<SEC-DOCUMENT>0001214659-25-001534.txt : 20250129
<SEC-HEADER>0001214659-25-001534.hdr.sgml : 20250129
<ACCEPTANCE-DATETIME>20250129171607
ACCESSION NUMBER:		0001214659-25-001534
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250129
DATE AS OF CHANGE:		20250129

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24206
		FILM NUMBER:		25570321

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HG Vora Capital Management, LLC
		CENTRAL INDEX KEY:			0001525362
		ORGANIZATION NAME:           	
		IRS NUMBER:				264369896
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		330 MADISON AVENUE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		(212) 707-4300

	MAIL ADDRESS:	
		STREET 1:		330 MADISON AVENUE
		STREET 2:		21ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>j129250dfan14a.htm
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>WASHINGTON, D.C.
20549</B></FONT></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; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>SCHEDULE 14A</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>the Securities Exchange Act of 1934</B></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"></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">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT>
Filed by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">x</FONT></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">Check the appropriate box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify">Preliminary Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify">Definitive Proxy Statement</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify">Definitive Additional Materials</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="text-align: justify">Soliciting material Pursuant to &sect;240.14a-12</TD></TR>
  </TABLE>
<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-align: center"><FONT STYLE="font-size: 24pt"><B>PENN Entertainment,
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)</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>HG VORA CAPITAL MANAGEMENT, LLC </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HG VORA SPECIAL OPPORTUNITIES MASTER FUND, LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DOWNRIVER SERIES LP &ndash; SEGREGATED PORTFOLIO
C</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
other than the Registrant)</B></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">Payment of Filing Fee (Check the appropriate box):</P>

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

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  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">x</FONT></TD>
    <TD STYLE="text-align: justify">No fee required.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: justify">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</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"></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 29, 2025, HG Vora Capital Management,
LLC and certain of its affiliates, the beneficial owners of approximately 4.8% of the outstanding common stock of PENN Entertainment,
Inc. (NASDAQ: PENN), issued the following press release:</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>HG Vora Capital Management Nominates Three Highly
Qualified Independent Director Candidates to PENN Entertainment Board</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"><I>Significant Change Required to Restore Accountability
and Proper Oversight to PENN&rsquo;s Board After Years of Poor Judgment, Failed Transactions, and Value Destructive Actions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>PENN Directors Have Wasted Billions on Online
Sports Betting Investments Despite Zero Industry Expertise or Credibility</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Nominees Have Much Needed Expertise in Land
Based and Online Gaming, Strong Track Records of Disciplined Capital Allocation, and History of Tremendous Value Creation Through Strategic
Transactions</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEW YORK &ndash; January 29, 2025</B> &ndash;
HG Vora Capital Management, LLC (&ldquo;HG Vora&rdquo;), a New York based investment firm with deep expertise in the gaming sector and
a large shareholder of PENN Entertainment, Inc. (Nasdaq: PENN) (&ldquo;PENN&rdquo; or the &ldquo;Company&rdquo;), today announced its
nomination of three highly qualified director candidates &ndash; William J. Clifford, Johnny Hartnett, and Carlos Ruisanchez &ndash; to
PENN&rsquo;s Board of Directors (the &ldquo;Board&rdquo;) at the 2025 Annual Meeting of Shareholders. All three candidates are independent
of both HG Vora and Company management.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HG Vora believes there is significant unrealized
value in PENN&rsquo;s regional casino portfolio and collection of Interactive assets. However, PENN&rsquo;s Board has numerous deficiencies
which have translated directly into abysmal returns for shareholders. Over the past four years, PENN&rsquo;s shares have declined -81%,
dramatically underperforming the S&amp;P 500 Index and its closest peer, Boyd Gaming, which have returned +69% and +73%, respectively,
over the same period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parag Vora, Founder and Portfolio Manager of HG
Vora, said: &ldquo;PENN&rsquo;s Board has overseen a misguided Interactive strategy that has resulted in the reckless spending of nearly
$4 billion &ndash; greater than the Company&rsquo;s entire market capitalization &ndash; on overpriced, poorly negotiated M&amp;A transactions
and media partnerships that have resulted in large ongoing operating losses due to an inability to execute. The Company&rsquo;s Interactive
strategy has been an abject failure due to a pattern of overpaying, overpromising, and not delivering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;To date, there have been no repercussions
for the Board&rsquo;s persistent bad judgment and disappointing shareholder returns. We believe this is in part due to PENN&rsquo;s weak
corporate governance, which disenfranchises shareholders and entrenches board members while rewarding its CEO with excessive compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: justify">&ldquo;It
should be clear to all stakeholders that change is urgently needed to address these failings and help PENN achieve its full potential.
To that end, this is the first time in our firm&rsquo;s 15-year history that HG Vora has decided nominating directors is necessary. We
believe these three highly qualified, independent director nominees bring proven track records of enhancing shareholder value and the
skills and industry expertise to help maximize value for all PENN shareholders.&rdquo;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>William J. Clifford &ndash;</B> Mr. Clifford has more than 30 years of experience delivering excellent
returns for shareholders in the gaming industry. He served as the Senior Vice President, Chief Financial Officer and Treasurer of Gaming
and Leisure Properties (&ldquo;GLPI&rdquo;), a gaming-focused real estate investment trust which spun out of Penn National Gaming, from
February 2013 through 2018. Prior to this, Mr. Clifford served as Senior Vice President of Finance and Chief Financial Officer of Penn
National Gaming. During his more than 12 years as Chief Financial Officer of Penn National Gaming, Mr. Clifford was instrumental in the
company&rsquo;s exponential growth which drove an approximately 20x return for shareholders. Prior to his employment with Penn National
Gaming, he served in various operational finance roles for a variety of casino companies in Las Vegas and the Bahamas. Mr. Clifford has
significant board experience and currently serves as a member of the Board of Directors of Drive Shack Inc. where he is a member of the
Audit Committee and chairman of the Nominating and Governance Committee. He previously served as a member of the Board of Directors and
chairman of the Audit Committee of Intrawest Holdings, Inc. from 2014 to 2017.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Johnny Hartnett &ndash;</B> Mr. Hartnett has decades of experience building and running online sports
betting and gaming businesses. Mr. Hartnett is a non-executive director of Superbet Group, and prior to joining the Board, he served as
CEO of Superbet Group for five years. During his tenure with the Blackstone backed business, revenue grew 7x and profitability 5x. Prior
to that role, Mr. Hartnett served at Flutter Group in a variety of positions over a 20-year tenure, most recently as Chief Development
Officer where he led the group&rsquo;s M&amp;A efforts, most notably on its acquisition of FanDuel. Previous roles included Managing Director
of Paddy Power Online, Managing Director International, Chief Operating Officer of Sportsbet (Australia) and subsequently Chief Operating
Officer of Flutter (previously Paddy Power). During his tenure at Flutter, shareholder returns from the 2002 IPO to 2019 were approximately
23x.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Carlos Ruisanchez &ndash;</B> Mr. Ruisanchez has a strong track record of capital allocation and value
creation for shareholders. He is the co-founder of Sorelle Capital and Sorelle Hospitality, a business focused on investing in the hospitality
sector and real estate development. Prior to Sorelle, he served as President and Chief Financial Officer of Pinnacle Entertainment, Inc.
for five years, also serving as a member of its Board of Directors before its sale in 2018. During his period as Chief Financial Officer,
Mr. Ruisanchez helped drive a nearly 5x total return for shareholders. He was instrumental in transformative moves to unlock shareholder
value, notably the acquisition of Ameristar, execution of multiple highly accretive share repurchase plans, the sale-leaseback with GLPI,
and strategic conversations with PENN which resulted in a merger with Pinnacle. Mr. Ruisanchez has significant board experience and currently
serves as a member of the Board of Directors of Southwest Gas Holdings, Inc. (NYSE: SWX, from 2022 to present). He previously served as
a member of the Board of Directors for Cedar Fair Entertainment Company (NYSE: FUN, from 2019 to 2024) until its merger with Six Flags
Entertainment Corporation and Pinnacle (NASDAQ: PNK, from 2016 to 2018).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(877) 629-6355</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"><I>Media</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Gasthalter/Nathaniel Garnick/Iain Hughes</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(212) 257-4170</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cautionary Statement Regarding Forward-Looking
Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information herein contains &ldquo;forward-looking
statements&rdquo; that can be identified by the fact that they do not relate strictly to historical or current facts. Specific forward-looking
statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation,
words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;plans,&rdquo;
&ldquo;intends,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;potential,&rdquo; &ldquo;targets,&rdquo; &ldquo;forecasts,&rdquo;
&ldquo;seeks,&rdquo; &ldquo;could,&rdquo; &ldquo;should&rdquo; or the negative of such terms or other variations on such terms or comparable
terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject
to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven,
correct. If one or more of the risks or uncertainties materialize, or if HG Vora&rsquo;s underlying assumptions prove to be incorrect,
the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not
be regarded as a representation by HG Vora that the future plans, estimates or expectations contemplated will ever be achieved. The information
herein does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein in any state to
any person.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Certain Information Concerning the Participants</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HG Vora and the other Participants (as defined
below) intend to file a preliminary proxy statement and accompanying gold universal proxy card with the Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) to be used to solicit proxies for the election of its slate of director nominees at the 2025 annual meeting of
shareholders (the &ldquo;2025 Annual Meeting&rdquo;) of PENN Entertainment, Inc. (&ldquo;PENN&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The participants in the proxy solicitation are
currently anticipated to be HG Vora Special Opportunities Master Fund, Ltd. (&ldquo;Master Fund&rdquo;), Downriver Series LP &ndash; Segregated
Portfolio C (&ldquo;Downriver&rdquo;), HG Vora Capital Management, LLC (the &ldquo;Investment Manager&rdquo;), Parag Vora (&ldquo;Mr.
Vora&rdquo; and, collectively with Master Fund, Downriver and the Investment Manager, &ldquo;HG Vora&rdquo;), William J. Clifford, John
Hartnett and Carlos Ruisanchez (collectively all of the foregoing, the &ldquo;Participants&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, (i) Master Fund directly
owns 3,825,000 shares of common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;), of PENN, including 100 shares of Common
Stock as the record holder and (ii) Downriver directly owns 3,424,900 shares of Common Stock, including 100 shares of Common Stock as
the record holder (collectively, the 7,250,000 shares of Common Stock owned by Master Fund and Downriver, the &ldquo;HG Vora Shares&rdquo;).
The HG Vora Shares collectively represent approximately 4.8% of the outstanding shares of Common Stock, based on the 152,629,402 shares
of Common Stock outstanding as of November 7, 2024, as disclosed by PENN on its most recently filed quarterly report on Form 10-Q. The
Investment Manager is the investment manager of Master Fund and Downriver, each of which have delegated all investment and voting decisions
to the Investment Manager. Mr. Vora is the manager of the Investment Manager and has authority over day-to-day operations and investment
and voting decisions, including with respect to the HG Vora Shares, of the Investment Manager. Each of the Investment Manager and Mr.
Vora may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of)
the HG Vora Shares and indirect ownership thereof. Mr. Ruisanchez directly owns 3,150 shares of Common Stock. Neither Mr. Clifford nor
Mr. Hartnett beneficially own any shares of Common Stock. Certain of the Participants are also from time to time party to certain derivative
instruments that provide economic exposure to PENN&rsquo;s Common Stock. All of the foregoing information is as of the date hereof unless
otherwise disclosed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Information and Where to Find It</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">HG VORA STRONGLY ADVISES ALL SHAREHOLDERS OF THE
CORPORATION TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY STATEMENT, WHEN FILED,
AND OTHER RELEVANT DOCUMENTS WILL ALSO BE AVAILABLE ON THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS&rsquo;
PROXY SOLICITOR, OKAPI PARTNERS LLC, 1212 AVENUE OF THE AMERICAS, 17TH FLOOR, NEW YORK, NEW YORK 10036 (SHAREHOLDERS CAN CALL TOLL-FREE:
(877) 629-6355).</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"><B>&nbsp;</B></P>

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