<SEC-DOCUMENT>0001214659-25-008534.txt : 20250529
<SEC-HEADER>0001214659-25-008534.hdr.sgml : 20250529
<ACCEPTANCE-DATETIME>20250529171951
ACCESSION NUMBER:		0001214659-25-008534
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250529
DATE AS OF CHANGE:		20250529

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:		251004809

	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>r528251dfan14a.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; text-align: center">&nbsp;</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-align: center">&nbsp;</P>

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

<P STYLE="font: 18pt 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; text-align: center"><B>&nbsp;</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"><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></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">
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    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 97%; 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">o</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">o</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">x</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">o</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"><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>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>&nbsp;</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"><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>

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    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
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    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="width: 96%"><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>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: red"></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">On May 29, 2025, HG Vora Capital Management, LLC and certain of
its affiliates (&ldquo;HG Vora&rdquo;), the beneficial owners of approximately 4.80% of the outstanding common stock of PENN Entertainment, Inc. (NASDAQ:
PENN) (&ldquo;PENN&rdquo;), sent a letter to PENN shareholders. The full text of the letter, as well as additional information
regarding HG Vora&rsquo;s director nominees, can be viewed online at www.WinAtPENN.com. The full text of the letter is below.</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">* * *</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>May 29, 2025</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"><B>Dear Fellow PENN Shareholders,</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; text-align: justify">We believe the Board of Directors (the &ldquo;Board&rdquo;)
of PENN Entertainment, Inc. (&ldquo;PENN&rdquo; or the &ldquo;Company&rdquo;) has acted in a manner that is unbefitting of a board of
a public company.</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 Board would have you believe, for example,
that all is well at the Company, that the business has demonstrated &ldquo;strong momentum,&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>i</SUP></FONT>
and that there has been a &ldquo;substantial increase in shareholder value&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>ii</SUP></FONT>
<FONT STYLE="color: #1F3763"><B>over the last decade.</B></FONT><B> These statements are, in our view, simply false</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"><B>PENN&rsquo;s stock price is down more than
20% in 2025</B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>iii</SUP></FONT>
<B>and has declined substantially over the last ten years</B>, underperforming both the Company&rsquo;s peers and market indices.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>iv</SUP></FONT>
The market share of PENN&rsquo;s online sports betting product, ESPN Bet, has been languishing in the low single-digits since 2023.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>v</SUP></FONT>
By nearly every relevant metric &ndash; including Adjusted EBITDAR, free cash flow and earnings per share<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>vi</SUP></FONT>
&ndash; PENN&rsquo;s financial results show no momentum; in fact, PENN&rsquo;s results are worse than before the Company began its misguided
foray into online sports betting.</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">Incredibly, the Board also claims that PENN&rsquo;s
2025 Annual Meeting of Shareholders (the &ldquo;Annual Meeting&rdquo;) is &ldquo;not a contested election.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>vii</SUP></FONT>
Yet, PENN&rsquo;s proxy card includes only two nominees, even though HG Vora Capital Management, LLC (together with its affiliates, &ldquo;HG
Vora,&rdquo; &ldquo;we&rdquo; or &ldquo;us&rdquo;) has <B>duly nominated three</B> director candidates &ndash; William Clifford, Johnny
Hartnett and Carlos Ruisanchez &ndash; to the Board and issued a <FONT STYLE="color: #FFC000"><I><U>GOLD</U></I></FONT> proxy card advocating for the election of all three
highly qualified, independent candidates.</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"><B>Shareholders should not be fooled by PENN&rsquo;s
disingenuous rhetoric.</B></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">It seems PENN&rsquo;s incumbent directors will
say and do anything to evade responsibility for PENN&rsquo;s abysmal performance, <B>including disenfranchising shareholders</B>. Last
month, PENN&rsquo;s Board enacted a scheme to reduce the number of seats up for election at the upcoming Annual Meeting from <B>three
to two</B> in an effort to reduce shareholders&rsquo; influence on the Board&rsquo;s composition. The Board did so even though HG Vora
indisputably had duly nominated three candidates for shareholders&rsquo; consideration (and the Board itself had said there would be three
seats up for election as recently as April 15, 2025).</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">In our view, this last, desperate attempt to deprive
shareholders of their fundamental right to elect directors of their choosing went too far and <B>is a breach of the Board&rsquo;s fiduciary
duties and a violation of applicable law.</B> Accordingly, HG Vora has commenced litigation against the Company and is seeking expedited
relief in Pennsylvania federal court to ensure that shareholders have the opportunity to cast their vote for the third director candidate
nominated by HG Vora, William Clifford.</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">It seems this Board&rsquo;s disrespect for shareholders
knows few limits. Shortly after the Board attempted to reduce its size to block shareholders from electing all three HG Vora-nominated
candidates at the Annual Meeting, the Board said it &ldquo;will continue to consider opportunities to further refresh the Board.&rdquo;<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>viii</SUP></FONT>
We think this means that, rather than submit a candidate to a shareholder vote, the Board now has a plan to appoint an additional board
member after the election who will not challenge the current Board&rsquo;s failed strategies.</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"></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 Board is certainly entitled to express its
views about the candidates HG Vora has nominated, or use the Company&rsquo;s resources (that is, shareholders&rsquo; money) to run and
advocate for candidates in opposition to these nominees. But <B>the Board cannot deny shareholders the opportunity to vote for (or oppose)
a duly nominated candidate</B> simply because, after interviewing the candidate, the Board concludes
it does not like him. Nor can the Board do so and then appoint a director of its own selection soon after the Annual Meeting without giving
shareholders a choice.</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">Unfortunately, this latest affront to shareholder
democracy reflects a broader pattern of defensive and entrenching tactics by the Board. We have engaged extensively with gaming regulators
in dozens of states for more than a year to ensure that HG Vora could duly nominate director candidates at PENN&rsquo;s 2025 Annual Meeting.
In response, <B>the Board has taken extraordinary measures to obstruct our ability to exercise our rights</B>, including advocating that
state gaming regulators bar our nominations, and &ndash; when that effort failed &ndash; threatening to invalidate our nominations, threats
that the Board ultimately abandoned because it had no basis to invalidate HG Vora&rsquo;s nominations. Now, most brazenly, the Board is
attempting to reduce the number of directors up for election to sidestep accountability.</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">PENN&rsquo;s incumbent directors do not seem to
understand &ndash; or believe &ndash; that PENN is owned by its shareholders and that shareholders get to select the fiduciaries who serve
on the Board. Nor do they seem to believe they owe shareholders candor. Instead, <B>PENN&rsquo;s Board is seeking to circumvent accountability
to shareholders and deprive us all of our right to cast an informed vote on all three duly nominated candidates </B>&ndash; all while
claiming that the Annual Meeting is uncontested.</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>Shareholders should not tolerate such a manipulation
of the electoral process, least of all from a Board that has presided over years of value destruction.</B> Contrary to the Board&rsquo;s
claim, the business has no positive momentum that we can detect and has not created value over the last ten years. The fact is that the
Company&rsquo;s stock price is <B>negative year-to-date and has underperformed its peers and relevant market indices over the last one,
two, three, four, five, six, seven, eight, nine, and ten years. </B>PENN shareholders deserve fiduciaries on the Board who are willing
to challenge failed strategies, bring relevant gaming industry, financial and leadership skills to steward the business, and who are transparent
and honest, not self-serving. Genuine change is needed.</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>Accordingly, we urge all PENN shareholders
to vote &ldquo;FOR&rdquo; all three independent director candidates nominated by HG Vora using the <FONT STYLE="color: #FFC000"><I><U>GOLD</U></I></FONT>
Proxy Card. By using the <FONT STYLE="color: #FFC000"><I><U>GOLD</U></I></FONT> Proxy Card, shareholders can express their disapproval
of the incumbent Board.</B></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">We believe PENN&rsquo;s latest desperate attempt to avoid accountability
will ultimately fail. Now is the time to make a powerful statement. You can help restore accountability and create a better future for
PENN by voting using the <FONT STYLE="color: #FFC000"><B><I><U>GOLD</U></I></B></FONT> proxy card today.</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">Thank you for your support.</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">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="pvorathin_sig.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">HG Vora Capital Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></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>If you have already voted using the Company&rsquo;s
proxy card, you have every right to change your vote by completing and mailing the enclosed <FONT STYLE="color: #FFC000"><I><U>GOLD</U></I></FONT>
proxy card in the pre-paid envelope or by voting via Internet by following the instructions on the <FONT STYLE="color: #FFC000"><I><U>GOLD</U></I></FONT>
proxy card. If you have any questions or need assistance voting your shares, please contact our proxy solicitor Okapi Partners at 877-629-6355
or info@okapipartners.com.</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>HG Vora and the other Participants (as defined
below) filed a definitive proxy statement and accompanying gold universal proxy card with the SEC on May 12, 2025 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;).</I></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>HG VORA STRONGLY ADVISES ALL SHAREHOLDERS OF
THE CORPORATION TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER PROXY MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY
MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC&rsquo;S WEBSITE AT WWW.SEC.GOV. THE DEFINITIVE PROXY AND ACCOMPANYING PROXY CARD WILL
ALSO BE FURNISHED TO SOME OR ALL OF THE COMPANY&rsquo;S SHAREHOLDERS. SHAREHOLDERS MAY DIRECT 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).</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">________________________</P>
<P STYLE="font: 3pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>







<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>i</SUP>
Source: PENN Entertainment Letter to Shareholders, May 15, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>ii</SUP>
Source: PENN Entertainment Definitive Proxy Statement, April 28, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>iii</SUP>
Source: Bloomberg. Data as of May 23, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>iv</SUP>
Source: Bloomberg. Data as of May 23, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>v</SUP>
Source: Eilers &amp; Krejcik Gaming.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>vi</SUP>
Source: Company filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>vii</SUP>
Source: PENN Entertainment Letter to Shareholders, May 19, 2025.</P>

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

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

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

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

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

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</DOCUMENT>
</SEC-DOCUMENT>
