-------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION
FORM 4 WASHINGTON, D.C. 20549
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STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may
continue. SEE Instruction 1(b).
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1. Name and Address of Reporting Person* 2. Issuer Name and Ticker or Trading Symbol 6. Relationship of Reporting Person(s)
to Issuer (Check all applicable)
Penn National Gaming, Inc. Director 10% Owner
Clifford William J. PENN ---- ----
--------------------------------------------------------------------------------------------- X Officer (give Other
(Last) (First) (Middle) 3. I.R.S. Identification 4. Statement for --- title ---- (specify
Number of Reporting Month/Day/Year below) below
Person, if an entity Chief Financial
122 Oak Hill Lane (voluntary) 08/31/2002 Officer
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(Street) 5. If Amendment, 7. Individual or Joint/Group Filing
Date of Original (Check Applicable Line)
(Month/Day/Year) _X_Form filed by One Reporting Person
___Form filed by More than One
Wyomissing PA 19610 Reporting Person
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(City) (State) (Zip) TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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1. Title of 2. Trans- 2A. Deemed 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
Security action Execution action or Disposed of (D) Securities ship of In-
(Instr. 3) Date Date, Code (Instr. 3, 4 and 5) Beneficially Form: direct
if any (Instr. 8) Owned Follow- Direct Bene-
(Month/ (Month/ ing Reported (D) or ficial
Day/ Day/ ------------------------------------------ Transaction(s) Indirect Owner-
Year) Year) (A) or (Instr. 3 (I) ship
Code V Amount (D) Price and 4) (Instr. 4) (Instr. 4)
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Common Stock 08/21/02 M 12,500 A 9.48 D
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Common Stock 08/21/02 S 12,500 D 18.12 0 D
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FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security 2. Conver- 3. Trans- 3A. Deemed 4. Transac- 5. Number of Deriv- 6. Date Exer-
(Instr. 3) sion or action Execution tion Code ative Securities Ac- cisable and Ex-
Exercise Date Date, (Instr. 8) quired (A) or Dis- piration Date
Price of (Month/ if any posed of (D) (Month/Day/
Deriv- Day/ (Month/ (Instr. 3, 4, and 5) Year)
ative Year) Day/
Security Year)
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Date Expira-
Exer- tion
Code V (A) (D) cisable Date
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Incentive Stock Option
(right to buy) 9.48 07/30/01 07/30/02 07/30/08
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Incentive Stock Option
(right to buy) 14.84 01/02/02 01/02/03 01/02/09
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Non-Qualified Stock
Option (right to buy) 9.48 08/21/02 M 12,500 07/30/02 07/30/08
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Non-Qualified Stock
Option (right to buy) 14.84 01/02/02 01/02/03 01/02/09
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7. Title and Amount of Under- 8. Price 9. Number 10. Owner- 11. Nature
lying Securities of of Deriv- ship of In-
(Instr. 3 and 4) Deriv- ative Form direct
ative Securi- of De- Bene-
Secur- ties rivative ficial
ity Bene- Secu- Own-
(Instr. ficially rity: ership
5) Owned Direct (Instr. 4)
----------------------- Following (D) or
Title Amount or Reported Indi-
Number of Transaction(s) rect (I)
Shares (Instr. 4) (Instr. 4)
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Common Stock 42,216 42,216 D
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Common Stock 6,738 6,738 D
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Common Stock 12,500 18.12 45,284 D
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Common Stock 43,262 43,262 D
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Explanation of Responses:
/s/ William J. Clifford 08/10/02
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**Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or
indirectly.
* If the form is filed by more than one reporting person, SEE Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, SEE Instruction 6 for procedure.