including
numerous regulatory approvals and potential delays and operational restrictions; (e)&nbsp;our ability to access additional capital
on favorable terms or at all; (f)&nbsp;our ability to remain in compliance with the financial covenants of our debt obligations;
(g)&nbsp;the consummation of the proposed Morgantown and Perryville transactions with GLPI are subject to various conditions,
including third-party agreements and approvals, and accordingly may be delayed or may not occur at all; (h)&nbsp;actions to reduce
costs and improve efficiencies to mitigate losses as a result of the COVID-19 pandemic could negatively impact guest loyalty and our
ability to attract and retain employees; (i)&nbsp;the outcome of any legal proceedings that may be instituted against the Company or
its directors, officers or employees; (j)&nbsp;the impact of new or changes in current laws, regulations, rules or other industry
standards; (k)&nbsp;the ability of our operating teams to drive revenue and margins; (l)&nbsp;the impact of significant competition
from other gaming and entertainment operations; (m)&nbsp;our ability to obtain timely regulatory approvals required to own, develop
and/or operate our properties, or other delays, approvals or impediments to completing our planned acquisitions or projects,
construction factors, including delays, and increased costs; (n)&nbsp;the passage of state, federal or local legislation (including
referenda) that would expand, restrict, further tax, prevent or negatively impact operations in or adjacent to the jurisdictions in
which we do or seek to do business (such as a smoking ban at any of our properties or the award of additional gaming licenses
proximate to our properties, as recently occurred with Illinois and Pennsylvania legislation); (o)&nbsp;the effects of local and
national economic, credit, capital market, housing, and energy conditions on the economy in general and on the gaming and lodging
industries in particular; (p)&nbsp;the activities of our competitors (commercial and tribal) and the rapid emergence of new
competitors (traditional, internet, social, sweepstakes based and video gaming terminals in bars and truck stops);
(q)&nbsp;increases in the effective rate of taxation for any of our operations or at the corporate level; (r)&nbsp;our ability to
identify attractive acquisition and development opportunities (especially in new business lines) and to agree to terms with, and
maintain good relationships with partners/municipalities for such transactions; (s)&nbsp;the costs and risks involved in the pursuit
of such opportunities and our ability to complete the acquisition or development of, and achieve the expected returns from, such
opportunities; (t)&nbsp;our expectations for the continued availability and cost of capital; (u)&nbsp;the impact of weather,
including flooding, hurricanes and tornadoes; (v)&nbsp;changes in accounting standards; (w)&nbsp;the risk of failing to maintain the
integrity of our information technology infrastructure and safeguard our business, employee and customer data (particularly as our
iGaming division grows); (x)&nbsp;with respect to our iGaming and sports betting endeavors, the impact of significant competition
from other companies for online sports betting, iGaming and sportsbooks, our ability to achieve the expected financial returns
related to our investment in Barstool Sports, our ability to obtain timely regulatory approvals required to own, develop and/or
operate sportsbooks may be delayed and there may be impediments and increased costs to launching the online betting, iGaming and
sportsbooks, including delays, and increased costs, intellectual property and legal and regulatory challenges, as well as our
ability to successfully develop innovative products that attract and retain a significant number of players in order to grow our
revenues and earnings, our ability to establish key partnerships, our ability to generate meaningful returns and the risks inherent
in any new business; (y)&nbsp;with respect to our proposed Pennsylvania Category 4 casinos in York and Berks counties, risks
relating to construction, and our ability to achieve our expected budgets, timelines and investment returns, including the ultimate
location of other gaming properties in the Commonwealth of Pennsylvania; and (z)&nbsp;other factors included in &ldquo;Risk
Factors,&rdquo; of this prospectus, the Company&rsquo;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2019, the
Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2020, subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K, each as filed with the U.S. Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">All subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements included
in this prospectus. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking
events discussed in this prospectus may not occur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="sp1-004"></A>THE COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Penn
National is a leading, diversified, multi-jurisdictional owner and manager of gaming and racing properties, sports betting operations,
and video gaming terminal operations. We are licensed to offer live sports betting at our properties in Indiana, Iowa, Michigan, Mississippi,
Nevada, Pennsylvania and West Virginia. We operate an interactive gaming (&ldquo;iGaming&rdquo;) division through our subsidiary, Penn
Interactive Ventures, LLC, which has launched an online casino (&ldquo;iCasino&rdquo;) in Pennsylvania through our HollywoodCasino.com
gaming platform and entered into multi-year agreements with leading sports betting operators for online sports betting and iGaming market
access across our portfolio of properties. We also have a 36% equity interest in Barstool Sports, a leading digital sports, entertainment
and media platform. Our MYCHOICE</FONT>&reg; customer loyalty program provides our members with various benefits, including complimentary
goods and/or services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of March&nbsp;31, 2020, we owned, managed, or
had ownership interests in 41 properties in 19 states. The majority of the real estate assets (i.e., land and buildings) used in the Company&rsquo;s
operations are subject to triple net master leases with subsidiaries of GLPI, the most significant of which are the Master Lease between
GLP Capital, L.P. and Penn Tenant, LLC dated November&nbsp;1, 2013, as amended, and the Master Lease, dated April&nbsp;28, 2016, by and
between Gold Merger Sub, LLC and Pinnacle MLS, LLC, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are organized under the laws of the Commonwealth
of Pennsylvania. The address and telephone number of our executive offices are 825 Berkshire Blvd., Suite 200, Wyomissing, Pennsylvania
19610, and (610) 373-2400. Our common stock is listed on the NASDAQ Global Select Market under the symbol &ldquo;PENN&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-005"></A>INDUSTRY AND MARKET DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We may use or incorporate by reference in this prospectus
data and industry forecasts which we have obtained from internal surveys, market research, publicly available information and industry
publications. Industry publications generally state that the information they provide has been obtained from sources believed to be reliable
but that the accuracy and completeness of such information is not guaranteed. Similarly, we believe that the surveys and market research
we or others have performed are reliable, but we have not independently verified this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-006"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Investment in any securities offered pursuant to
this prospectus and the applicable prospectus supplement involves risks. You should carefully consider the risk factors incorporated by
reference to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and any subsequent Quarterly Reports on Form
10-Q or Current Reports on Form 8-K filed after the date of this prospectus, all other information contained or incorporated by reference
in this prospectus, as updated by our subsequent filings under the Exchange Act, and the risk factors and other information contained
in the applicable prospectus supplement before acquiring any of such securities. The occurrence of any of these risks might cause you
to lose all or part of your investment in the offered securities. See also &ldquo;Forward-Looking Statements.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-007"></A>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We intend to use the net proceeds from the sales
of the securities as set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><A NAME="sp1-008"></A>DESCRIPTION
OF COMMON STOCK, PREFERRED STOCK, </B></FONT><B>DEPOSITARY SHARES AND DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The description of our common stock, preferred
stock, depositary shares or debt securities, as applicable, will be provided in a prospectus supplement. Each time we offer securities
with this prospectus, the terms of that offering, including the specific amounts, prices and terms of the securities offered, and, if
applicable, information about the selling securityholders, will be contained in the applicable prospectus supplement and other offering
materials relating to such offering or in other filings we make with the SEC under the Exchange Act, which are incorporated by reference
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-009"></A>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Unless otherwise indicated in the applicable prospectus
supplement, the validity of any securities to be offered will be passed upon for us by Wachtell, Lipton, Rosen &amp; Katz, with respect
to certain of our securities, or Ballard Spahr LLP, with respect to certain of our securities. Any underwriters will be represented by
their own legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="sp1-010"></A>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The consolidated financial statements, incorporated
in this prospectus by reference from Penn National Gaming&rsquo;s Annual Report on Form 10-K, and the effectiveness of Penn National Gaming&rsquo;s
internal control over financial reporting have been audited by Deloitte &amp; Touche LLP, an independent registered public accounting
firm, as stated in their reports which are incorporated herein by reference. Such financial statements have been so incorporated in reliance
upon the reports of such firm given upon their authority as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
