<SEC-DOCUMENT>0001104659-25-044125.txt : 20250502
<SEC-HEADER>0001104659-25-044125.hdr.sgml : 20250502
<ACCEPTANCE-DATETIME>20250502161850
ACCESSION NUMBER:		0001104659-25-044125
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250502
DATE AS OF CHANGE:		20250502

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
		EIN:				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:		25908831

	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
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<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>tm2513927d2_defa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 13.5pt 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&nbsp;20549</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROXY STATEMENT PURSUANT TO SECTION&nbsp;14(a)&nbsp;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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Filed by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
by a Party other than the Registrant&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Check the appropriate box:</P>

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    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><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><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, For Use of the Commission Only&nbsp;(as permitted by Rule&nbsp;14a-6(e)(2))</B></FONT></TD></TR>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD><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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Soliciting Material Under Rule&nbsp;14a-12&nbsp;</P></TD></TR>
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<P STYLE="border-bottom: black 0.5pt solid; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PENN ENTERTAINMENT,&nbsp;INC.</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Name of Person(s)&nbsp;Filing Proxy Statement,
if Other Than the Registrant)</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Filing Fee (Check the appropriate box):</P>

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    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fee required.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
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    <TD STYLE="font-size: 10pt"><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 STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b)&nbsp;per Exchange Act Rules&nbsp;14a-6(i)(1)&nbsp;and 0-11.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUPPLEMENT TO THE PROXY STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE ANNUAL MEETING OF SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF PENN ENTERTAINMENT,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TO BE HELD ON JUNE 17, 2025</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-indent: 0.5in">On April&nbsp;28, 2025, PENN Entertainment,&nbsp;Inc.
(&ldquo;<U>PENN</U>&rdquo;) filed a definitive proxy statement (the &ldquo;<U>Proxy Statement</U><I>&rdquo;</I>) with the Securities and
Exchange Commission for the Company&rsquo;s Annual Meeting of Shareholders to be held on June&nbsp;17, 2025 (the &ldquo;<U>Annual Meeting</U>&rdquo;).
The Company is filing this supplement (the &ldquo;<U>Supplement</U>&rdquo;) to the Proxy Statement to disclose the following:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The two candidates whom the Company&rsquo;s Board of Directors has nominated for election at the Annual Meeting, Messrs.&nbsp;Johnny
Hartnett and Carlos Ruisanchez, were originally recommended for nomination by HG Vora Special Opportunities Master Fund,&nbsp;Ltd.</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The section of the Proxy Statement entitled &ldquo;Proposal 4: Approval of the Second Amendment to our 2022 Long-Term Incentive Compensation
Plan&rdquo; contains a sub-section entitled &ldquo;Share Usage Rate and Dilution&rdquo; on page&nbsp;82. In such sub-section, PENN&rsquo;s
average share usage rate, sometimes referred to as unadjusted burn rate, over the three years ended December&nbsp;31, 2024 (calculated
as equity-based awards granted under PENN&rsquo;s equity compensation plan for the relevant year, divided by average basic common shares
outstanding for that year) is incorrectly stated as approximately 3.28%. The correct average share usage rate of PENN is approximately
1.98%.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Supplement does not change the proposals to
be acted upon at the Annual Meeting, which are described in the Proxy Statement. Further, this Supplement should be read with the Proxy
Statement and, from and after the date of this Supplement, any references to the &ldquo;Proxy Statement&rdquo; shall be deemed to include
the Proxy Statement as amended by this Supplement.</P>

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