FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * LaBombard Christine 2. Issuer Name and Ticker or Trading Symbol PENN NATIONAL GAMING INC [ PENN ] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
SVP and CAO
(Last)         (First)         (Middle)
825 BERKSHIRE BLVD., SUITE 200
3. Date of Earliest Transaction (MM/DD/YYYY)
8/11/2020
(Street)
WYOMISSING, PA 19610
(City)       (State)       (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)
 
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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock  8/11/2020    M    2546  A $29.92  34998  D   
Common Stock  8/11/2020    D    2546  D $49.10  32452  D   
Common Stock  8/11/2020    M    6540  A $19.45  38992  D   
Common Stock  8/11/2020    S    6540  D $49.03 (1) 32452  D   

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Appreciation Rights  $29.92  8/11/2020    M        2546    (2) 10/15/2028  Common Stock  2546  $0.00  7637  D   
Stock Options (Right to Buy)  $19.45  8/11/2020    M        6540    (3) 1/3/2029  Common Stock  6540  $0.00  19618  D   

Explanation of Responses:
(1)  The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $49.00 to $49.07, inclusive. The reporting person undertakes to provide to Penn National Gaming, Inc., any security holder of Penn National Gaming, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4.
(2)  The stock appreciation rights vest in four installments on October 15, 2019, October 15, 2020, October 15, 2021 and October 15, 2022.
(3)  The stock options vest in four installments on January 3, 2020, January 3, 2021, January 3, 2022 and January 3, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
LaBombard Christine
825 BERKSHIRE BLVD., SUITE 200
WYOMISSING, PA 19610


SVP and CAO

Signatures
/s/ Elliot D. Hoops, Attorney-In-Fact for Christine LaBombard 8/13/2020
**Signature of Reporting Person Date
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