SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
Under the Securities Act of 1934
Penn National Gaming, Inc.
--------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, NO PAR VALUE
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(Title of Class of Securities)
707569109
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(CUSIP Number)
December 31, 2008
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[_] Rule 13d-1(d)
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(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP No. 707569109 13G
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
VIRGINIA
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
SHARES
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
4,101,225
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
REPORTING
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
4,101,225
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,101,225
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.28%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
HC
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
FBR TRS HOLDINGS, INC.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
VIRGINIA
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
0
SHARES
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
4,101,225
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
0
REPORTING
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
4,101,225
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,101,225
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.28%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
FBR CAPITAL MARKETS CORPORATION
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
VIRGINIA
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
0
SHARES
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
4,101,225
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
0
REPORTING
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
4,101,225
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,101,225
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.28%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
FBR ASSET MANAGEMENT HOLDINGS, INC.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
VIRGINIA
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
0
SHARES
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
4,101,225
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
0
REPORTING
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
4,101,225
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,101,225
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.28%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 707569109 13G
________________________________________________________________________________
1. NAME OF REPORTING PERSONS
FBR FUND ADVISORS, INC.
________________________________________________________________________________
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
________________________________________________________________________________
3. SEC USE ONLY
________________________________________________________________________________
4. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
________________________________________________________________________________
NUMBER OF 5. SOLE VOTING POWER
0
SHARES
_________________________________________________________________
BENEFICIALLY 6. SHARED VOTING POWER
4,101,225
OWNED BY
_________________________________________________________________
EACH 7. SOLE DISPOSITIVE POWER
0
REPORTING
_________________________________________________________________
PERSON 8. SHARED DISPOSITIVE POWER
4,101,225
WITH
________________________________________________________________________________
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,101,225
________________________________________________________________________________
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
[_]
________________________________________________________________________________
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.28%
________________________________________________________________________________
12. TYPE OF REPORTING PERSON*
IA
________________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1(a). Name of Issuer:
Penn National Gaming, Inc.
____________________________________________________________________
Item 1(b). Address of Issuer's Principal Executive Offices:
825 Berkshire Blvd., Suite 200
Wyomissing Professional Center
Wyomissing PA 19610
____________________________________________________________________
Item 2(a). Name of Person Filing:
Friedman, Billings, Ramsey Group, Inc.
FBR TRS Holdings, Inc.
FBR Capital Markets Corporation
FBR Asset Management Holdings Inc.
FBR Fund Advisors, Inc.
____________________________________________________________________
Item 2(b). Address of Principal Business Office, or if None, Residence:
Friedman, Billings, Ramsey Group, Inc.
FBR TRS Holdings, Inc.
FBR Capital Markets Corporation
FBR Asset Management Holdings Inc.
FBR Fund Advisors, Inc.
1001 Nineteenth Street North
Arlington, VA 22209
____________________________________________________________________
Item 2(c). Citizenship:
Friedman, Billings, Ramsey Group, Inc.
FBR TRS Holdings, Inc.
FBR Capital Markets Corporation
FBR Asset Management Holdings Inc.
Virginia
FBR Fund Advisors, Inc.
Delaware
____________________________________________________________________
Item 2(d). Title of Class of Securities:
Common stock, no par value per share
____________________________________________________________________
Item 2(e). CUSIP Number:
707569109
____________________________________________________________________
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
(a) [_] Broker or dealer registered under Section 15 of the Exchange Act.
(b) [_] Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) [_] Insurance company as defined in Section 3(a)(19) of the Exchange
Act.
(d) [_] Investment company registered under Section 8 of the Investment
Company Act.
(e) [_] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [_] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act;
(i) [_] A church plan that is excluded from the definition of an
investment company under Section 3(c)(14) of the Investment
Company Act;
(j) [_] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
CUSIP No. 707569109 13G
Item 4. Ownership.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
Friedman, Billings, Ramsey Group, Inc.4,101,225
FBR TRS Holdings, Inc. 4,101,225
FBR Capital Markets Corporation 4,101,225
FBR Asset Management Holdings Inc. 4,101,225
FBR Fund Advisors, Inc. 4,101,225
______________________________________________________________________
(b) Percent of class:
Friedman, Billings, Ramsey Group, Inc. 5.28%
FBR TRS Holdings, Inc. 5.28%
FBR Capital Markets Corporation 5.28%
FBR Asset Management Holdings Inc. 5.28%
FBR Fund Advisors, Inc. 5.28%
______________________________________________________________________
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
Friedman, Billings, Ramsey Group, Inc. 0
FBR TRS Holdings, Inc. 0
FBR Capital Markets Corporation 0
FBR Asset Management Holdings Inc. 0
FBR Fund Advisors, Inc. 0
(ii) Shared power to vote or to direct the vote:
Friedman, Billings, Ramsey Group, Inc. 4,101,225
FBR TRS Holdings, Inc. 4,101,225
FBR Capital Markets Corporation 4,101,225
FBR Asset Management Holdings Inc. 4,101,225
FBR Fund Advisors, Inc. 4,101,225
(iii) Sole power to dispose or to direct the disposition of:
Friedman, Billings, Ramsey Group, Inc. 0
FBR TRS Holdings, Inc. 0
FBR Capital Markets Corporation 0
FBR Asset Management Holdings Inc. 0
FBR Fund Advisors, Inc. 0
(iv) Shared power to dispose or to direct the disposition of:
Friedman, Billings, Ramsey Group, Inc. 4,101,225
FBR TRS Holdings, Inc. 4,101,225
FBR Capital Markets Corporation 4,101,225
FBR Asset Management Holdings Inc. 4,101,225
FBR Fund Advisors, Inc. 4,101,225
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities check the following [ ].
Not Applicable
_______________________________________________________________________
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not Applicable.
_______________________________________________________________________
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company or Control
Person.
FBR Fund Advisors, Inc.
_______________________________________________________________________
Item 8. Identification and Classification of Members of the Group.
Not Applicable.
_______________________________________________________________________
Item 9. Notice of Dissolution of Group.
Not Applicable.
______________________________________________________________________
Item 10. Certifications.
"By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and
are not held in connection with or as a participant in any transaction
having such purpose or effect."
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 13, 2009
----------------------------------------
(Date)
Friedman, Billings, Ramsey Group, Inc.*
/s/ D. Scott Parish
----------------------------------------
(Signature)
D. Scott Parish
Assistant Corporate Secretary
----------------------------------------
(Name/Title)
FBR TRS Holdings, Inc.*
/s/ Kurt R. Harrington
----------------------------------------
(Signature)
Kurt R. Harrington
Executive Vice President, Chief Financial
Officer and Treasurer
----------------------------------------
(Name/Title)
FBR Capital Markets Corporation*
/s/ Ann Marie Pulsch
----------------------------------------
(Signature)
Ann Marie Pulsch
Assistant Corporate Secretary
----------------------------------------
(Name/Title)
FBR Asset Management Holdings, Inc.*
/s/ Ann Marie Pulsch
----------------------------------------
(Signature)
Ann Marie Pulsch
Corporate Secretary
----------------------------------------
(Name/Title)
FBR Fund Advisers, Inc.*
/s/ Winsor H. Aylesworth
----------------------------------------
(Signature)
Winsor H. Aylesworth
Treasurer and Corporate Secretary
----------------------------------------
(Name/Title)
*The Reporting Persons disclaim beneficial ownership in the shares represented
herein except to the extent of their pecuniary interest therein.
Note. Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
for whom copies are to be sent.
Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13G dated February 13, 2009,
relating to the Common stock, no par value per share, of Penn National Gaming,
Inc. shall be filed on behalf of the undersigned.
FRIEDMAN, BILLINGS, RAMSEY GROUP, INC.*
By: /s/ Scott Parish
Name: Scott Parish
Title: Assistant Corporate Secretary
FBR TRS HOLDINGS, INC,*
By: /s/ Kurt R. Harrington
Name: Kurt R. Harrington
Title: Executive Vice President, Chief
Financial Officer and Treasurer
FBR CAPITAL MARKETS CORPORATION*
By: /s/ Ann Marie Pulsch
Name: Ann Marie Pulsch
Title: Assistant Corporate Secretary
FBR ASSET MANAGEMENT HOLDINGS, INC.
By: /s/ Ann Marie Pulsch
Name: Ann Marie Pulsch
Title: Corporate Secretary
FBR FUND ADVISERS, INC.*
By: /s/ Winsor H. Aylesworth
Name: Winsor H. Aylesworth
Title: Treasurer and Corporate Secretary
*The Reporting Persons disclaim beneficial ownership in the shares reported
herein except to the extent of their pecuniary interest therein