<SEC-DOCUMENT>0001104659-25-007305.txt : 20250130
<SEC-HEADER>0001104659-25-007305.hdr.sgml : 20250130
<ACCEPTANCE-DATETIME>20250129193200
ACCESSION NUMBER:		0001104659-25-007305
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250130
DATE AS OF CHANGE:		20250129

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24206
		FILM NUMBER:		25570691

	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>
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<TYPE>DEFA14A
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<DESCRIPTION>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</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; text-align: center"><B>SCHEDULE 14A</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; text-align: center"><B>PROXY STATEMENT PURSUANT TO SECTION&nbsp;14(A)
OF THE SECURITIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXCHANGE ACT OF 1934</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&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filed by a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</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>

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    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary
    Proxy Statement</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential,
    for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Proxy Statement</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive
    Additional Materials</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
    Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 18pt 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">&nbsp;</P>



<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</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">&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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    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    fee required.</FONT></TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt">&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: bottom; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee
    paid previously with preliminary materials.</FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>On January 29, 2025, PENN Entertainment, Inc. issued the following
press release. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PENN Entertainment Confirms Receipt of Director
Nominations </B></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>No Shareholder Action Required at This Time</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"><B>WYOMISSING, Pa., January 29, 2025</B> -- PENN Entertainment, Inc.&nbsp;(Nasdaq:
PENN) (&#8220;PENN&#8221; or the &#8220;Company&#8221;) today confirmed that its Board of Directors has received notice from HG Vora
Capital Management, LLC that it has nominated three director candidates to stand for election to the Company&#8217;s Board of Directors
at PENN&#8217;s 2025 Annual Meeting of Shareholders. PENN issued the following statement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The PENN Board and management team are
committed to creating long-term value for all shareholders and will continue to take actions to achieve that objective. We regularly
solicit feedback and engage with the investment community about our strategy, performance and business priorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The Board&#8217;s Nominating and Corporate
Governance Committee will carefully review HG Vora&#8217;s proposed director nominees, in line with PENN&#8217;s normal evaluation procedures,
and present its formal recommendation regarding the election of directors in the Company&#8217;s proxy materials, which will be filed
with the U.S. Securities and Exchange Commission ahead of the 2025 Annual Meeting.</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">The 2025 Annual Meeting has not yet been scheduled, and PENN shareholders
are not required to take any action at this time.</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">Goldman Sachs &amp; Co. LLC is serving as PENN&#8217;s financial advisor&nbsp;and
Wachtell, Lipton, Rosen &amp; Katz is serving as legal counsel.</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>About PENN Entertainment</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">PENN Entertainment, Inc., together with its subsidiaries (&#8220;PENN,&#8221;
or the &#8220;Company&#8221;), is North America&#8217;s leading provider of integrated entertainment, sports content, and casino gaming
experiences. PENN operates in 28 jurisdictions throughout North America, with a broadly diversified portfolio of casinos, racetracks
and online sports betting and iCasino offerings under well-recognized brands including Hollywood Casino<SUP>&reg;</SUP>, L&#8217;Auberge<SUP>&reg;</SUP>,
ESPN BET<SUP>&#8482;</SUP> and theScore BET Sportsbook and Casino<SUP>&reg;</SUP>. PENN&#8217;s ability to leverage its partnership with
ESPN, the &#8220;worldwide leader in sports,&#8221; and its ownership of theScore, the top digital sports media brand in Canada, is central
to the Company&#8217;s highly differentiated strategy to expand its footprint and efficiently grow its customer ecosystem. PENN&#8217;s
focus on organic cross-sell opportunities is reinforced by its market-leading retail casinos, sports media assets, and technology, including
a proprietary state-of-the-art, fully integrated digital sports and iCasino betting platform and an in-house iCasino content studio (PENN
Game Studios). The Company&#8217;s portfolio is further bolstered by its industry-leading PENN Play&#8482; customer loyalty program,
offering its 31 million members a unique set of rewards and experiences.</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>Forward-Looking Statements</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains &#8220;forward-looking statements&#8221;
within the meaning of the Private Securities Litigation Reform Act of 1995.&nbsp; These statements can be identified by the use of forward-looking
terminology such as &#8220;expects,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221;
&#8220;plans,&#8221; &#8220;goal,&#8221; &#8220;seeks,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;look
forward to,&#8221; or &#8220;anticipates&#8221; or the negative or other variations of these or similar words, or by discussions of future
events, strategies or risks and uncertainties. These statements are based upon management's current expectations, assumptions and estimates
and are not guarantees of timing, future results, or performance. Therefore, you should not rely on any of these forward-looking statements
as predictions of future events. Actual results may differ materially from those contemplated in these statements due to a variety of
risks, uncertainties and other factors, including those factors described in the Company&#8217;s filings with the U.S. Securities and
Exchange Commission (the &#8220;SEC&#8221;), including the Company&#8217;s Annual Report on Form 10-K for the year ended&nbsp;December
31, 2023, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Forward-looking statements speak only as of the
date they are made and, except for the Company&#8217;s ongoing obligations under the U.S. federal securities laws, the Company undertakes
no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Additional Information Regarding
Proxy Solicitation </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: left">PENN intends to file a proxy statement and WHITE
proxy card with the SEC in connection with the solicitation of proxies for the Company&#8217;s 2025 Annual Meeting of shareholders (the
&#8220;Proxy Statement&#8221; and such meeting, the &#8220;2025 Annual Meeting&#8221;). The Company, its directors and certain of its
executive officers will be deemed participants in the solicitation of proxies from shareholders in respect of the 2025 Annual Meeting.
Information regarding the names of the Company&#8217;s directors and executive officers and their respective interests in the Company
by security holdings or otherwise is set forth in the Company&#8217;s proxy statement for the 2024 Annual Meeting of shareholders, filed
with the SEC on April 23, 2024 (the &#8220;2024 Proxy Statement&#8221;), which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000921738/000114036124021379/ny20018854x1_def14a.htm,
including under the headings &#8220;Proposal 1: Election of Class I Directors,&#8221; &#8220;Corporate Governance Matters,&#8221; &#8220;Director
Compensation,&#8221; &#8220;Security Ownership of Certain Beneficial Owners and Management,&#8221; &#8220;Executive Compensation,&#8221;
&#8220;Compensation Tables and Arrangements&#8221; and &#8220;Pay Versus Performance.&#8221; To the extent holdings of such participants
in the Company&#8217;s securities have changed since the amounts described in the 2024 Proxy Statement, such changes have been reflected
on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, by David A.
Handler on May 8, 2024, by Felicia Hendrix on May 8, 2024, by Anuj Dhanda on May 8, 2024, by David A. Handler on May 31, 2024, by Jay
A. Snowden on September 3, 2024, by Anuj Dhanda on September 9, 2024, by David A. Handler on September 12, 2024, by Barbara Shattuck
Kohn on January 7, 2025, by Christopher Rogers on January 7, 2025, by David A. Handler on January 7, 2025, by Anuj Dhanda on January
7, 2025, by Marla Kaplowitz on January 7, 2025, by Felicia Hendrix on January 7, 2025, by Ronald J. Naples on January 7, 2025, by Jane
Scaccetti on January 7, 2025, by Todd George on January 7, 2025, by Jay A. Snowden on January 7, 2025, by Vimla Black Gupta on January
7, 2025 and by Saul Reibstein on January 7, 2025. Additional information can also be found in the Company&#8217;s Annual Report on Form
10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/921738/000092173824000012/penn-20231231.htm.
Details concerning the nominees of the Company&#8217;s Board of Directors for election at the 2025 Annual Meeting will be included in
the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS
FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY&#8217;S DEFINITIVE PROXY STATEMENT AND ANY AMENDMENTS AND SUPPLEMENTS THERETO,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. These documents, including the definitive Proxy Statement (and any amendments or supplements
thereto) and other documents filed by the Company with the SEC, will be available for no charge at the SEC&#8217;s website at http://www.sec.gov
and at the Company&#8217;s investor relations website at https://www.pennentertainment.com/corp/investors.</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>Investors: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFE">Joseph N. Jaffoni, Richard
Land</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFE">JCIR</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: #FEFEFE">212-835-8500 or&nbsp;</FONT>penn@jcir.com</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>Media: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Matt Sherman / Aura Reinhard / Sophie Throsby / Maeve Barbour</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Joele Frank, Wilkinson Brimmer Katcher</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">212-355-4449</P>



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