SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                 SCHEDULE 13G/A

                        Under the Securities Act of 1934




                         Penn National Gaming, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)


                    COMMON STOCK, NO PAR VALUE
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    707569109
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                               February 28, 2009
--------------------------------------------------------------------------------
            (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)


----------
(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/A


________________________________________________________________________________
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
                    3,762,855
  OWNED BY
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER
                    3,762,855
    WITH
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    3,762,855

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                    4.80%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                    HC

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!




CUSIP No. 707569109                     13G/A


________________________________________________________________________________
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
                    3,762,855
  OWNED BY
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER
                    0
  REPORTING
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER
                    3,762,855
    WITH
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    3,762,855

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                    4.80%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                    CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 707569109                 13G/A


________________________________________________________________________________
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
                    3,762,855
  OWNED BY
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER
                    0
  REPORTING
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER
                    3,762,855
    WITH
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    3,762,855

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                    4.80%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                    CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 707569109                  13G/A


________________________________________________________________________________
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
                    3,762,855
  OWNED BY
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER
                    0
  REPORTING
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER
                    3,762,855
    WITH
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    3,762,855

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                    4.80%

________________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                    CO

________________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!



CUSIP No. 707569109                  13G/A


________________________________________________________________________________
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
                    3,762,855
  OWNED BY
               _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER
                    0
  REPORTING
               _________________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER
                    3,762,855
    WITH
________________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                    3,762,855

________________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]

________________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                    4.80%

________________________________________________________________________________
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/A


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.3,762,855
                FBR TRS Holdings, Inc.                3,762,855
                FBR Capital Markets Corporation       3,762,855
                FBR Asset Management Holdings Inc.    3,762,855
                FBR Fund Advisors, Inc.               3,762,855
          ______________________________________________________________________

     (b)  Percent of class:

                Friedman, Billings, Ramsey Group, Inc.  4.80%
                FBR TRS Holdings, Inc.                  4.80%
                FBR Capital Markets Corporation         4.80%
                FBR Asset Management Holdings Inc.      4.80%
                FBR Fund Advisors, Inc.                 4.80%

          ______________________________________________________________________

     (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.  3,762,855
                FBR TRS Holdings, Inc.                  3,762,855
                FBR Capital Markets Corporation         3,762,855
                FBR Asset Management Holdings Inc.      3,762,855
                FBR Fund Advisors, Inc.                 3,762,855


          (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.  3,762,855
                FBR TRS Holdings, Inc.                  3,762,855
                FBR Capital Markets Corporation         3,762,855
                FBR Asset Management Holdings Inc.      3,762,855
                FBR Fund Advisors, Inc.                 3,762,855




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 [x].


         _______________________________________________________________________

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.

                                                  March 6, 2009
                                        ----------------------------------------

                                                     (Date)

                                        Friedman, Billings, Ramsey Group, Inc.*


                                              /s/ D. Scott Parish
                                        ----------------------------------------
                                                     (Signature)

                                                  D. Scott Parish
                                                  Corporate Secretary
                                        ----------------------------------------
                                                     (Name/Title)


                                        FBR TRS Holdings, Inc.*


                                            /s/ D. Scott Parish
                                        ----------------------------------------
                                                     (Signature)

                                                  D. Scott Parish
						  Corporate Secretary
                                        ----------------------------------------
                                                     (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/A dated March 6, 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/ D. Scott Parish
Name:  D. Scott Parish
Title: Corporate Secretary


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