WYOMISSING, PA — PENN Entertainment, Inc. (Nasdaq: PENN) has announced its plans to invest $180–$200 million in relocating its Ameristar Casino Hotel Council Bluffs riverboat operations to a new land-based property to be rebranded as Hollywood Casino Council Bluffs. The Iowa Racing and Gaming Commission approved the project along with a 15-year extension of PENN’s partnership with the Iowa West Racing Association, a nonprofit Qualified Sponsoring Organization.
The new facility will feature 125,000 square feet of development, including a 58,000-square-foot gaming floor with over 1,000 gaming positions on a single level. The project, which integrates with the current landside amenities, such as the ESPN BET sportsbook and 160-room hotel, aims to replace the multi-level riverboat casino, enhancing convenience and operations.
“We are pleased to add another landside relocation to our pipeline of development projects,” said Todd George, Executive Vice President of Operations for PENN. “This project will enhance the quality and efficiency of our Council Bluffs location and significantly improve the property’s competitive positioning in the greater Omaha market.”
PENN plans to leverage its extensive database of over 32 million PENN Play members and interactive media assets to elevate the new Hollywood Casino’s appeal. The project further solidifies the company’s commitment to combining entertainment with cutting-edge facilities while maintaining its core strategy of community reinvestment.
Local leaders have expressed strong support for the initiative. Brenda Mainwaring, President & CEO of the Iowa West Racing Association, commented, “For nearly thirty years, the Ameristar riverboat has been providing not only dining and entertainment, but thousands of jobs and millions of dollars in support of our community. PENN’s commitment to reinvesting in Council Bluffs is laudable and we are grateful for our ongoing partnership.”
Construction is expected to begin after completing the design and permitting phase, taking approximately 18-24 months. Financing options include up to $150 million from Gaming and Leisure Properties, Inc. (Nasdaq: GLPI) at a 7.10% cap rate, offering PENN flexible funding terms.
This development underscores PENN’s focus on long-term growth, competitive positioning, and delivering modern, first-class experiences to guests. The company’s investment is poised to bolster entertainment opportunities while driving economic benefits to the Council Bluffs community.
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