# EDGAR Filing Document

**Accession Number:** 0000921738
**File Stem:** 0001140361-25-029640
**Filing Date:** 2025-8
**Character Count:** 21076
**Document Hash:** aac15260c13f61bdfed33dc68790e4ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-029640.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001140361-25-029640

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENN Entertainment, Inc.
- **CENTRAL INDEX KEY:** 0000921738
- **STANDARD INDUSTRIAL CLASSIFICATION:** HOTELS & MOTELS [7011]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 232234473
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289386
- **FILM NUMBER:** 251195130

**BUSINESS ADDRESS:**
- **STREET 1:** 825 BERKSHIRE BLVD STE 200
- **STREET 2:** WYOMISSING PROFESSIONAL CENTER
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610
- **BUSINESS PHONE:** 6103732400

**MAIL ADDRESS:**
- **STREET 1:** 825 BERKSHIRE BLVD
- **STREET 2:** SUITE 200
- **CITY:** WYOMISSING
- **STATE:** PA
- **ZIP:** 19610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN NATIONAL GAMING INC
- **DATE OF NAME CHANGE:** 19940415

#### As filed with the Securities and Exchange Commission on August 7, 2025

#### 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 ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Pennsylvania** | **23-2234473** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

#### 825 Berkshire Blvd., Suite 200

#### Wyomissing, Pennsylvania 19610
(Address of Principal Executive Offices) (Zip Code)

#### PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as Amended
(Full title of the plan)

#### Christopher Rogers

#### Executive Vice President, Chief Strategy and Legal Officer and Secretary

#### PENN Entertainment, Inc.

#### 825 Berkshire Blvd., Suite 200

#### Wyomissing, Pennsylvania 19610
(Name and address of agent for service)

(610) 373-2400

(Telephone number, including area code, of agent for service)

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#### Copy to:

#### Raquel Fox

#### Skadden, Arps, Slate, Meagher & Flom LLP

#### 1440 New York Avenue, N.W.

#### Washington, D.C. 20005
(202) 371-7050

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
|  |  | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

------

#### EXPLANATORY NOTE
This Registration Statement is being filed by PENN Entertainment, Inc. (the "Registrant" or "Company") in accordance with General Instruction E to Form S-8, to register 8,197,275 additional shares of common stock, $0.01 par value per share (the "Common Stock"), reserved for issuance under the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan (as amended, the "2022 Plan"), as approved by the Company's shareholders on June 17, 2025. The contents of the Company's registration statements on Form S-8 filed with the Securities and Exchange Commission on June 15, 2022 [(](https://www.sec.gov/Archives/edgar/data/921738/000092173822000027/forms-8x61522.htm)[No. 333-265637](https://www.sec.gov/Archives/edgar/data/921738/000092173822000027/forms-8x61522.htm)[)](https://www.sec.gov/Archives/edgar/data/921738/000092173822000027/forms-8x61522.htm) and June 16, 2023 [(](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_s8.htm)[No. 333-272723](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_s8.htm)[)](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_s8.htm), which relate to the 2022 Plan, are hereby incorporated by reference into this Registration Statement.

#### PART II

#### INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

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| | |
|:---|:---|
| **Item 8.** | **Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| [4.1](https://www.sec.gov/Archives/edgar/data/921738/000092173821000034/articlesofincorporation-62.htm) | Second Amended and Restated Articles of Incorporation of Penn National Gaming, Inc., filed with the Pennsylvania Department of State on October 15, 1996, as amended by the Articles of Amendments to the Amended and Restated Articles of Incorporation filed with the Pennsylvania Department of State on November 13, 1996, July 23, 2001 and December 28, 2007 and the Statement with Respect to Shares of Series C Convertible Preferred Stock of Penn National Gaming, Inc. dated as of January 17, 2013, and the Statement with Respect to Shares of Series D Convertible Preferred Stock of Penn National Gaming, Inc. dated as of February 19, 2020, and as further amended and restated by the Second Amended and Restated Articles of Incorporation of Penn National Gaming, Inc. filed with the Pennsylvania Department of State on June 17, 2021, is hereby incorporated by reference to Exhibit 99.1 to the Company's Current Report on Form 8-K filed June 21, 2021 (SEC File No. 000-24206). |
| [4.1(a)](https://www.sec.gov/Archives/edgar/data/921738/000092173822000037/pennex3106302022.htm) | Articles of Amendment to its Second Amended and Restated Articles of Incorporation, effective August 4, 2022, is hereby incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2022 (SEC File No. 000-24206). |
| [4.2](https://www.sec.gov/Archives/edgar/data/921738/000110465924116791/tm2427890d1_ex3-1.htm) | Fifth Amended and Restated Bylaws of the Company, is hereby incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 12, 2024 (SEC File No. 000-24206). |
| [5.1\*](ef20053320_ex5-1.htm) | Opinion of Ballard Spahr LLP. |
| [10.1](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000921738/000114036125015822/ny20042107x2_def14a.htm#tAPPA) | PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Appendix A to the Company's Definitive Proxy Statement on Schedule 14A filed on April 28, 2025 (SEC File No. 000-24206). |
| [10.2](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_ex10-2.htm) | Form of Restricted Stock Unit Award Agreement (Stock-Settled) for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.2 to the Company's Registration Statement on Form S-8 filed on June 16, 2023 (SEC File No. 000-24206). |
| [10.3](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_ex10-3.htm) | Form of Restricted Stock Unit Award Agreement (Cash-Settled) for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.3 to the Company's Registration Statement on Form S-8 filed on June 16, 2023 (SEC File No. 000-24206). |

---

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| | |
|:---|:---|
| [10.4](https://www.sec.gov/Archives/edgar/data/921738/000092173824000029/pennex101063024.htm) | Form of Performance Unit Award Agreement (Stock-Settled) for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2024 (SEC File No. 000-24206). |
| [10.5](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_ex10-5.htm) | Form of Restricted Stock Award Agreement for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.5 to the Company's Registration Statement on Form S-8 filed on June 16, 2023 (SEC File No. 000-24206). |
| [10.6](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_ex10-6.htm) | Form of Non-Qualified Stock Option Award Agreement for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.6 to the Company's Registration Statement on Form S-8 filed on June 16, 2023 (SEC File No. 000-24206). |
| [10.7](https://www.sec.gov/Archives/edgar/data/921738/000092173824000029/pennex102063024.htm) | Form of Non-Qualified Stock Option Certificate for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q filed on August 8, 2024 (SEC File No. 000-24206). |
| [10.8](https://www.sec.gov/Archives/edgar/data/921738/000114036123030263/brhc20054430_ex10-7.htm) | Form of Stock Appreciation Right Award Agreement for the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended, is hereby incorporated by reference to Exhibit 10.7 to the Company's Registration Statement on Form S-8 filed on June 16, 2023 (SEC File No. 000-24206). |
| [23.1\*](ef20053320_ex23-1.htm) | Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. |
| [23.2\*](ef20053320_ex23-2.htm) | Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm. |
| [23.3\*](ef20053320_ex5-1.htm) | Consent of Ballard Spahr LLP (included in Exhibit 5.1). |
| [24.1](#POWEROFATTORNEY) | Powers of Attorney (included on signature page hereto). |
| [107\*](ef20053320_ex107.htm) | Filing Fee Table. |

---

\* Filed herewith.

#### 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 August 7, 2025.

---

| | |
|:---|:---|
| **PENN ENTERTAINMENT, INC.** | **PENN ENTERTAINMENT, INC.** |
| By: | /s/ Christopher Rogers |
| Name: | Christopher Rogers |
| Title: | Executive Vice President, Chief Strategy and Legal Officer and Secretary |

---

#### POWER OF ATTORNEY
BE IT KNOWN BY THESE PRESENT, that each person whose signature appears below constitutes and appoints Jay A. Snowden and Christopher Rogers and each of them, his or her true and lawful attorney(s)-in-fact and agent(s), 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 or all amendments to this Registration Statement and to file the same, with all exhibits and schedules thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney(s)-in-fact and agent(s) full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney(s)-in-fact and agent(s), or their substitute(s), 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 indicated on August 7, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Jay A. Snowden | Chief Executive Officer, President and Director<br> (Principal Executive Officer) |
| Jay A. Snowden | Chief Executive Officer, President and Director<br> (Principal Executive Officer) |
| /s/ Felicia R. Hendrix | Executive Vice President and Chief Financial Officer<br> (Principal Financial and Accounting Officer) |
| Felicia R. Hendrix | Executive Vice President and Chief Financial Officer<br> (Principal Financial and Accounting Officer) |
| /s/ David A. Handler | Director, Board Chair |
| David A. Handler | Director, Board Chair |
| /s/ Vimla Black-Gupta | Director |
| Vimla Black-Gupta | Director |
| /s/ Anuj Dhanda | Director |
| Anuj Dhanda | Director |
|  | Director |
| Johnny Hartnett |  |
| /s/ Marla Kaplowitz | Director |
| Marla Kaplowitz | Director |
| /s/ Carlos Ruisanchez | Director |
| Carlos Ruisanchez | Director |
| /s/ Jane Scaccetti | Director |
| Jane Scaccetti | Director |

---

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## Exhibit 5.1

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#### Exhibit 5.1<br>

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| |
|:---|
| ![](image3.jpg) <br>|
| ![](image1.jpg) |

---

August 7, 2025

Board of Directors

PENN Entertainment, Inc.

825 Berkshire Blvd., Suite 200

Wyomissing, PA 19610

Re: <u>PENN Entertainment, Inc. - Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We are acting as counsel to PENN Entertainment, Inc. (f/k/a Penn National Gaming, Inc,), a Pennsylvania corporation (the **"Company"**), in connection with its registration statement on Form S-8 (the **"Registration Statement"**), filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the **"Act")** relating to the proposed issuance of up to 8,197,275 shares of common stock, par value $0.01 per share of the Company (the **"Shares"**) pursuant to the PENN Entertainment, Inc. 2022 Long Term Incentive Compensation Plan, as amended (the **"Plan"**). This opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K in connection with the Registration Statement.

For purposes of this opinion letter, we have examined copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity to authentic original documents of all documents submitted to us as copies (including telecopies). As to all matters of fact, we have relied on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing.

The opinion expressed below is based on the assumption that the Registration Statement has been filed by the Company with the Securities and Exchange Commission and will have become effective before any of the Shares are issued, and that persons acquiring the Shares will do so strictly in accordance with the terms of the Plan and will receive a prospectus containing all the information required by Part I of the Registration Statement before acquiring such Shares. The opinion is also based on the assumption that the Shares will continue to be duly and validly authorized on the dates that the Shares are issued to participants pursuant to the terms of the Plan and, upon the issuance of any of the Shares, the total number of shares of common stock of the Company issued and outstanding, after giving effect to such issuance of such Shares, will not exceed the total number of shares of common stock that the Company is then authorized to issue under its Articles of Incorporation, as amended.

This opinion letter is based as to matters of law solely on the Pennsylvania Business Corporation Law, as amended. We express no opinion herein as to any other laws, statutes, ordinances, rules, or regulations.

Based upon, subject to and limited by the foregoing, we are of the opinion that the Shares, when issued pursuant to the Plan in accordance with the terms and conditions thereof (including, where applicable, the payment of any exercise price, the satisfaction of any vesting or forfeiture restrictions and the achievement of applicable performance goals), will be validly issued, fully paid, and nonassessable.

This opinion letter has been prepared for use in connection with the Registration Statement. We assume no obligation to advise you of any changes in the foregoing subsequent to the effective date of the Registration Statement

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required by Section 7 of the Act.

Very truly yours,

![](image2.jpg)

/s/ Ballard Spahr LLP

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## Exhibit 23.1

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**Exhibit 23.1**<br>

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of PENN Entertainment, Inc. of our report dated February 27, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in PENN Entertainment, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2024.

/s/ PricewaterhouseCoopers LLP

Las Vegas, Nevada

August 7, 2025

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## Exhibit 23.2

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**Exhibit 23.2**<br>

**** 

<br> #### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated February 22, 2024 (February 27, 2025 as to the modified presentation of operating and finance leases discussed in Note 2 and as to Note 17), relating to the consolidated financial statements of PENN Entertainment, Inc. and subsidiaries appearing in the Annual Form 10-K of PENN Entertainment, Inc. for the year ended December 31, 2024 and incorporated by reference from Registration Statement No. 333-265637 and Registration Statement No. 333-272723 on Form S-8 of PENN Entertainment, Inc.

/s/ Deloitte & Touche LLP

Philadelphia, Pennsylvania

August 7, 2025

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## Ex-Filing

?xml version='1.0' encoding='ASCII'?

#### Exhibit 107

#### CALCULATION OF FILING FEE TABLE

#### FORM S-8
(Form Type)

#### PENN ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in its Charter)

#### Table I: Newly Registered Securities

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Type | Security Class Title | Fee Calculation Rule | Amount Registered | Proposed Maximum Offering Price Per Unit | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee |
| Equity | Common Stock, par value $0.01 per share ("Common Stock")  | 457(a) | 8197275 (1) | $17.48 (2) | $143288367 (3) | $153.10 per million dollars | $21937.45 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $143288367 (3) |  | $21937.45 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $21937.45 |

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(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement shall also cover an indeterminate number of additional shares of Common Stock of PENN Entertainment, Inc. (the "Registrant") that may, with respect to the shares of Common Stock registered hereunder, become issuable under the Registrant's 2022 Long Term Incentive Compensation Plan, as amended, by reason of any stock dividend, stock split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration, which results in an increase in the number of the Registrant's outstanding shares of Common Stock.

(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) under the Securities Act, on the basis of the average of the high and low prices per share of the Common Stock as reported on The Nasdaq Stock Market LLC on August 1, 2025.

(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act. Calculated in accordance with Section 6 of the Securities Act and Rule 457 under the Securities Act by multiplying 0.00015310 and the proposed maximum aggregate offering price.

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0.00015310 0000921738 EX-FILING FEES N/A 0000921738 2025-08-07 2025-08-07 0000921738 1 2025-08-07 2025-08-07 xbrli:shares iso4217:USD xbrli:shares iso4217:USD xbrli:pure