Construction blueprint unveiled: Penn plotting to extend Hollywood casino to riverfront
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Penn Entertainment's Game-Changing Move in Council Bluffs
Here's a lowdown on Penn Entertainment's exciting and high-stakes casino shakeup! The superstar in casino gaming, Penn Entertainment Inc. (Nasdaq: PENN), has clearly signaled its intent with the announcement of replacing its vintage Ameristar riverboat casino in Council Bluffs, IA. And guess what? They're pouring up to a whopping $200 million into building a fabulous, land-based Hollywood Casino instead.
This groundbreaking initiative, approved by the Iowa Racing and Gaming Commission on April 24, 2025, signifies a massive shift for Penn Entertainment. As the competition heats up with fresh casinos popping up across the Nebraska border, it's our top gun's smart response to stay ahead of the game. The project also continues the company's strategic 15-year partnership with the Iowa West Racing Association (IWRA), a crucial nonprofit partner required under Iowa gaming regulations.
The new Hollywood Casino Council Bluffs will encompass around 125,000 square feet, boasting a single-level gaming space of approximately 58,000 square feet and over 1,000 gaming positions. It will uphold the ESPN BET sportsbook, offer a 160-room hotel, and serve scrumptious dining options—all nestled in the land-side portion of the current complex. Construction is estimated to take 18 to 24 months once design and permitting are all set [1][3].
A Fresh Start for Council Bluffs
Todd George, Penn's EVP of Operations, expressed his enthusiasm for this relocation project, claiming it's part of the broader mission to streamline operations and strengthen the company's position in the greater Omaha market.
Gaming enthusiasts will bid farewell to the current three-level riverboat Ameristar Casino, which has operated since 1996. The Ameristar will decommission once the vibrant, Hollywood-branded facility opens its doors [1][3].
Bankrolling the Future
Penn has pulled some strings to secure up to $150 million of financing with Gaming and Leisure Properties, Inc. (Nasdaq: GLPI). The deal allows for either a long-term lease or a five-year loan at a 7.10% cap rate, permitting early repayment with zero penalties [2].
Brenda Mainwaring, the president and CEO of the IWRA, praised Penn's commitment to the community, acknowledging the casino's vital role in providing dining, entertainment, jobs, and supporting local charities for nearly three decades.
Raising the Hollywood Stakes
With this development, the property's name will change from Ameristar Casino Hotel Council Bluffs to Hollywood Casino Council Bluffs. While the company will continue running three other Ameristar-branded casinos elsewhere, it's clear that Penn Entertainment is stepping up its game.
Based in Pennsylvania, Penn Entertainment boasts a presence in 28 jurisdictions and ranks as one of North America's largest providers of integrated gaming and entertainment. The company is also tirelessly building a digital media and sports betting ecosystem through its ESPN BET partnership and theScore brand in Canada.
Stay tuned for exciting updates as Penn Entertainment continues to shake up the casino world!
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References:
- PENN Entertainment launches theScore Casino app in Ontario
- MLB players sign licensing deal with PENN Entertainment
- Penn Entertainment Planning Massive $200 Million Overhaul of Council Bluffs Casino
- Iowa Racing and Gaming Commission approves Penn Entertainment's casino renovation plan
- Construction timeline for Penn Entertainment's new Hollywood Casino in Council Bluffs estimated at 18-24 months
- In a significant move, Penn Entertainment, known for its dominance in the casino industry, will replace its original Ameristar riverboat casino in Council Bluffs, Iowa, with a new, land-based Hollywood Casino, after investing a substantial $200 million.
- The Iowa Racing and Gaming Commission, having approved this project on April 24, 2025, despite some competitive casinos emerging in Nebraska, is a testament to Penn Entertainment's strategic foresight to remain competitive.
- This relocation, planned for Council Bluffs, forms part of Penn Entertainment's long-term strategy to bolster its presence in the greater Omaha market and consolidate its operations.
- The new Hollywood Casino Council Bluffs will span around 125,000 square feet, featuring a single-level gaming area of approximately 58,000 square feet, more than 1,000 gaming positions, an ESPN BET sportsbook, a 160-room hotel, and delectable dining options, all situated within the current complex's land-side portion.
- In order to finance this ambitious project, Penn Entertainment has partnered with Gaming and Leisure Properties, Inc., securing up to $150 million, with either a long-term lease or a five-year loan available at a 7.10% cap rate, offering early repayment flexibility.
- The casino's name will be changed from Ameristar Casino Hotel Council Bluffs to Hollywood Casino Council Bluffs, as Penn Entertainment aims to raise the stakes in its casino-and-gambling business, aligning the brand with the allure of casino culture—particularly in Las Vegas—where the company seeks to leave a lasting impression.
