PENN Entertainment, Inc. has unveiled plans for a significant project in Iowa, set to transform its Ameristar Casino Hotel Council Bluffs riverboat operations into the new Hollywood Casino Council Bluffs. This strategic move, estimated to cost between $180-$200 million, marks a pivotal shift in the region’s gambling landscape.
The Iowa Racing and Gaming Commission recently greenlit the proposal to relocate the casino, a decision that coincided with a 15-year extension of Ameristar’s partnership with the Iowa West Racing Association. This partnership underscores the importance of collaboration between commercial operators and Qualified Sponsoring Organizations (QSO) in the gaming industry.
With Hollywood Casino Council Bluffs set to boast an ESPN BET sportsbook and around 58,000 square feet of gaming space, the development signals a new era for PENN Entertainment. Todd George, the company’s Executive Vice President of Operations, emphasized the project’s role in enhancing the property’s competitiveness in the Omaha market.
The diversified portfolio of casino properties maintained by PENN forms a crucial component of its entertainment strategy, blending retail operations with interactive platforms. The company’s commitment to innovation and growth is evident in this latest venture, which aligns with its vision for an integrated approach to entertainment.
Upon completion, Hollywood Council Bluffs is projected to feature over 125,000 square feet of new development, including a single-level gaming space with over 1,000 positions. The addition of a 160-room hotel, dining facilities, and the existing ESPN BET sportsbook will enrich the overall entertainment experience for visitors.
As plans unfold for the new Hollywood Casino Council Bluffs, the current Ameristar riverboat casino will cease operations, paving the way for a new chapter in Council Bluffs’ gambling scene. Brenda Mainwaring, President & CEO of the Iowa West Racing Association, expressed enthusiasm for the project and its potential to rejuvenate the local economy.
Construction of the new facility is expected to span 18-24 months, post the design and permitting phase. Financing for the project will be facilitated by Gaming and Leisure Properties, Inc., with Hollywood Casino Council Bluffs set to receive up to $150 million at a 7.10% cap rate, offering flexibility in financing options.
Jose Del Pozo, an experienced iGaming analyst, views this development as a significant step in the industry’s evolution. With a decade of expertise in the casino and betting sector, Del Pozo’s insights shed light on the shifting dynamics and future prospects within the iGaming market.
As the landscape of gambling continues to evolve, projects like the Hollywood Casino Council Bluffs expansion exemplify the industry’s resilience and adaptability. The convergence of entertainment, technology, and consumer preferences underscores the need for strategic investments and forward-thinking initiatives to stay competitive in a dynamic market.
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