SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Finamore John

(Last)

(First)

(Middle)

825 BERKSHIRE BLVD SUITE 200

(Street)

WYOMISSING

19610

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
01/01/2009

3. Issuer Name and Ticker or Trading Symbol
PENN NATIONAL GAMING INC [ PENN ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	SR VP-Regional Operations

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	32,162	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Non-Qualified Stock Option (right to buy)	11/11/2003	11/11/2009	Common Stock	77,892	$9.045	D
Incentive Stock Option (right to buy)	11/10/2004	11/10/2010	Common Stock	8,580	$11.655	D
Non-Qualified Stock O ptions (right to buy)	11/10/2004	11/10/2010	Common Stock	31,420	$11.655	D
Non-Qualified Stock Options (right to buy)	11/11/2005	11/11/2014	Common Stock	36,056	$25.35	D
Incentive Stock Options (right to buy)	11/11/2008	11/11/2014	Common Stock	3,944	$25.35	D
Incentive Stock Options (right to buy)	01/12/2009⁽¹⁾	01/12/2016	Common Stock	5,000	$33.12	D
Non-Qualified Stock Options (right to buy)	01/12/2007⁽¹⁾	01/12/2016	Common Stock	5,000	$33.12	D
Incentive Stock Options (right to buy)	01/02/2011⁽¹⁾	01/02/2017	Common Stock	3,228	$41.62	D
Non-Qualified Stock Options (right to buy)	01/02/2008⁽¹⁾	01/02/2017	Common Stock	11,772	$41.62	D
Incentive Stock Options (right to buy)	07/08/2012	07/08/2018	Common Stock	3,347	$29.87	D
Non-Qualified Stock Options (right to buy)	07/08/2009⁽¹⁾	07/08/2018	Common Stock	36,653	$29.87	D

Explanation of Responses:

1. Vests over 4 years at 25% a year on the anniversary of the date of grant.

	/s/ Robert S. Ippolito as attorney-in-fact for John Finamore	01/06/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.