---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-119994"
form_type: "8-K"
ticker: "PENN"
cik: "0000921738"
company_name: "PENN Entertainment, Inc."
filed_at: "2025-12-10T23:59:59+00:00"
generated_at: "2026-05-16T13:43:36.554848+00:00"
event_type: "regulatory"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Colorado gaming regulator imposes investor control condition; PENN amends bylaws

## Summary
- Colorado Limited Gaming Control Commission added condition to Ameristar Casino Black Hawk license on Nov 20, 2025.
- Condition requires investor suitability determination before acquiring control or influence over PENN or Ameristar.
- Applies to investors seeking to nominate directors, exercise management rights, or propose mergers.
- PENN Board adopted Sixth A&R Bylaws on Dec 9, 2025, reflecting the condition for director nominations and shareholder proposals.

## SEC filing metadata
- accession: 0001104659-25-119994
- form_type: 8-K
- ticker: PENN
- cik: 0000921738
- company_name: PENN Entertainment, Inc.
- filed_at: 2025-12-10T23:59:59+00:00
- event_type: regulatory
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/921738/000110465925119994/0001104659-25-119994-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/921738/000110465925119994/tm2533114d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-119994
- JSON: https://secwatch.observer/filing/0001104659-25-119994.json
- Plain text: https://secwatch.observer/filing/0001104659-25-119994.txt

## Key facts
- Governance Changes
  PENN Entertainment, Inc.: Amended bylaws to incorporate a condition from the Colorado Limited Gaming Control Commission that restricts investors from acquiring control or influence without Commission suitability determination, affecting director nominations and shareholder proposals (effective 2025-12-09).
  - Change: bylaw amendment
  - Effective: 2025-12-09
  source text: the Board of Directors (the “Board”) of the Company on December 9, 2025 approved and adopted, effective as of that date, certain amendments to the Company’s Fifth Amended and Restated Bylaws, as incorporated in the Company’s Sixth Amended and Restated Bylaws (the “Sixth A&R Bylaws”), which reflect this condition with respect to the nomination of directors and shareholder proposals.
  evidence_url: https://www.sec.gov/Archives/edgar/data/921738/000110465925119994/0001104659-25-119994-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.