[Form 4] PENN Entertainment, Inc. Insider Trading Activity

Rhea-AI Filing Summary

David A. Handler, a director of PENN Entertainment, purchased 20,000 shares of PENN common stock on 08/08/2025 at a weighted average price of $16.965 per share. After the reported purchase, the filing shows Mr. Handler beneficially owns 342,941 shares directly and 20,000 shares indirectly through a foundation. The Form 4 reports the purchase under transaction code "P" and includes a footnote that the reported price is a weighted average for multiple transactions with prices ranging from $16.945 to $16.97, and that the reporting person will provide a breakdown of the number of shares purchased at each price on request. The filing includes no derivative transactions.

Positive

• Director purchase: David A. Handler acquired 20,000 shares, showing direct economic interest in the company.
• Clear pricing disclosure: Weighted average price provided ($16.965) with a disclosed per-trade range ($16.945 to $16.97) and an offer to supply a detailed breakdown on request.
• Post-transaction ownership disclosed: Direct beneficial ownership reported at 342,941 shares and indirect ownership of 20,000 shares via a foundation.
• No derivatives reported: Table II contains no derivative securities, indicating the filing covers only the equity purchase.

Negative

• None.

Insights

Financial Analyst

TL;DR: A director purchased 20,000 PENN shares at a weighted average $16.965; direct beneficial ownership is reported at 342,941 shares.

The Form 4 documents a straightforward open-market acquisition by a company director, totaling 20,000 shares at a weighted average price of $16.965. The filing clarifies the weighted average reflects multiple trades priced between $16.945 and $16.97 and that the reporter can supply a per-trade breakdown on request. The post-transaction direct ownership is 342,941 shares, with an additional 20,000 shares held indirectly via a foundation. No options, warrants, or other derivative instruments are reported on this Form 4.

Corporate Governance Expert

TL;DR: Director-level purchase recorded; disclosure includes weighted-average pricing and indirect foundation holding.

The disclosure shows a director-level purchase documented under transaction code "P." The filing explicitly notes the weighted-average price and provides the price range of the component trades, and it documents both direct ownership (342,941 shares) and an indirect holding (20,000 shares) through a foundation. The Form does not report any derivative transactions. From a governance and disclosure perspective, the filing supplies the required specifics about the purchase price methodology and the nature of indirect ownership.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HANDLER DAVID A

(Last) (First) (Middle)

825 BERKSHIRE BLVD., SUITE 200

(Street)

WYOMISSING PA 19610

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PENN Entertainment, Inc. [ PENN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/08/2025		P		20,000	A	$16.965(1)	342,941	D
Common Stock								20,000	I	By Foundation

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $16.945 to $16.97, inclusive. The reporting person undertakes to provide to PENN Entertainment, Inc., any security holder of PENN Entertainment, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in footnote (1) to this Form 4.

	/s/ Joshua Sidsworth, Attorney-In-Fact for David A. Handler	08/12/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who filed the Form 4 for PENN (PENN)?

The reporting person is David A. Handler, identified in the Form 4 as a director of PENN Entertainment.

What transaction is reported on the PENN Form 4?

The Form 4 reports a purchase of 20,000 shares of PENN common stock on 08/08/2025 under transaction code "P".

At what price were the PENN shares purchased?

The shares were purchased at a weighted average price of $16.965 per share; the filing discloses component trade prices ranged from $16.945 to $16.97.

How many PENN shares does the reporting person own after the transaction?

Following the reported transaction, the Form 4 shows 342,941 shares directly and 20,000 shares indirectly (held by a foundation).

Does the Form 4 report any derivative transactions for PENN?

No. Table II of the Form 4 contains no entries for derivative securities.