Penn Unveils Plans for New Hollywood Casino in Iowa
Penn Entertainment is preparing to retire its long-standing riverboat casino in Council Bluffs, Iowa, and replace it with a modern, land-based facility branded as Hollywood Casino.
LISTEN TO THIS ARTICLE:The Iowa Racing and Gaming Commission has officially approved the development, which is expected to cost between $180 million and $200 million.
The upcoming Hollywood Casino Council Bluffs will be located adjacent to the current Ameristar Casino Hotel. The new building will consolidate all gaming onto a single level, offering around 58,000 square feet of gaming space within a larger structure totaling approximately 125,000 square feet. The development will maintain amenities such as a 160-room hotel, dining options, and the ESPN BET sportsbook.
Staying Ahead of the Online Industry
The shift comes in response to increasing competition from recently launched casinos across the state border in Nebraska. Penn Entertainment executives view the move as both a modernization effort and a strategy to strengthen their footprint in the greater Omaha area. Once the new property opens, the existing Ameristar riverboat, which has operated on the Missouri River since 1996, will close permanently.
Construction is expected to begin following final design approvals and permitting, with the project anticipated to take between 18 and 24 months to complete. Financing options include a potential contribution of up to $150 million from Gaming and Leisure Properties Inc. The funding could come in the form of a lease or a loan repayable over five years at a 7.1% cap rate.
Todd George, Executive Vice President of Operations at Penn Entertainment, has spoken of the advantages of moving to a land-based model, saying it would streamline operations and enhance the guest experience.
PENN’s diversified portfolio of casino properties is core to our omni-channel approach to entertainment, which combines our best-in-class retail operations and a database of more than 32 million PENN Play members with our robust interactive and media footprint. We thank the Iowa Iowa Racing and Gaming Commission for their approval today and are grateful for the continued collaboration with our partners at the Iowa West Racing Association.
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Supporting the Local Economy
Brenda Mainwaring, President and CEO of the Iowa West Racing Association, has praised Penn Entertainment’s investment in the region. She acknowledged the riverboat casino’s historical role in creating jobs and supporting charitable causes and expressed optimism that the new development will continue this legacy.
As part of the transformation, the venue will be rebranded from Ameristar to Hollywood Casino Council Bluffs. Despite the change, three Ameristar-branded properties will remain in Penn’s portfolio. This transition is part of a broader trend in the Midwest casino industry, with operators moving away from riverboat models in favor of more modern facilities.
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