<SEC-DOCUMENT>0001214659-25-007050.txt : 20250507
<SEC-HEADER>0001214659-25-007050.hdr.sgml : 20250507
<ACCEPTANCE-DATETIME>20250507084159
ACCESSION NUMBER:		0001214659-25-007050
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250507
DATE AS OF CHANGE:		20250507

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
		EIN:				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:		25919469

	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:           	
		EIN:				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>z56250defan14a.htm
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></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; text-align: center"><B></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">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&uml;</FONT></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">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; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN Entertainment, Inc.</B></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>JOHNNY 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>WILLIAM CLIFFORD</B></P>

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

<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="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  </TABLE>
<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="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
  </TABLE>
<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="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</FONT></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; color: red">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 7, 2025, HG Vora Capital Management, LLC
and certain of its affiliates, the beneficial owners of approximately 4.80% 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 Commences Lawsuit Against PENN Entertainment
to Preserve the Fundamental Right of Shareholders to Elect All Three of Its Highly Qualified Independent Directors</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>Believes PENN&rsquo;s Reduction of Number of
Directors Up for Election is a Clear Violation of Pennsylvania&rsquo;s Business Corporation Law and a Breach of the Board&rsquo;s Fiduciary
Duties</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>Seeks Injunctive Relief Ordering PENN to Correct
its False and Misleading Proxy Materials and Allow Shareholders the Opportunity to Elect Three Directors at the 2025 Annual Meeting</I></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; margin: 0pt 0; text-align: justify"><B>NEW YORK &ndash; May 7, 2025 &ndash; </B>HG Vora Capital
Management, LLC (together with its affiliates, &ldquo;HG Vora&rdquo;) today filed a complaint in the United States District Court for
the Eastern District of Pennsylvania (the &ldquo;Court&rdquo;) against PENN Entertainment, Inc. (Nasdaq: PENN) (&ldquo;PENN&rdquo; or
the &ldquo;Company&rdquo;) and its Board of Directors (the &ldquo;Board&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 complaint alleges that PENN violated Pennsylvania&rsquo;s
Business Corporation Law and the Board breached its fiduciary duties when it reduced the number of seats up for election from three to
two (the &ldquo;Board Reduction Scheme&rdquo;) at the Company&rsquo;s upcoming 2025 Annual Meeting of Shareholders (the &ldquo;Annual
Meeting&rdquo;). The complaint further alleges that PENN violated federal securities laws by failing to abide by the universal proxy rules
and making materially false and misleading statements and omissions in proxy materials filed with the United States Securities and Exchange
Commission (&ldquo;SEC&rdquo;) regarding the Annual Meeting.</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; margin: 0pt 0; text-align: justify">The complaint seeks declaratory and injunctive relief determining
that PENN&rsquo;s Board Reduction Scheme is invalid, that PENN must correct the materially false and misleading statements in its proxy
materials, and that PENN must allow shareholders an opportunity to elect all three independent nominees proposed by HG Vora &ndash; William
J. Clifford, Johnny Hartnett, and Carlos Ruisanchez &ndash; to the Board.</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; margin: 0pt 0; text-align: justify">PENN&rsquo;s Board Reduction Scheme, implemented amidst a contested
election and while facing the prospect of losing three Board seats is, in HG Vora&rsquo;s view, a self-serving action with no legitimate
corporate purpose. HG Vora believes the Board&rsquo;s manipulation of the Company&rsquo;s election rules is an affront to shareholder
democracy and only benefits its incumbent directors, notably its Chairman and CEO. HG Vora believes that substantial changes are necessary
to restore accountability and ensure all options are considered to maximize shareholder value.</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 has filed a preliminary proxy statement
with the SEC in connection with the Company&rsquo;s Annual Meeting. HG Vora encourages shareholders to read the full complaint and review
its definitive proxy materials when they become available.</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"><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">&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"><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) are filing 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;), Johnny Hartnett, Carlos
Ruisanchez and William Clifford (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 3,425,000 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 4.80% of the outstanding shares of Common Stock, based on the 150,852,769 shares
of Common Stock outstanding as of April 24, 2025, as disclosed by PENN on its proxy statement for the 2025 Annual Meeting. 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">&nbsp;</P>

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

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