<SEC-DOCUMENT>0001140361-24-001040.txt : 20240105
<SEC-HEADER>0001140361-24-001040.hdr.sgml : 20240105
<ACCEPTANCE-DATETIME>20240105164754
ACCESSION NUMBER:		0001140361-24-001040
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240103
FILED AS OF DATE:		20240105
DATE AS OF CHANGE:		20240105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Reibstein Saul
		CENTRAL INDEX KEY:			0001495392
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24206
		FILM NUMBER:		24516886

	MAIL ADDRESS:	
		STREET 1:		C/O VISHAY PRECISION GROUP, INC.
		STREET 2:		3 GREAT VALLEY PARKWAY, SUITE 150
		CITY:			MALVERN
		STATE:			PA
		ZIP:			19355

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENN Entertainment, Inc.
		CENTRAL INDEX KEY:			0000921738
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				232234473
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PENN NATIONAL GAMING INC
		DATE OF NAME CHANGE:	19940415
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-01-03</periodOfReport>

    <issuer>
        <issuerCik>0000921738</issuerCik>
        <issuerName>PENN Entertainment, Inc.</issuerName>
        <issuerTradingSymbol>PENN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001495392</rptOwnerCik>
            <rptOwnerName>Reibstein Saul</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>825 BERKSHIRE BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 200</rptOwnerStreet2>
            <rptOwnerCity>WYOMISSING</rptOwnerCity>
            <rptOwnerState>PA</rptOwnerState>
            <rptOwnerZipCode>19610</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-01-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8541</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>45596</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-01-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8541</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>24.61</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>37055</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>150</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Spouse</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-01-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>9634</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2025-01-03</value>
            </exerciseDate>
            <expirationDate>
                <value>2025-01-03</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>9634</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9634</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-01-04</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8541</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2024-01-04</value>
            </exerciseDate>
            <expirationDate>
                <value>2024-01-04</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>8541</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person receives a cash payment for each phantom stock unit equal to the fair market value on the vesting date of one share of the Company's common stock.</footnote>
        <footnote id="F2">The reporting person disclaims beneficial ownership of the shares owned by his spouse.</footnote>
        <footnote id="F3">The reporting person will receive a cash payment for each phantom stock unit equal to the fair market value on the vesting date of one share of the Company's common stock. The reporting person elected to receive the 2024 annual equity award for directors in phantom stock units.</footnote>
    </footnotes>

    <remarks>Exhibit 24 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Joshua Sidsworth, Attorney-In-Fact for Saul Reibstein</signatureName>
        <signatureDate>2024-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>ef20018153_ex24.htm
<DESCRIPTION>EXHIBIT 24
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using Broadridge PROfile 23.12.1.5186
         Copyright 1995 - 2024 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <font style="font-family: 'Times New Roman'; font-size: 10pt;">
  </font>
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
    <div>
      <div style="text-align: right; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Exhibit 24</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">POWER OF ATTORNEY</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">Know all by these presents, that the undersigned hereby constitutes and appoints each of Jay A. Snowden, Felicia Hendrix, and Joshua
        Sidsworth, signing singly, the undersigned's true and lawful attorney-in-fact to:</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(1)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">prepare, execute in the undersigned's name and on the undersigned's behalf, and submit to the U.S. Securities and Exchange Commission (the
          "SEC") a Form ID, including amendments thereto, and any other documents necessary or appropriate to obtain codes and passwords enabling the undersigned to make electronic filings with the SEC of reports required by the Securities Exchange Act of
          1934 (including, but not limited to, Section 16(a) and the rules thereunder), the Securities Act of 1933 (including, but not limited to, Rule 144 thereunder) or any rule or regulation of the SEC&#894;</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(2)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of PENN Entertainment, Inc., a
          Pennsylvania corporation (the "Company"), Forms 3, 4, and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder, Form 144 in accordance with Rule 144 of the Securities Act of 1933 and any other forms
          or reports (including amendments thereto) the undersigned may be required to file in connection with the undersigned's ownership, acquisition, or disposition of securities of the Company&#894;</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(3)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form
          3, 4, or 5, Form 144 or other form or report (including amendments thereto), and timely file such form, schedule or report with the SEC and any stock exchange or similar authority&#894; and</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(4)</font><font class="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 10pt; font-family: 'Times New Roman';">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit
          to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain
          such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.</font></div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing
        whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution
        or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted.
        The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 16 of
        the Securities Exchange Act of 1934 and rules thereunder, Rule 144 of the Securities Act of 1933.</div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4, and 5, and
        Form 144 (including amendments thereto) with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact.
        This Power of Attorney revokes all previous powers of attorney with respect to the subject matter of this Power of Attorney.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of August 30, 2023.</div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <table cellspacing="0" cellpadding="0" border="0" id="zf5fb9d5fa63841b7abb51d64cccfe167" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;"><br>
            </td>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Saul Reibstein</div>
            </td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;"><br>
            </td>
            <td style="width: 50%; vertical-align: top; font-family: 'Times New Roman'; font-size: 10pt;">
              <div>Saul Reibstein</div>
            </td>
          </tr>

      </table>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br>
      </div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;">
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
    </div>
  </div>
  <font style="font-family: 'Times New Roman'; font-size: 10pt;">
  </font>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
