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
09/30/00
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
<TABLE>
<CAPTION>
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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 |9/11/0|S | |15000 |D |13.5833 | |I |See Note [1] [2] |
|0 | | | | | | | | |
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Common Stock |9/12/0|S | |2500 |D |13.4500 | |I |See Note [1] [2] |
|0 | | | | | | | | |
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Common Stock |9/12/0|S | |66000 |D |13.1375 | |I |See Note [1] [2] |
|0 | | | | | | | | |
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Common Stock |9/19/0|S | |3600 |D |13.3875 | |I |See Note [1] [2] |
|0 | | | | | | | | |
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Common Stock |9/20/0|S | |2000 |D |13.3875 | |I |See Note [1] [2] |
|0 | | | | | | | | |
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Common Stock |9/21/0|S | |65900 |D |13.375 |4617666 |I |See Note [1][2] |
|0 | | | | | | | | |
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Common Stock |9/6/00|G | |8000 |D | |573754 |D | |
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<CAPTION>
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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)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Warrants right to buy | | | | | | | | |Common Stock| | |703000 |D | |
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</TABLE>
Explanation of Responses:
1. By The Carlino Family Trust
2. The Shares are held by The Carlino Family Trust. The reporting person
disclaims beneficial ownership of the shares being sold, 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.
Peter M Carlino
SIGNATURE OF REPORTING PERSON
/Signature/
/s/ Peter M Carlino
DATE
10/9/00
