-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NPH2mJOzBcLU9itORRtrlgJeH09/7Tg50J6M4K0DFwvkQIoHhy2M56nEx65cFUwy pUk4Hx1qHyEr2Tgp89ue+w== 0001112520-02-000003.txt : 20020414 0001112520-02-000003.hdr.sgml : 20020414 ACCESSION NUMBER: 0001112520-02-000003 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020225 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: AKRE CAPITAL MANAGEMENT LLC CENTRAL INDEX KEY: 0001112520 IRS NUMBER: 541968332 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 1001 19TH STREET CITY: ARLINGTON STATE: VA ZIP: 22209 BUSINESS PHONE: 7033129720 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PENN NATIONAL GAMING INC CENTRAL INDEX KEY: 0000921738 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-RACING, INCLUDING TRACK OPERATION [7948] IRS NUMBER: 232234473 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-45655 FILM NUMBER: 02557129 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 BERSHIRE BLVD STREET 2: SUITE 200 CITY: WYOMISSING STATE: PA ZIP: 19610 SC 13G 1 acm13g123101.txt Item 1. (a) Name of Issuer: Penn National Gaming, Inc. (b) Address of Issuer's Principal Executive Offices: 825 Berkshire Boulevard, Suite 200 Wyomising, PA 19610 Item 2. (a) Names of Persons Filing: Akre Capital Management/ Charles T. Akre, Jr. (b) Address of Principal Business Office or, if none, Residence: Akre Capital Management, LLC Charles T. Akre, Jr. Potomac Tower, 7th Floor Potomac Tower, 7th Floor 1001 19th Street North 1001 19th Street North Arlington, VA 22209 Arlington, VA 22209 (c) Citizenship: Delaware/United States (d) Title of Class of Securities: Common Stock (e) CUSIP Number: 707569101 Item 3. If this statement is filed pursuant to Rule 13d 1(b), or 13d-2(b), check whether the person filing is a: (a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c); (b) [ ] Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 70c; (c) [ ] Insurance company as defined in section 3(a) (19) of the Act (15 U.S.C. 78c); (d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); (e) [x] An investment adviser in accordance with section 240.13d-1(b) (ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with section 240.13d-1(b)(l)(ii)(F); (g) [ ] A parent holding company or control person in accordance with section 240.13d-1(b)(ii)(G); (h) [ ] A savings association as defined in section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] Group, in accordance with section 240.13d-1(b)(l)(ii)(J) If this statement is filed pursuant to section 240.13d-l(c), check this box [ ]. Item 4. Ownership Each of the Reporting Persons may be deemed to own beneficially 828,760 shares of Common Stock at December 31, 2001. Akre Capital Management, LLC owns of record 828,760 shares of Common Stock. As principal stockholder of Akre Capital Management, LLC, Mr. Akre may be deemed to won beneficially all of the Common Stock that Akre Capital Management, LLC may be deemed to own beneficially. Therefore, each of the Reporting Persons may be deemed to won beneficially 828,760 shares of Common Stock of the Issuer. Item 5. Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [ ]. Item 6. Ownership of More than Five Percent on Behalf of Another Person. N/A Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Group. N/A Item 8. Identification and Classification of Members of the Group. N/A Item 9. Notice of Dissolution of Group. N/A Item 10. Certification (a) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of such securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief I certify that the information set forth in this statement is true, complete and correct and may be filed jointly with Charles T. Akre, Jr. Dated: February 25, 2002 Akre Capital Management, LLC By: /s/ Charles T. Akre, Jr. ___________________________ Name: Charles T. Akre, Jr. Title: Managing Member Akre Capital Management, LLC SIGNATURE After reasonable inquiry and to the best of my knowledge and belief I certify that the information set forth in this statement is true, complete and correct and may be filed jointly with Akre Capital Management, LLC. Dated: February 25, 2002 Charles T. Akre, Jr. By: /s/ Charles T. Akre, Jr. ___________________________ Name: Charles T. Akre, Jr. Title: Managing Member Akre Capital Management, LLC -----END PRIVACY-ENHANCED MESSAGE-----