Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
| PENN Entertainment, Inc. | ||
| (Name of Issuer) | ||
| Common Stock, par value $0.01 per share | ||
| (Title of Class of Securities) | ||
| 707569109 | ||
| (CUSIP Number) | ||
|
Christopher M. McLean HG Vora Capital Management, LLC 330 Madison Avenue, 21st Floor New York, NY 10017 (212) 707-4300 |
||
|
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
Copy to: Jeffrey Katz Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199 (617) 951-7072 |
||
| January 12, 2024 | ||
| (Date of Event Which Requires Filing of this Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
*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 disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Act”) 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
| (1) | NAME OF REPORTING PERSON: HG Vora Capital Management, LLC |
| (2) | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| (a) | o |
| (b) | o |
| (3) | SEC USE ONLY |
| (4) | SOURCE OF FUNDS: AF (See Item 3) |
| (5) | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) o |
| (6) | CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware |
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: | (7) |
SOLE VOTING POWER: 0
| ||
| (8) |
SHARED VOTING POWER: 14,500,000
| |||
| (9) |
SOLE DISPOSITIVE POWER: 0
| |||
| (10) |
SHARED DISPOSITIVE POWER: 14,500,000
|
| (11) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 14,500,000 |
| (12) |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
|
| (13) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.6% |
| (14) | TYPE OF REPORTING PERSON: IA, OO (Delaware Limited Liability Company) |
| (1) | NAME OF REPORTING PERSON: Parag Vora |
| (2) | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP |
| (a) | o |
| (b) | o |
| (3) | SEC USE ONLY |
| (4) | SOURCE OF FUNDS: AF (See Item 3) |
| (5) | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) o |
| (6) | CITIZENSHIP OR PLACE OF ORGANIZATION: United States |
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH: |
(7) |
SOLE VOTING POWER: 0
| ||
| (8) |
SHARED VOTING POWER: 14,500,000
| |||
| (9) |
SOLE DISPOSITIVE POWER: 0
| |||
| (10) |
SHARED DISPOSITIVE POWER: 14,500,000
|
| (11) | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 14,500,000 |
| (12) |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
|
| (13) | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 9.6% |
| (14) | TYPE OF REPORTING PERSON: IN |
This Amendment No. 1 to the Schedule 13D (“Amendment No. 1”) amends and supplements the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission (“SEC”) on December 28, 2023 (the “Original Schedule 13D”), relating to the common stock, par value $0.01 per share (the “Common Stock”) of PENN Entertainment, Inc., a Pennsylvania corporation (the “Issuer”). Except as specifically provided herein, this Amendment No. 1 does not modify any of the information previously reported in the Original Schedule 13D. Capitalized terms used herein and not otherwise defined in this Amendment No. 1 have the meanings set forth in the Original Schedule 13D.
| Item 4. | Purpose of Transaction. |
Item 4 of the Original Schedule 13D is hereby amended and supplemented by adding the following to the end thereof:
On January 12, 2024, the Reporting Persons sent a letter to the Issuer (the “Letter”) to bring to the Issuer’s attention the fact that the unequal allocation of members across each class of the Issuer’s Board of Directors is in violation of the Pennsylvania Business Corporation Law of 1988 and the Issuer’s Second Amended and Restated Articles of Incorporation and disenfranchises shareholders by artificially constricting the number of directors who may stand for re-election at the Company’s 2024 annual meeting.
The foregoing description of the Letter is qualified in its entirety by reference to the full text of the Letter, a copy of which is attached as Exhibit 99.2 to this Amendment No. 1 and incorporated herein by reference.
| Item 7. | Material to be Filed as Exhibits. |
Item 7 of the Original Schedule 13D is hereby amended to add the following exhibit:
Exhibit 99.2: Letter to PENN Entertainment, Inc., dated January 12, 2024.
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.
January 16, 2024
| HG VORA CAPITAL MANAGEMENT, LLC | ||||
| By: | /s/ Parag Vora | |||
| Name: | Parag Vora | |||
| Title: | Manager | |||
| /s/ Parag Vora | ||
| Parag Vora |