Penn Entertainment is preparing to close its venerable riverboat casino in Council Bluffs to make room for a modern, land-based venue under the Hollywood Casino brand. The Iowa Racing and Gaming Commission has given the green light to this ambitious project, which is projected to cost between $180 million and $200 million.
Penn Entertainment executives see this move as a strategic response to the emergence of new casinos in neighboring Nebraska, which have increased competition. By shifting from the riverboat model, which has been anchored on the Missouri River since 1996, to a state-of-the-art land-based facility, Penn intends to bolster its market presence in the Omaha area. Construction is set to begin once the design and permits are complete, with an estimated timeline of 18 to 24 months for completion. Funding for this initiative could include up to $150 million sourced from Gaming and Leisure Properties Inc., offered either as a lease or a loan payable over five years at a 7.1% cap rate.
The new Hollywood Casino Council Bluffs will be conveniently located next to the existing Ameristar Casino Hotel, bringing all gambling activities to a spacious single floor of around 58,000 square feet. The entire facility aims to cover approximately 125,000 square feet and will continue to offer cherished amenities like the 160-room hotel, various dining options, and the ESPN BET sportsbook.
Penn Entertainment executives see this move as a strategic response to the emergence of new casinos in neighboring Nebraska, which have increased competition. By shifting from the riverboat model, which has been anchored on the Missouri River since 1996, to a state-of-the-art land-based facility, Penn intends to bolster its market presence in the Omaha area. Construction is set to begin once the design and permits are complete, with an estimated timeline of 18 to 24 months for completion. Funding for this initiative could include up to $150 million sourced from Gaming and Leisure Properties Inc., offered either as a lease or a loan payable over five years at a 7.1% cap rate.
Penn Entertainment’s Executive Vice President, Todd George, emphasized that this transition to a land-based casino would streamline operations and significantly enhance the customer experience. In George’s words, “PENN’s diversified
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