SEC Form 5

FORM 5
[ ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 oblibations may continue.
See Instruction 1(b).

[ ]Form 3 Holdings Reported
[ ]Form 4 Transactions Reported 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, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 OMB APPROVAL

OMB Number: 3235-0362
Expires: December 31, 2001
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1. Name and Address of Reporting Person^*
Carlino, Peter     M (Last)                       (First)                      (Middle) 825 Berkshire Blvd
Suite 200
(Street) Wyomissing, PA     19610
(City)                      (State)                      (Zip) USA 2. Issuer Name and Ticker
    or Trading Symbol

Penn National Gaming, Inc.   PENN3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    (Month/Year)

    December 2000

5. If Amendment,
    Date of Original
     (Month/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
           X          Director              X          10% Owner
           X          Officer                             Other

Officer/Other
Description           Chairman of The Board7. Individual or Joint/Group
    Filing (Check Applicable Line)

X   Individual Filing
      Joint/Group Filing

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
    (Instr. 3)

2. Transaction Date
    (Month/Day/Year) 3. Transaction
    Code
    (Instr. 8) 4. Securities Acquired (A) or Disposed (D) Of
    (Instr. 3, 4, and 5)





        Amount      |         A/D         |         Price           5. Amount of
    Securities
    Beneficially
    Owned at
    End of
    Issuer's Fiscal
    Year

    (Instr. 3 and 4) 6. Owner-
    ship
    Form:
    Direct(D)
    or
    Indirect (I)

     (Instr. 4) 7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)

If the form is filed by more than one reporting person, see instruction 4(b)(v).

(over)
SEC 2270 (3-99)

Carlino, Peter M - December 2000

Form 5 (continued)

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. Conver-     sion or     Exercise     Price of     Deri-     vative      Security	3. Transaction     Date     (Month/     Day/     Year)	4. Transaction     Code	5. Number of Derivative     Securities Acquired (A)     or Disposed (D) Of     (Instr. 3,4 and 5)	6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)   (DE)     |     (ED)	7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)	8. Price     of     Derivative     Security     (Instr.5)	9. Number of     Derivative     Securities     Beneficially     Owned     at End of     Year     (Instr.4)	10. Owner- ship Form of Deriv- ative Security: Direct (D) or Indirect (I)	11. Nature of       Indirect       Beneficial       Ownership        (Instr.4)
Employee Stock Option (Right to Buy)	$8.125	02/08/2000	A	(A) 75,000	02/08/2001 | 02/08/2010	Common Stock - 75,000		778,000	D

Explanation of Responses :

** 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.

Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB number. ________________________________            02-13-2001    
** Signature of Reporting Person                         Date

/s/ Peter M. Carlino
Peter M Carlino


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SEC 2270 (3-99)