UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person
Carlino, Peter M
825 Berkshire Blvd Suite 200
Wyomissing, Pa Berks 19610
2. Issuer Name and Ticker or Trading Symbol
Penn National Gaming, Inc. PENN
3. IRS Identification Number of Reporting Person, if an entity (voluntary)
4. Statement for Month/Year
10/31/00
5. If Amendment, Date of Original (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(x) Director (x) 10% Owner (x) Officer (give title below)
( ) Other (specify below)
Chairman
7. Individual or Joint/Group Filing (Check applicable line)
(x) Form Filed by One Reporting Person
( ) Form Filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |10/2/0|G [1| |106858 |D | |4510808 |I |See Note [2] |
|0 |] | | | | | | | |
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Common Stock |10/2/0|G | |20000 |A | |593754 |D | |
|0 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Options, (right | | | | | | | | |Common Stock| | |703000 | | |
to buy) | | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
1. Shares held by the Carlino Family Trust being distributed to the
beneficiaries of the trust.
2. The reporting person disclaims beneficial ownership of the shares being
distributed, and this report should not be deemed an admission that the
reporting person is the beneficial owner of such securities for purposes of
section 16 or for any other purpose.
/s/ Peter M. Carlino
SIGNATURE OF REPORTING PERSON
/Signature/
Peter M. Carlino
DATE
11/10/00
