Penn Entertainment Plans New Hollywood Casino in Council Bluffs

Penn Entertainment will soon retire its long-running riverboat casino in Council Bluffs to build a new, land-based venue under the Hollywood Casino brand. The Iowa Racing and Gaming Commission has approved this project, which is expected to cost between $180 million and $200 million.

Hollywood Casino Set to Rise Beside Ameristar Hotel as Penn Shifts Gears in Council Bluffs

The upcoming Hollywood Casino Council Bluffs will sit next to the existing Ameristar Casino Hotel. It will bring all gambling activities to one floor, with about 58,000 square feet for gaming. The whole place will cover around 125,000 square feet. It will keep popular spots like the 160-room hotel, places to eat, and the ESPN BET sportsbook.

Company bosses said this change comes as new casinos open in nearby Nebraska, bringing more competition. They see the move as a smart upgrade and a way to boost their presence in the Omaha area. The current Ameristar boat, which has been on the Missouri River since 1996, will shut down when the new building opens.

Building is set to kick off once the design and permits are sorted out, with the project expected to wrap up in 18 to 24 months. For funding, there is a chance to get up to $150 million from Gaming and Leisure Properties Inc. They are offering this money either as a lease or a loan that can be paid back running for five years at a 7.1% cap rate.

Hollywood Casino Project Marks Strategic Shift, Earning Praise from Penn and Local Leaders

Todd George, who runs operations at Penn Entertainment as Executive Vice President, pointed out that the land-based casino will make things run smoother and offer customers a better quality experience. He also added:

“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 Racing and Gaming Commission for their approval today and are grateful for the continued collaboration with our partners at the Iowa West Racing Association.”

Brenda Mainwaring, President and CEO of the Iowa West Racing Association — a nonprofit partner needed for licensing — commended the company’s dedication to the area. She recognized the riverboat’s long-term contribution to the community by creating jobs and supporting charities, and felt hopeful that the new project would carry on this tradition.

The name change from Ameristar to Hollywood Casino Council Bluffs will keep three Ameristar-branded properties in Penn’s portfolio. This move signals a shift from riverboat gambling to newer facilities and shows a change in plan to stay competitive in the changing Midwest gaming scene.