Penn Entertainment will break ground on Monday for a new land-based Hollywood-branded casino in Council Bluffs, Iowa, as it replaces its adjacent Ameristar Council Bluffs riverboat casino.
“Coupled with our recent announcement in New Orleans, we continue to prioritize organic growth opportunities with a disciplined approach to strengthening Penn’s competitive position in our markets across the country,” Penn CEO and President Jay Snowden said in a statement.
The new land-based casino will cost $180 million to $200 million and will become the company’s 20th Hollywood-branded gaming facility. Hollywood Council Bluffs will feature 1,000 slots and 25 live table games.
The new casino will connect to an existing pavilion and hotel with 160 rooms. The existing riverboat casino employs over 500 employees. Construction of the new casino is projected to take approximately 18 to 24 months and employ 450 construction workers.
Upon completion, Hollywood Council Bluffs will add an additional 50 jobs.
The new casino will be Penn’s third landside relocation in recent years, following the grand openings of Hollywood Casino Joliet and Hollywood Casino Hotel Aurora, both in Illinois, in 2025 and 2026.
Penn recently announced the proposed relocation and rebranding of its riverboat operations in New Orleans. The $195 million Hollywood Casino New Orleans is expected to open in 2029, pending regulatory approval.
Penn is entitled to obtain financing for the project from Gaming and Leisure Properties (GLPI) of up to $415 million at a 7.1% cap rate, which may be structured at Penn’s option as either rent or a five-year loan that is pre-payable at any time without penalty.
