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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As filed
with the Securities and Exchange Commission on March&nbsp;3, 2009.</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

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<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE
COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;S-8</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">PENN NATIONAL GAMING, INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as
specified in its charter)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pennsylvania</font></b></p>
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(</font></b>State or other jurisdiction of</p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">23-2234473</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer</font></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
  </td>
 </tr>
</table>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">825 Berkshire Boulevard, Suite&nbsp;200,
  Wyomissing, Pennsylvania</font></b></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">19610</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Penn National Gaming,&nbsp;Inc.
2008 Long Term Incentive Compensation Plan</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Full title of the plan)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Jordan B. Savitch, Esquire</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Senior Vice President and General
Counsel</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Penn National Gaming,&nbsp;Inc.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">825 Berkshire Boulevard,
Suite&nbsp;200</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wyomissing, Pennsylvania 19610</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent
for service)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(610) 373-2400</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Telephone number, including
area code, of agent for service)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">With a copy to:</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Gerald J. Guarcini, Esquire</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ballard Spahr Andrews&nbsp;&amp; Ingersoll, LLP</font></p>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1735 Market Street, 51</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;Floor</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philadelphia, PA 19103-2297</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(215) 665-8500</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant is a large accelerated
filer, a non-accelerated filer, or a smaller reporting company.&#160; See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2
of the Exchange Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Large
  accelerated filer </font><font face="Wingdings">x</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accelerated
  filer </font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.9%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-accelerated
  filer </font><font face="Wingdings">o</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Smaller
  reporting company </font><font face="Wingdings">o</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CALCULATION OF REGISTRATION FEE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title&nbsp;of&nbsp;Securities<br>
  to&nbsp;be&nbsp;registered</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount<br>
  to&nbsp;be<br>
  registered(1)</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:3.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed<br>
  maximum<br>
  offering<br>
  price&nbsp;per<br>
  share(2)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Proposed<br>
  maximum<br>
  aggregate<br>
  offering<br>
  price</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" colspan="2" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount&nbsp;of<br>
  Registration<br>
  fee</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:34.0%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common stock
  $0.01 par value</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:18.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,900,000 shares</font></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.195</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125,545,500</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>
  </td>
  <td width="10%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:10.88%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,933.94</font></p>
  </td>
  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="254" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="135" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="81" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="81" style="border:none;"></td>
  <td width="19" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="81" style="border:none;"></td>
  <td width="7" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; Pursuant to Rule&nbsp;416(a)&nbsp;of the Securities Act of
1933 (the &#147;Securities Act&#148;), this Registration Statement also covers an
indeterminate number of additional shares of the Registrant&#146;s Common Stock
which may become issuable under the equity plan being registered pursuant to
this Registration Statement by reason of stock splits, stock dividends,
recapitalizations or any other similar capital adjustments affected as required
by such plans.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; Pursuant to Rule&nbsp;457(h)&nbsp;of the Securities Act, the
registration fee has been calculated based on the average of the high and low
prices of the Registrant&#146;s Common Stock on March&nbsp;2, 2009 on the NASDAQ
Global Select Market.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; Represents 6,900,000 shares of common stock reserved for
issuance under the Penn National Gaming,&nbsp;Inc. 2008 Long Term Incentive
Compensation Plan.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="border-bottom:solid windowtext 3.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:1.0pt 0in 1.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;I</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION
REQUIRED IN THE SECTION&nbsp;10(a)&nbsp;PROSPECTUS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Registration Statement
covers the registration of 6,900,000 shares of Penn National Gaming,&nbsp;Inc.
common stock, par value $0.01 per share (the &#147;Common Stock&#148;), for issuance upon
the acquisition of such Common Stock by eligible participants in the Penn
National Gaming,&nbsp;Inc. 2008 Long Term Incentive Compensation Plan (the
&#147;2008 Plan&#148;).&#160; Eligible participants include
any employee, including an officer or director who is an employee, or any
non-employee director, of Penn National Gaming,&nbsp;Inc. or its
subsidiaries.&#160; The documents containing
the information required to be included in Part&nbsp;I of this Registration
Statement will be sent or given to directors and employees who are eligible to
participate in the 2008 Plan, as specified in Rule&nbsp;428(b)(1)&nbsp;promulgated
pursuant to the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).&#160; These documents and the documents incorporated
by reference in this Registration Statement, taken together, constitute a
prospectus that meets the requirements of Section&nbsp;10(a)&nbsp;of the
Securities Act.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-1</font></p>

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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PART&nbsp;II</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 3.&#160;&#160;&#160; <u>INCORPORATION OF DOCUMENTS BY REFERENCE</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following documents filed by Penn National Gaming,&nbsp;Inc. (the
&#147;Company&#148;) with the U.S. Securities and Exchange Commission (the &#147;Commission&#148;)
pursuant to the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;) are incorporated herein by reference:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company&#146;s Annual Report on Form&nbsp;10-K
for the fiscal year ended December&nbsp;31, 2008, filed with the Commission on March&nbsp;2,
2009;</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company&#146;s Current Report on Form&nbsp;8-K,
filed with the Commission on January&nbsp;7, 2009; and</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the description of our Common Stock included
in our registration statement on Form&nbsp;8-A as filed on May&nbsp;26, 1994.</p>

<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold,
including any Form&nbsp;11-K filed with respect to the 2008 Plan, shall be
deemed to be incorporated by reference herein and to be a part hereof from the
date of the filing of such documents.&#160;
Any statement contained in this Registration Statement or in a document
incorporated or deemed to be incorporated by reference shall be deemed to be
modified or superseded to the extent that a statement contained in any other
subsequently filed document which also is deemed to be incorporated by
reference herein or in any subsequently filed appendix to this Registration Statement
modifies or supersedes such statement.&#160;
Any such statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this Registration
Statement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 4.&#160;&#160;&#160; <u>DESCRIPTION OF
SECURITIES</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable
(the Common Stock is registered under Section&nbsp;12 of the Exchange Act).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 5.&#160;&#160;&#160; <u>INTERESTS OF NAMED
EXPERTS AND COUNSEL</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 6.&#160;&#160;&#160; <u>INDEMNIFICATION OF
DIRECTORS AND OFFICERS</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Pennsylvania Business Corporation Law variously
empowers or requires the Company under specified circumstances, to indemnify
officers, directors and other persons against expenses incurred in connection
with any action, suit or proceeding, civil or criminal, to which such person is
a party or is threatened to be made a party.&#160;
The Company maintains a directors&#146; and officers&#146; insurance policy.&#160; Further, Article&nbsp;VII of the Company&#146;s
Bylaws provides as follows:</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-1</font></p>

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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Article&nbsp;VII:
Indemnification of Directors, Officers and Other Authorized Representatives</b></font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.01.&#160; Scope of
Indemnification.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>General
Rule</u>.&#160; The corporation shall
indemnify an Indemnified Representative against any Liability incurred in
connection with any Proceeding in which the Indemnified Representative may be
involved as a party or otherwise by reason of the fact that such person is or
was serving in an Indemnified Capacity, including, without limitation,
Liabilities resulting from any actual or alleged breach or neglect of duty,
error, misstatement or misleading statement, negligence, gross negligence or
act giving rise to strict or products liability, except:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;where such indemnification is expressly prohibited by
applicable law;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;where the conduct
of the Indemnified Representative has been finally determined pursuant to Section&nbsp;7.06
or otherwise:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;to constitute
willful misconduct or recklessness within the meaning of 15 Pa.C.S. &#167;&#167; 518(b)&nbsp;and
1746(b)&nbsp;or any superseding provision of law sufficient in the
circumstances to bar indemnification against liabilities arising from the
conduct; or</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;to be based upon
or attributable to the receipt by the Indemnified Representative from the
corporation of a personal benefit to which the Indemnified Representative is
not legally entitled; or</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;to the extent such
indemnification has been finally determined in a final adjudication pursuant to
Section&nbsp;7.06 to be otherwise unlawful.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Partial
Payment</u>.&#160; If an Indemnified
Representative is entitled to indemnification in respect of a portion, but not
all, of any Liabilities to which such person may be subject, the corporation
shall indemnify such Indemnified Representative to the maximum extent for such
portion of the Liabilities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Presumption</u>.&#160; The termination of a Proceeding by judgment,
order, settlement or conviction or upon a plea of nolo contendere or its
equivalent shall not of itself create a presumption that the Indemnified
Representative is not entitled to indemnification.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Definitions</u>.&#160; For purposes of this Article&nbsp;VII:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&#147;Certifying
Employee&#148; means an employee of the corporation requested, as part of the
corporation&#146;s disclosure controls and procedures and in connection with the
performance of the employee&#146;s responsibilities in service to the corporation,
to provide to the corporation a certification or certifications to be used by
the corporation in connection with the preparation of its periodic reports
under the Exchange Act;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&#147;Indemnified
Capacity&#148; means any and all past, present and future service by an Indemnified
Representative in one or more capacities as a director, officer, employee or
agent of the corporation, or, at the request of the corporation, as a director,
officer, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-2</font></p>

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<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">employee, agent, fiduciary
or trustee of another corporation, partnership, joint venture, trust, employee
benefit plan or other entity or enterprise;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;</font>&#147;Indemnified
Representative&#148; means any and all directors and officers of the corporation,
Certifying Employees and any other person designated as an Indemnified
Representative by the board of directors of the corporation (which may, but
need not, include any person serving at the request of the corporation, as a
director, officer, employee, agent, fiduciary or trustee of another corporation,
partnership, joint venture, trust, employee benefit plan or other entity or
enterprise);</h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&nbsp;&#147;Liability&#148; means any damage, judgment,
amount paid in settlement, fine, penalty, punitive damages, excise tax assessed
with respect to an employee benefit plan, or cost or expense of any nature
(including, without limitation, attorneys&#146; fees and disbursements); and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&nbsp;&#147;Proceeding&#148;
means any threatened, pending or completed investigation, action, suit, appeal
or other proceeding of any nature, whether civil, criminal, administrative or
investigative, whether formal or informal, and whether brought by or in the
right of the corporation, a class of its security holders or otherwise.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h4>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.02.&#160; Proceedings
Initiated by Indemnified Representatives.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding any other provision of this Article&nbsp;VII, the
corporation shall not indemnify under this Article&nbsp;VII an Indemnified
Representative for any Liability incurred in a proceeding initiated (which
shall not be deemed to include counterclaims or affirmative defenses) or
participated in as an intervenor or amicus curiae by the person seeking
indemnification unless such initiation of or participation in the proceeding is
authorized, either before or after its commencement, by the affirmative vote of
a majority of the directors in office.&#160;
This section does not apply to reimbursement of expenses incurring in
successfully prosecuting or defending an arbitration under Section&nbsp;7.06 or
otherwise successfully prosecuting or defending the rights of an Indemnified
Representative granted by or pursuant to this Article&nbsp;VII.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.03.&#160; Advancing
Expenses.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except where such advance is expressly prohibited by
applicable law, the corporation shall pay the expenses (including attorneys&#146;
fees and disbursements) incurred in good faith by an Indemnified Representative
in advance of the final disposition of a Proceeding described in Section&nbsp;7.01
or the initiation of or participation in which is authorized pursuant to Section&nbsp;7.02
upon receipt of an undertaking by or on behalf of the Indemnified
Representative to repay the amount if it is ultimately determined pursuant to Section&nbsp;7.06
that such person is not entitled to be indemnified by the corporation pursuant
to this Article&nbsp;VII.&#160; The financial
ability of an Indemnified Representative to repay an advance shall not be a
prerequisite to the making of such advance.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.04.&#160; Securing of
Indemnification Obligations.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To further effect, satisfy or secure the
indemnification obligations provided herein or otherwise, the corporation may
maintain insurance, obtain a letter of credit, act as self-insurer, create a
reserve, trust, escrow, cash collateral or other fund or account, enter into
indemnification </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-3</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agreements, pledge or grant
a security interest in any assets or properties of the corporation, or use any
other mechanism or arrangement whatsoever in such amounts, at such costs, and
upon such other terms and conditions as the board of directors shall deem
appropriate. Absent fraud, the determination of the board of directors with
respect to such amounts, costs, terms and conditions shall be conclusive
against all security holders, officers and directors and shall not be subject
to voidability.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.05.&#160; Payment of
Indemnification.</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An Indemnified Representative shall be entitled to
indemnification within 30 days after a written request for indemnification has
been delivered to the secretary of the corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.06.&#160; Indemnification Procedure.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notification of
claim</u>.&#160; An Indemnified Representative
shall use such Indemnified Representative&#146;s best efforts to notify promptly the
secretary of the corporation of the commencement of any Proceeding or other
occurrence of any event which might give rise to a Liability under this Article&nbsp;VII,
but, unless the corporation has been prejudiced thereby, the failure so to
notify the corporation shall not relieve the corporation of any liability which
it may have to the Indemnified Representative under this Article&nbsp;VII or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assumption of
defense</u>.&#160; The corporation shall be
entitled, upon notice to any such Indemnified Representative, to assume the
defense of any Proceeding with counsel reasonably satisfactory to the
Indemnified Representative, or a majority of the Indemnified Representatives
involved in such Proceeding if there be more than one.&#160; If the corporation notifies the Indemnified
Representative of its election to defend the Proceeding, the corporation shall
have no liability for the expenses (including attorneys&#146; fees and
disbursements) of the Indemnified Representative incurred in connection with
the defense of such Proceeding subsequent to such notice, unless:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;such
expenses (including attorneys&#146; fees and disbursements) have been authorized by
the corporation,</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;the
corporation shall not in fact have employed counsel reasonably satisfactory to
such Indemnified Representative or Indemnified Representatives to assume the
defense of such Proceeding, or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;it
shall have been determined pursuant to Section&nbsp;7.06(d)&nbsp;that the
Indemnified Representative was entitled to indemnification for such expenses
under this Article&nbsp;VII or otherwise.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, the Indemnified Representative may elect to retain counsel at
the Indemnified Representative&#146;s own cost and expense to participate in the
defense of such proceeding.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Settlement by corporation</u>.&#160; The corporation shall not be required to
obtain the consent of the Indemnified Representative to the settlement of any
Proceeding which the corporation has undertaken to defend if the corporation
assumes full and sole responsibility for </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-4</font></p>

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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such settlement and the
settlement grants the Indemnified Representative an unqualified release in
respect of all Liabilities at issue in the proceeding.&#160; Whether or not the corporation has elected to
assume the defense of any Proceeding, no Indemnified Representative shall have
any right to enter into any full or partial settlement of a Proceeding without
the prior written consent of the corporation (which consent shall not be
unreasonably withheld), nor shall the corporation be liable for any amount paid
by an Indemnified Representative pursuant to any settlement to which the
corporation has not so consented.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Arbitration</u>.&#160;
Any dispute related to the right to indemnification, contribution or
advancement of expenses as provided under this Article&nbsp;VII, except with
respect to indemnification for liabilities arising under the Securities Act of
1933, as amended, that the corporation has undertaken to submit to a court of
adjudication, shall be decided only by arbitration in the county in which the
principal executive offices of the corporation are located at the time, in
accordance with the commercial arbitration rules&nbsp;then in effect of the
American Arbitration Association (the &#147;AAA Rules&#148;), before a panel of three
arbitrators (the &#147;Panel&#148;), one of whom shall be selected by the corporation,
the second of whom shall be selected by the Indemnified Representative and the
third of whom shall be selected by the other two arbitrators.&#160; In the absence of the American Arbitration
Association, or if for any reason arbitration under the arbitration rules&nbsp;of
the American Arbitration Association cannot be initiated, and if one of the
parties fails or refuses to select an arbitrator or the arbitrators selected by
the corporation and the Indemnified Representative cannot agree on the
selection of the third arbitrator within 30 days after such time as the
corporation and the Indemnified Representative have each been notified of the
selection of the other&#146;s arbitrator, the necessary arbitrator or arbitrators
shall be selected by the presiding judge of the court of general jurisdiction
in such county. The arbitration shall be conducted pursuant to the Federal
Arbitration Act and such procedures as the parties subject to such arbitration
(each, a &#147;Party&#148;) may agree, or, in the absence of or failing such agreement,
pursuant to the AAA Rules.&#160; Notwithstanding
the foregoing: (1)&nbsp;each Party shall provide to the other, reasonably in
advance of any hearing, copies of all documents which a Party intends to
present in such hearing; (2)&nbsp;each Party shall be allowed to conduct
reasonable discovery through written document requests and depositions, the
nature and extent of which discovery shall be determined by the Parties;
provided, however, that if the Parties cannot agree on the terms of such
discovery, the nature and extent thereof shall be determined by the Panel which
shall take into account the needs of the Parties and the purposes of
arbitration to make discovery expeditious and cost effective; (3)&nbsp;each
Party shall be entitled to make an oral presentation to the Panel; and (4)&nbsp;the
Panel shall select as a resolution the position of either Party for each item
of disagreement and may not impose an alternative resolution. The award shall
be in writing and shall specify the factual and legal basis for the award.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Burden of Proof</u>.&#160;
The party or parties challenging the right of an Indemnified Representative
to the benefits of this Article&nbsp;VII shall have the burden of proof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Expenses</u>.&#160;
The corporation may advance and shall reimburse an Indemnified
Representative for the expenses (including attorneys&#146; fees and disbursements)
incurred in successfully prosecuting or defending such arbitration.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effect</u>.&#160; Any
award entered by the arbitrators shall be final, binding and nonappealable and
judgment may be entered thereon by any party in accordance with applicable law
in any court of competent jurisdiction, except that the corporation shall be
entitled to </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-5</font></p>

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</div>
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<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">interpose as a defense in
any such judicial enforcement proceeding any prior final judicial determination
adverse to the Indemnified Representative under Section&nbsp;7.01(a)(2)&nbsp;in
a Proceeding not directly involving indemnification under this Article&nbsp;VII.&#160; This arbitration provision shall be
specifically enforceable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.07.&#160; Contribution.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the indemnification provided for in this Article&nbsp;VII
or otherwise is unavailable for any reason in respect of any liability or
portion thereof, the corporation shall contribute to the liabilities to which
the Indemnified Representative may be subject in such proportion as is
appropriate to reflect the intent of this Article&nbsp;VII or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.08.&#160; Mandatory Indemnification of Directors,
Officers and Indemnified Representatives.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To the extent that an authorized representative of
the corporation has been successful on the merits or otherwise in defense of
any action, suit or Proceeding referred to in Section&nbsp;1741 or 1742 of the
Business Corporation Law or in defense of any claim, issue or matter therein,
such person shall be indemnified against expenses (including attorneys&#146; fees
and disbursements) actually and reasonably incurred by such person in
connection therewith.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.09.&#160; Contract Rights; Amendment or Repeal.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All rights under this Article&nbsp;VII shall be
deemed a contract between the corporation and the Indemnified Representative
pursuant to which the corporation and each Indemnified Representative intend to
be legally bound.&#160; Any repeal, amendment
or modification hereof shall be prospective only and shall not affect any
rights or obligations then existing.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.10.&#160; Scope of Article.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The rights granted by this Article&nbsp;VII shall
not be deemed exclusive of any other rights to which those seeking
indemnification, contribution or advancement of expenses may be entitled under
any statute, agreement, vote of shareholders or disinterested directors or
otherwise, both as to action in an indemnified capacity and as to action in any
other capacity.&#160; The indemnification,
contribution and advancement of expenses provided by or granted pursuant to
this Article&nbsp;VII shall continue as to a person who has ceased to be an
Indemnified Representative in respect of matters arising prior to such time,
and shall inure to the benefit of the heirs, executors, administrators and
personal representatives of such a person.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.11.&#160; Reliance on Provisions.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each person who shall act as an Indemnified
Representative of the corporation shall be deemed to be doing so in reliance
upon the rights provided by this Article&nbsp;VII.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;7.12.&#160; Interpretation.</font></b></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></h2>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The provisions of this Article&nbsp;VII are intended
to constitute bylaws authorized by 15 Pa.C.S. &#167;&#167; 518 and 1746.&#148;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-6</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>EXEMPTION FROM REGISTRATION CLAIMED</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>EXHIBITS</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number
  </font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="89%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:89.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="89%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:89.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion
  of Ballard Spahr Andrews&nbsp;&amp; Ingersoll, LLP regarding legality of
  shares of Common Stock being offered hereby.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2008
  Long Term Incentive Compensation Plan of the Registrant. (Incorporated by
  reference to Exhibit&nbsp;10.32 to the Company&#146;s annual report on
  Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2008.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of
  Non-Qualified Stock Option Certificate for the Penn National Gaming,&nbsp;Inc.
  2008 Long Term Incentive Compensation Plan. (Incorporated by reference to
  Exhibit&nbsp;10.33 to the Company&#146;s annual report on Form&nbsp;10-K for the
  fiscal year ended December&nbsp;31, 2008.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of
  Restricted Stock Award for the Penn National Gaming,&nbsp;Inc. 2008 Long Term
  Incentive Compensation Plan. (Incorporated by reference to Exhibit&nbsp;10.34
  to the Company&#146;s annual report on Form&nbsp;10-K for the fiscal year ended
  December&nbsp;31, 2008.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent
  of Ernst&nbsp;&amp; Young LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Consent
  of Ballard Spahr Andrews&nbsp;&amp; Ingersoll, LLP (included as part of
  Exhibit&nbsp;5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.2%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.32%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:0pt;">&nbsp;</font></p>
  </td>
  <td width="89%" valign="top" style="padding:0in .7pt 0in .7pt;width:89.48%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Power
  of Attorney (included in signature page&nbsp;of this Registration Statement
  on Form&nbsp;S-8).</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade color="black" align="left"></div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Filed herewith.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Item 9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>UNDERTAKINGS</u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The undersigned Registrant hereby undertakes:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To file, during the period in which offers or
sales are being made, a post-effective amendment to this registration
statement:</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
  include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the
  Securities Act of 1933;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
  reflect in the prospectus any facts or events arising after the effective
  date of this registration statement (or the most recent post-effective
  amendment hereof) which, individually or in the aggregate, represent a
  fundamental change in the information set forth in this registration
  statement. Notwithstanding the foregoing, any increase or decrease in volume
  of securities offered (if the total dollar value of securities offered would
  not exceed that which was registered) and any deviation from the low or high
  end of the estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;if, in
  the</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-7</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='II-7',FILE='C:\JMS\dtodman\09-6720-1\task3401258\6720-1-bc.htm',USER='dtodman',CD='Mar  3 12:32 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">aggregate,
  the changes in volume and price represent no more than a 20% change in the
  maximum aggregate offering price set forth in the &#147;Calculation of
  Registration Fee&#148; table in the effective registration statement;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To
  include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to
  such information in the registration statement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in .7pt 0in .7pt;width:81.84%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Provided</font></u>, <u>however</u>, that paragraphs
  (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply to this registration
  statement on Form&nbsp;S-8 if the information required to be included in the
  post-effective amendment by these paragraphs is contained in reports filed
  with or furnished to the Commission by the Registrant pursuant to
  Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of
  1934 that are incorporated by reference in this registration statement.</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; That, for the
purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <u>bona</u>  <u>fide</u>
offering thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of
1933, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a)&nbsp;or
Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section&nbsp;15(d)&nbsp;of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <u>bona</u>
<u>fide</u> offering thereof.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp; Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.&#160; In
the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-8</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='II-8',FILE='C:\JMS\dtodman\09-6720-1\task3401258\6720-1-bc.htm',USER='dtodman',CD='Mar  3 12:32 2009' -->


<br clear="all" style="page-break-before:always;">


<div style="font-family:Times New Roman;">

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Wyomissing,
Commonwealth of Pennsylvania, on this 3</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">rd</font>&#160;day of March, 2009.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:49.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PENN
  NATIONAL GAMING, INC.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:43.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Peter M. Carlino</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:43.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter
  M. Carlino</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
  of the Board and Chief Executive Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Jordan B. Savitch and Robert S. Ippolito, and each or
any one of them, his or her true and lawful Attorneys-in-Fact (the
&#147;Attorneys-in-Fact&#148;), with full power of substitution and resubstitution, for
him or her and in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this
Registration Statement on Form&nbsp;S-8, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the U.S.
Securities and Exchange Commission, granting unto said Attorneys-in-Fact, and
each of them, full power and authority to perform each and every act and thing
requisite and necessary to be done in connection therewith, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said Attorneys-in-Fact, or any of them, or his, her or
their substitute or substitutes may lawfully do or cause to be done by virtue
hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Act of
1933, this registration statement has been signed by the following persons in
the capacities and on the dates indicated.</font></p>

<p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Peter M. Carlino</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of the Board, Chief Executive Officer and Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Peter M. Carlino</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Executive Officer)</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ William J. Clifford</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Vice President Finance and Chief Financial Officer</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">William J. Clifford</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Principal Financial Officer and Principal Accounting Officer)</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Harold Cramer</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
 </tr>
 <tr>
  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Harold Cramer</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-9</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="27%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Signature</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="51%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Date</font></b></p></td>
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  <td width="27%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="51%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="15%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
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  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Wesley R. Edens</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
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  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wesley R. Edens</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
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  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
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  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David A. Handler</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
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  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David A. Handler</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
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  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
 </tr>
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  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John M. Jacquemin</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
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  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John M. Jacquemin</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
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  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
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  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Robert P. Levy</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
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  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert P. Levy</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
 </tr>
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  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p></td>
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  <td width="27%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Barbara Z. Shattuck</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">March&nbsp;3, 2009</font></p></td>
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  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.1%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barbara Z. Shattuck</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.28%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.92%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p></td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II-10</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT INDEX</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:7.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit</font></b></p>
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="90%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.14%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description of Exhibit</font></b></p></td>
 </tr>
 <tr>
  <td width="7%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:7.78%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
  <td width="90%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:90.14%;"><p style="layout-grid-mode:both;margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p></td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Ballard
  Spahr Andrews&nbsp;&amp; Ingersoll, LLP regarding legality of shares of
  Common Stock being offered hereby.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2008 Long Term Incentive
  Compensation Plan of the Registrant. (Incorporated by reference to
  Exhibit&nbsp;10.32 to the Company&#146;s annual report on Form&nbsp;10-K for the
  fiscal year ended December&nbsp;31, 2008.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of
  Non-Qualified Stock Option Certificate for the Penn National
  Gaming,&nbsp;Inc. 2008 Long Term Incentive Compensation Plan. (Incorporated
  by reference to Exhibit&nbsp;10.33 to the Company&#146;s annual report on
  Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2008.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of Restricted
  Stock Award for the Penn National Gaming,&nbsp;Inc. 2008 Long Term Incentive
  Compensation Plan. (Incorporated by reference to Exhibit&nbsp;10.34 to the
  Company&#146;s annual report on Form&nbsp;10-K for the fiscal year ended
  December&nbsp;31, 2008.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of
  Ernst&nbsp;&amp; Young LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Consent
  of Ballard Spahr Andrews&nbsp;&amp; Ingersoll, LLP (included as part of
  Exhibit&nbsp;5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.78%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.1*</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.08%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <p align="left" style="letter-spacing:-.15pt;margin:0in 0in .0001pt;text-align:left;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:0pt;">Power
  of Attorney (included in signature page&nbsp;of this Registration Statement
  on Form&nbsp;S-8).</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Filed herewith.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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{"company-data": {"conformed-name": "PENN NATIONAL GAMING INC", "cik": "0000921738", "assigned-sic": "7990", "irs-number": "232234473", "state-of-incorporation": "PA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-157669", "film-number": "09653164"}, "business-address": {"street1": "825 BERKSHIRE BLVD STE 200", "street2": "WYOMISSING PROFESSIONAL CENTER", "city": "WYOMISSING", "state": "PA", "zip": "19610", "phone": "6103732400"}, "mail-address": {"street1": "825 BERSHIRE BLVD", "street2": "SUITE 200", "city": "WYOMISSING", "state": "PA", "zip": "19610"}}
As filed
with the Securities and Exchange Commission on March 3, 2009.
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
PENN NATIONAL GAMING, INC.
(Exact name of registrant as
specified in its charter)
Pennsylvania
(
State or other jurisdiction of
incorporation or organization)
23-2234473
(I.R.S. Employer
Identification No.)
825 Berkshire Boulevard, Suite 200,
  Wyomissing, Pennsylvania
19610
(Address of principal executive offices)
(Zip Code)
Penn National Gaming, Inc.
2008 Long Term Incentive Compensation Plan
(Full title of the plan)
Jordan B. Savitch, Esquire
Senior Vice President and General
Counsel
Penn National Gaming, Inc.
825 Berkshire Boulevard,
Suite 200
Wyomissing, Pennsylvania 19610
(Name and address of agent
for service)
(610) 373-2400
(Telephone number, including
area code, of agent for service)
With a copy to:
Gerald J. Guarcini, Esquire
Ballard Spahr Andrews & Ingersoll, LLP
1735 Market Street, 51
st
Floor
Philadelphia, PA 19103-2297
(215) 665-8500
Indicate by check mark whether the registrant is a large accelerated
filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2
of the Exchange Act.
Large
  accelerated filer
x
Accelerated
  filer
o
Non-accelerated
  filer
o
Smaller
  reporting company
o
CALCULATION OF REGISTRATION FEE
Title of Securities
to be registered
Amount
to be
registered(1)
Proposed
maximum
offering
price per
share(2)
Proposed
maximum
aggregate
offering
price
Amount of
Registration
fee
Common stock
  $0.01 par value
6,900,000 shares
(3)
$
18.195
$
125,545,500
$
4,933.94
(1)  Pursuant to Rule 416(a) of the Securities Act of
1933 (the "Securities Act"), this Registration Statement also covers an
indeterminate number of additional shares of the Registrant's Common Stock
which may become issuable under the equity plan being registered pursuant to
this Registration Statement by reason of stock splits, stock dividends,
recapitalizations or any other similar capital adjustments affected as required
by such plans.
(2)  Pursuant to Rule 457(h) of the Securities Act, the
registration fee has been calculated based on the average of the high and low
prices of the Registrant's Common Stock on March 2, 2009 on the NASDAQ
Global Select Market.
(3)  Represents 6,900,000 shares of common stock reserved for
issuance under the Penn National Gaming, Inc. 2008 Long Term Incentive
Compensation Plan.
PART I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
This Registration Statement
covers the registration of 6,900,000 shares of Penn National Gaming, Inc.
common stock, par value $0.01 per share (the "Common Stock"), for issuance upon
the acquisition of such Common Stock by eligible participants in the Penn
National Gaming, Inc. 2008 Long Term Incentive Compensation Plan (the
"2008 Plan").  Eligible participants include
any employee, including an officer or director who is an employee, or any
non-employee director, of Penn National Gaming, Inc. or its
subsidiaries.  The documents containing
the information required to be included in Part I of this Registration
Statement will be sent or given to directors and employees who are eligible to
participate in the 2008 Plan, as specified in Rule 428(b)(1) promulgated
pursuant to the Securities Act of 1933, as amended (the "Securities Act").  These documents and the documents incorporated
by reference in this Registration Statement, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the
Securities Act.
I-1
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3.
INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed by Penn National Gaming, Inc. (the
"Company") with the U.S. Securities and Exchange Commission (the "Commission")
pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange
Act") are incorporated herein by reference:
·
the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2008, filed with the Commission on March 2,
2009;
·
the Company's Current Report on Form 8-K,
filed with the Commission on January 7, 2009; and
·
the description of our Common Stock included
in our registration statement on Form 8-A as filed on May 26, 1994.
All documents subsequently filed by the Company pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all securities then remaining unsold,
including any Form 11-K filed with respect to the 2008 Plan, shall be
deemed to be incorporated by reference herein and to be a part hereof from the
date of the filing of such documents. 
Any statement contained in this Registration Statement or in a document
incorporated or deemed to be incorporated by reference shall be deemed to be
modified or superseded to the extent that a statement contained in any other
subsequently filed document which also is deemed to be incorporated by
reference herein or in any subsequently filed appendix to this Registration Statement
modifies or supersedes such statement. 
Any such statement so modified or superseded shall not be deemed, except
as so modified or superseded, to constitute a part of this Registration
Statement.
Item 4.
DESCRIPTION OF
SECURITIES
Not applicable
(the Common Stock is registered under Section 12 of the Exchange Act).
Item 5.
INTERESTS OF NAMED
EXPERTS AND COUNSEL
Not applicable.
Item 6.
INDEMNIFICATION OF
DIRECTORS AND OFFICERS
The Pennsylvania Business Corporation Law variously
empowers or requires the Company under specified circumstances, to indemnify
officers, directors and other persons against expenses incurred in connection
with any action, suit or proceeding, civil or criminal, to which such person is
a party or is threatened to be made a party. 
The Company maintains a directors' and officers' insurance policy.  Further, Article VII of the Company's
Bylaws provides as follows:
II-1
"
Article VII:
Indemnification of Directors, Officers and Other Authorized Representatives
Section 7.01.  Scope of
Indemnification.
(a)
General
Rule
.  The corporation shall
indemnify an Indemnified Representative against any Liability incurred in
connection with any Proceeding in which the Indemnified Representative may be
involved as a party or otherwise by reason of the fact that such person is or
was serving in an Indemnified Capacity, including, without limitation,
Liabilities resulting from any actual or alleged breach or neglect of duty,
error, misstatement or misleading statement, negligence, gross negligence or
act giving rise to strict or products liability, except:
(1) where such indemnification is expressly prohibited by
applicable law;
(2) where the conduct
of the Indemnified Representative has been finally determined pursuant to Section 7.06
or otherwise:
(i) to constitute
willful misconduct or recklessness within the meaning of 15 Pa.C.S. §§ 518(b) and
1746(b) or any superseding provision of law sufficient in the
circumstances to bar indemnification against liabilities arising from the
conduct; or
(ii) to be based upon
or attributable to the receipt by the Indemnified Representative from the
corporation of a personal benefit to which the Indemnified Representative is
not legally entitled; or
(3) to the extent such
indemnification has been finally determined in a final adjudication pursuant to
Section 7.06 to be otherwise unlawful.
(b)
Partial
Payment
.  If an Indemnified
Representative is entitled to indemnification in respect of a portion, but not
all, of any Liabilities to which such person may be subject, the corporation
shall indemnify such Indemnified Representative to the maximum extent for such
portion of the Liabilities.
(c)
Presumption
.  The termination of a Proceeding by judgment,
order, settlement or conviction or upon a plea of nolo contendere or its
equivalent shall not of itself create a presumption that the Indemnified
Representative is not entitled to indemnification.
(d)
Definitions
.  For purposes of this Article VII:
(1) "Certifying
Employee" means an employee of the corporation requested, as part of the
corporation's disclosure controls and procedures and in connection with the
performance of the employee's responsibilities in service to the corporation,
to provide to the corporation a certification or certifications to be used by
the corporation in connection with the preparation of its periodic reports
under the Exchange Act;
(2) "Indemnified
Capacity" means any and all past, present and future service by an Indemnified
Representative in one or more capacities as a director, officer, employee or
agent of the corporation, or, at the request of the corporation, as a director,
officer,
II-2
employee, agent, fiduciary
or trustee of another corporation, partnership, joint venture, trust, employee
benefit plan or other entity or enterprise;
(3)
"Indemnified
Representative" means any and all directors and officers of the corporation,
Certifying Employees and any other person designated as an Indemnified
Representative by the board of directors of the corporation (which may, but
need not, include any person serving at the request of the corporation, as a
director, officer, employee, agent, fiduciary or trustee of another corporation,
partnership, joint venture, trust, employee benefit plan or other entity or
enterprise);
(4) "Liability" means any damage, judgment,
amount paid in settlement, fine, penalty, punitive damages, excise tax assessed
with respect to an employee benefit plan, or cost or expense of any nature
(including, without limitation, attorneys' fees and disbursements); and
(5) "Proceeding"
means any threatened, pending or completed investigation, action, suit, appeal
or other proceeding of any nature, whether civil, criminal, administrative or
investigative, whether formal or informal, and whether brought by or in the
right of the corporation, a class of its security holders or otherwise.
Section 7.02.  Proceedings
Initiated by Indemnified Representatives.
Notwithstanding any other provision of this Article VII, the
corporation shall not indemnify under this Article VII an Indemnified
Representative for any Liability incurred in a proceeding initiated (which
shall not be deemed to include counterclaims or affirmative defenses) or
participated in as an intervenor or amicus curiae by the person seeking
indemnification unless such initiation of or participation in the proceeding is
authorized, either before or after its commencement, by the affirmative vote of
a majority of the directors in office. 
This section does not apply to reimbursement of expenses incurring in
successfully prosecuting or defending an arbitration under Section 7.06 or
otherwise successfully prosecuting or defending the rights of an Indemnified
Representative granted by or pursuant to this Article VII.
Section 7.03.  Advancing
Expenses.
Except where such advance is expressly prohibited by
applicable law, the corporation shall pay the expenses (including attorneys'
fees and disbursements) incurred in good faith by an Indemnified Representative
in advance of the final disposition of a Proceeding described in Section 7.01
or the initiation of or participation in which is authorized pursuant to Section 7.02
upon receipt of an undertaking by or on behalf of the Indemnified
Representative to repay the amount if it is ultimately determined pursuant to Section 7.06
that such person is not entitled to be indemnified by the corporation pursuant
to this Article VII.  The financial
ability of an Indemnified Representative to repay an advance shall not be a
prerequisite to the making of such advance.
Section 7.04.  Securing of
Indemnification Obligations.
To further effect, satisfy or secure the
indemnification obligations provided herein or otherwise, the corporation may
maintain insurance, obtain a letter of credit, act as self-insurer, create a
reserve, trust, escrow, cash collateral or other fund or account, enter into
indemnification
II-3
agreements, pledge or grant
a security interest in any assets or properties of the corporation, or use any
other mechanism or arrangement whatsoever in such amounts, at such costs, and
upon such other terms and conditions as the board of directors shall deem
appropriate. Absent fraud, the determination of the board of directors with
respect to such amounts, costs, terms and conditions shall be conclusive
against all security holders, officers and directors and shall not be subject
to voidability.
Section 7.05.  Payment of
Indemnification.
An Indemnified Representative shall be entitled to
indemnification within 30 days after a written request for indemnification has
been delivered to the secretary of the corporation.
Section 7.06.  Indemnification Procedure.
(a)
Notification of
claim
.  An Indemnified Representative
shall use such Indemnified Representative's best efforts to notify promptly the
secretary of the corporation of the commencement of any Proceeding or other
occurrence of any event which might give rise to a Liability under this Article VII,
but, unless the corporation has been prejudiced thereby, the failure so to
notify the corporation shall not relieve the corporation of any liability which
it may have to the Indemnified Representative under this Article VII or otherwise.
(b)
Assumption of
defense
.  The corporation shall be
entitled, upon notice to any such Indemnified Representative, to assume the
defense of any Proceeding with counsel reasonably satisfactory to the
Indemnified Representative, or a majority of the Indemnified Representatives
involved in such Proceeding if there be more than one.  If the corporation notifies the Indemnified
Representative of its election to defend the Proceeding, the corporation shall
have no liability for the expenses (including attorneys' fees and
disbursements) of the Indemnified Representative incurred in connection with
the defense of such Proceeding subsequent to such notice, unless:
(1) such
expenses (including attorneys' fees and disbursements) have been authorized by
the corporation,
(2) the
corporation shall not in fact have employed counsel reasonably satisfactory to
such Indemnified Representative or Indemnified Representatives to assume the
defense of such Proceeding, or
(3) it
shall have been determined pursuant to Section 7.06(d) that the
Indemnified Representative was entitled to indemnification for such expenses
under this Article VII or otherwise.
Notwithstanding
the foregoing, the Indemnified Representative may elect to retain counsel at
the Indemnified Representative's own cost and expense to participate in the
defense of such proceeding.
(c)
Settlement by corporation
.  The corporation shall not be required to
obtain the consent of the Indemnified Representative to the settlement of any
Proceeding which the corporation has undertaken to defend if the corporation
assumes full and sole responsibility for
II-4
such settlement and the
settlement grants the Indemnified Representative an unqualified release in
respect of all Liabilities at issue in the proceeding.  Whether or not the corporation has elected to
assume the defense of any Proceeding, no Indemnified Representative shall have
any right to enter into any full or partial settlement of a Proceeding without
the prior written consent of the corporation (which consent shall not be
unreasonably withheld), nor shall the corporation be liable for any amount paid
by an Indemnified Representative pursuant to any settlement to which the
corporation has not so consented.
(d)
Arbitration
. 
Any dispute related to the right to indemnification, contribution or
advancement of expenses as provided under this Article VII, except with
respect to indemnification for liabilities arising under the Securities Act of
1933, as amended, that the corporation has undertaken to submit to a court of
adjudication, shall be decided only by arbitration in the county in which the
principal executive offices of the corporation are located at the time, in
accordance with the commercial arbitration rules then in effect of the
American Arbitration Association (the "AAA Rules"), before a panel of three
arbitrators (the "Panel"), one of whom shall be selected by the corporation,
the second of whom shall be selected by the Indemnified Representative and the
third of whom shall be selected by the other two arbitrators.  In the absence of the American Arbitration
Association, or if for any reason arbitration under the arbitration rules of
the American Arbitration Association cannot be initiated, and if one of the
parties fails or refuses to select an arbitrator or the arbitrators selected by
the corporation and the Indemnified Representative cannot agree on the
selection of the third arbitrator within 30 days after such time as the
corporation and the Indemnified Representative have each been notified of the
selection of the other's arbitrator, the necessary arbitrator or arbitrators
shall be selected by the presiding judge of the court of general jurisdiction
in such county. The arbitration shall be conducted pursuant to the Federal
Arbitration Act and such procedures as the parties subject to such arbitration
(each, a "Party") may agree, or, in the absence of or failing such agreement,
pursuant to the AAA Rules.  Notwithstanding
the foregoing: (1) each Party shall provide to the other, reasonably in
advance of any hearing, copies of all documents which a Party intends to
present in such hearing; (2) each Party shall be allowed to conduct
reasonable discovery through written document requests and depositions, the
nature and extent of which discovery shall be determined by the Parties;
provided, however, that if the Parties cannot agree on the terms of such
discovery, the nature and extent thereof shall be determined by the Panel which
shall take into account the needs of the Parties and the purposes of
arbitration to make discovery expeditious and cost effective; (3) each
Party shall be entitled to make an oral presentation to the Panel; and (4) the
Panel shall select as a resolution the position of either Party for each item
of disagreement and may not impose an alternative resolution. The award shall
be in writing and shall specify the factual and legal basis for the award.
(e)
Burden of Proof
. 
The party or parties challenging the right of an Indemnified Representative
to the benefits of this Article VII shall have the burden of proof.
(f)
Expenses
. 
The corporation may advance and shall reimburse an Indemnified
Representative for the expenses (including attorneys' fees and disbursements)
incurred in successfully prosecuting or defending such arbitration.
(g)
Effect
.  Any
award entered by the arbitrators shall be final, binding and nonappealable and
judgment may be entered thereon by any party in accordance with applicable law
in any court of competent jurisdiction, except that the corporation shall be
entitled to
II-5
interpose as a defense in
any such judicial enforcement proceeding any prior final judicial determination
adverse to the Indemnified Representative under Section 7.01(a)(2) in
a Proceeding not directly involving indemnification under this Article VII.  This arbitration provision shall be
specifically enforceable.
Section 7.07.  Contribution.
If the indemnification provided for in this Article VII
or otherwise is unavailable for any reason in respect of any liability or
portion thereof, the corporation shall contribute to the liabilities to which
the Indemnified Representative may be subject in such proportion as is
appropriate to reflect the intent of this Article VII or otherwise.
Section 7.08.  Mandatory Indemnification of Directors,
Officers and Indemnified Representatives.
To the extent that an authorized representative of
the corporation has been successful on the merits or otherwise in defense of
any action, suit or Proceeding referred to in Section 1741 or 1742 of the
Business Corporation Law or in defense of any claim, issue or matter therein,
such person shall be indemnified against expenses (including attorneys' fees
and disbursements) actually and reasonably incurred by such person in
connection therewith.
Section 7.09.  Contract Rights; Amendment or Repeal.
All rights under this Article VII shall be
deemed a contract between the corporation and the Indemnified Representative
pursuant to which the corporation and each Indemnified Representative intend to
be legally bound.  Any repeal, amendment
or modification hereof shall be prospective only and shall not affect any
rights or obligations then existing.
Section 7.10.  Scope of Article.
The rights granted by this Article VII shall
not be deemed exclusive of any other rights to which those seeking
indemnification, contribution or advancement of expenses may be entitled under
any statute, agreement, vote of shareholders or disinterested directors or
otherwise, both as to action in an indemnified capacity and as to action in any
other capacity.  The indemnification,
contribution and advancement of expenses provided by or granted pursuant to
this Article VII shall continue as to a person who has ceased to be an
Indemnified Representative in respect of matters arising prior to such time,
and shall inure to the benefit of the heirs, executors, administrators and
personal representatives of such a person.
Section 7.11.  Reliance on Provisions.
Each person who shall act as an Indemnified
Representative of the corporation shall be deemed to be doing so in reliance
upon the rights provided by this Article VII.
Section 7.12.  Interpretation.
The provisions of this Article VII are intended
to constitute bylaws authorized by 15 Pa.C.S. §§ 518 and 1746."
II-6
Item 7.
EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
Item 8.
EXHIBITS
Number
Description
5.1*
Opinion
  of Ballard Spahr Andrews & Ingersoll, LLP regarding legality of
  shares of Common Stock being offered hereby.
10.1
2008
  Long Term Incentive Compensation Plan of the Registrant. (Incorporated by
  reference to Exhibit 10.32 to the Company's annual report on
  Form 10-K for the fiscal year ended December 31, 2008.)
10.2
Form of
  Non-Qualified Stock Option Certificate for the Penn National Gaming, Inc.
  2008 Long Term Incentive Compensation Plan. (Incorporated by reference to
  Exhibit 10.33 to the Company's annual report on Form 10-K for the
  fiscal year ended December 31, 2008.)
10.3
Form of
  Restricted Stock Award for the Penn National Gaming, Inc. 2008 Long Term
  Incentive Compensation Plan. (Incorporated by reference to Exhibit 10.34
  to the Company's annual report on Form 10-K for the fiscal year ended
  December 31, 2008.)
23.1*
Consent
  of Ernst & Young LLP.
23.2*
Consent
  of Ballard Spahr Andrews & Ingersoll, LLP (included as part of
  Exhibit 5.1).
24.1*
Power
  of Attorney (included in signature page of this Registration Statement
  on Form S-8).
*Filed herewith.
Item 9.
UNDERTAKINGS
(a)
The undersigned Registrant hereby undertakes:
(1)
To file, during the period in which offers or
sales are being made, a post-effective amendment to this registration
statement:
(i)
To
  include any prospectus required by Section 10(a)(3) of the
  Securities Act of 1933;
(ii)
To
  reflect in the prospectus any facts or events arising after the effective
  date of this registration statement (or the most recent post-effective
  amendment hereof) which, individually or in the aggregate, represent a
  fundamental change in the information set forth in this registration
  statement. Notwithstanding the foregoing, any increase or decrease in volume
  of securities offered (if the total dollar value of securities offered would
  not exceed that which was registered) and any deviation from the low or high
  end of the estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in
  the
II-7
aggregate,
  the changes in volume and price represent no more than a 20% change in the
  maximum aggregate offering price set forth in the "Calculation of
  Registration Fee" table in the effective registration statement;
(iii)
To
  include any material information with respect to the plan of distribution not
  previously disclosed in the registration statement or any material change to
  such information in the registration statement.
Provided
,
however
, that paragraphs
  (a)(1)(i) and (a)(1)(ii) do not apply to this registration
  statement on Form S-8 if the information required to be included in the
  post-effective amendment by these paragraphs is contained in reports filed
  with or furnished to the Commission by the Registrant pursuant to
  Section 13 or Section 15(d) of the Securities Exchange Act of
  1934 that are incorporated by reference in this registration statement.
(2)  That, for the
purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)  To remove from
registration by means of a post-effective amendment any of the securities being
registered which remain unsold at the termination of the offering.
(b)
The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act of
1933, each filing of the Registrant's annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan's annual report pursuant to
Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(c)  Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable.  In
the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
II-8
SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the Registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Wyomissing,
Commonwealth of Pennsylvania, on this 3
rd
day of March, 2009.
PENN
  NATIONAL GAMING, INC.
By:
/s/
  Peter M. Carlino
Peter
  M. Carlino
Chairman
  of the Board and Chief Executive Officer
KNOW
ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below
constitutes and appoints Jordan B. Savitch and Robert S. Ippolito, and each or
any one of them, his or her true and lawful Attorneys-in-Fact (the
"Attorneys-in-Fact"), with full power of substitution and resubstitution, for
him or her and in his or her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this
Registration Statement on Form S-8, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the U.S.
Securities and Exchange Commission, granting unto said Attorneys-in-Fact, and
each of them, full power and authority to perform each and every act and thing
requisite and necessary to be done in connection therewith, as fully to all
intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said Attorneys-in-Fact, or any of them, or his, her or
their substitute or substitutes may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of
1933, this registration statement has been signed by the following persons in
the capacities and on the dates indicated.
Signature
Title
Date
/s/ Peter M. Carlino
Chairman of the Board, Chief Executive Officer and Director
March 3, 2009
Peter M. Carlino
(Principal Executive Officer)
/s/ William J. Clifford
Senior Vice President Finance and Chief Financial Officer
March 3, 2009
William J. Clifford
(Principal Financial Officer and Principal Accounting Officer)
/s/ Harold Cramer
Director
March 3, 2009
Harold Cramer
II-9
Signature
Title
Date
/s/ Wesley R. Edens
Director
March 3, 2009
Wesley R. Edens
/s/ David A. Handler
Director
March 3, 2009
David A. Handler
/s/ John M. Jacquemin
Director
March 3, 2009
John M. Jacquemin
/s/ Robert P. Levy
Director
March 3, 2009
Robert P. Levy
/s/ Barbara Z. Shattuck
Director
March 3, 2009
Barbara Z. Shattuck
II-10
EXHIBIT INDEX
Exhibit
Number
Description of Exhibit
5.1*
Opinion of Ballard
  Spahr Andrews & Ingersoll, LLP regarding legality of shares of
  Common Stock being offered hereby.
10.1
2008 Long Term Incentive
  Compensation Plan of the Registrant. (Incorporated by reference to
  Exhibit 10.32 to the Company's annual report on Form 10-K for the
  fiscal year ended December 31, 2008.)
10.2
Form of
  Non-Qualified Stock Option Certificate for the Penn National
  Gaming, Inc. 2008 Long Term Incentive Compensation Plan. (Incorporated
  by reference to Exhibit 10.33 to the Company's annual report on
  Form 10-K for the fiscal year ended December 31, 2008.)
10.3
Form of Restricted
  Stock Award for the Penn National Gaming, Inc. 2008 Long Term Incentive
  Compensation Plan. (Incorporated by reference to Exhibit 10.34 to the
  Company's annual report on Form 10-K for the fiscal year ended
  December 31, 2008.)
23.1*
Consent of
  Ernst & Young LLP.
23.2*
Consent
  of Ballard Spahr Andrews & Ingersoll, LLP (included as part of
  Exhibit 5.1).
24.1*
Power
  of Attorney (included in signature page of this Registration Statement
  on Form S-8).
*Filed herewith.