X0306 4 2014-02-06 0 0000921738 PENN NATIONAL GAMING INC PENN 0001211342 CARLINO PETER M 825 BERKSHIRE BLVD SUITE 200 WYOMISSING PA 19610 1 0 0 0 Common Stock 2014-02-06 4 M 0 14145 A 31712 D Common Stock 2014-02-06 4 D 0 14145 11.30 D 17567 D Common Stock 6905874 I By Trust Phamton Stock Unit 2014-02-06 4 M 0 14145 D 2014-02-06 2014-02-06 Common Stock 14145 28290 D The recipient receives a cash payment for each unit equal to the fair market value on the vesting date of one share of the Company's Common Stock. Represents the aggregate number of shares held by the Carlino Family Trust as to which Peter M. Carlino has sole voting power for certain matters. Mr. Carlino disclaims beneficial ownership of the shares owned by the trust, and this report should not be deemed an admission that Peter M. Carlino is the beneficial owner of such securities for purposes of Section 16 or any other purpose. /s/Robert S Ippolito as attorney-in-fact for Peter M. Carlino 2014-02-10