- PENN Entertainment plans a $180-$200 million relocation of its Ameristar Casino Hotel Council Bluffs riverboat operations to a new land-based site.
- The Iowa Racing and Gaming Commission approved the proposal, allowing for a 15-year extension with the Iowa West Racing Association.
- PENN has secured financing options up to $150 million for the project from Gaming and Leisure Properties, Inc. (GLPI).
PENN Entertainment, Inc. (PENN, Financial) has announced plans to transform its Ameristar Casino Hotel Council Bluffs from riverboat operations to a land-based casino named Hollywood Casino Council Bluffs. With an expected project budget of $180-$200 million, the new development will include approximately 125,000 square feet, featuring 58,000 square feet of gaming space and over 1,000 gaming positions on a single level.
This significant initiative received approval from the Iowa Racing and Gaming Commission, along with a 15-year extension of Ameristar’s partnership with the Iowa West Racing Association. The project aims to enhance the casino's competitive positioning within the greater Omaha market.
The financing for this project will be facilitated through a partnership with Gaming and Leisure Properties, Inc. (GLPI), offering up to $150 million at a 7.10% cap rate. PENN is entitled to structure this financing as either rent or a 5-year term loan, repayable at any time without penalty.
Construction of the new facility is projected to take 18-24 months, beginning after completing the design and permitting process. This development complements the existing ESPN BET sportsbook, hotel, and dining options of the current landside infrastructure.
PENN Entertainment, a leader in integrated entertainment and casino gaming, continues to leverage partnerships and its diversified portfolio to expand its footprint in North America. The company's robust interaction with media through brands like ESPN and theScore BET fortifies its strategy to grow its customer ecosystem effectively.
