PENN Starts $180 Million Hollywood Casino Council Bluffs Project Today

PENN Entertainment will break ground on Hollywood Casino Hotel Council Bluffs on September 14, replacing the Ameristar Council Bluffs riverboat with a new land based casino.

The Iowa project carries an expected budget of $180 million to $200 million. PENN now targets an opening in Q4 2027 or early 2028, subject to regulatory approvals.

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Good to Know

• Hollywood Casino Council Bluffs will offer about 1,000 slots and 25 live table games.
• PENN can access up to $150 million from Gaming and Leisure Properties for the project.
• Construction should create about 450 jobs, with roughly 50 permanent roles added after opening.

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PENN Replaces Council Bluffs Riverboat

The new casino will connect directly to the existing hotel and pavilion, giving guests access to more than 160 rooms, dining, a sportsbook restaurant, Club 38 VIP Lounge and other amenities.

PENN also plans two new food outlets. Shake Shack will enter the Omaha metropolitan area through the property, while Red Lotus will offer Asian dishes, noodles and Southeast Asian food.

Ameristar Council Bluffs currently employs more than 500 people. PENN expects the replacement project to add around 50 permanent jobs on top of the existing workforce.

Jay Snowden, CEO and President of PENN Entertainment, said:

“We are thrilled to be celebrating yet another transition from riverboat gaming to a new best-in-class entertainment destination. 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.”

GLPI Can Fund Up to $150 Million

PENN has the option to obtain up to $150 million from Gaming and Leisure Properties at a 7.10% cap rate.

The company can structure that funding as rent or as a five year loan. PENN can repay the loan early without penalty. The financing covers most of the expected $180 million to $200 million development cost.

The Council Bluffs project also fits a wider PENN strategy of replacing older riverboat casinos with land based Hollywood branded properties.

Hollywood Casino Joliet opened in Illinois in 2025, followed by Hollywood Casino Aurora in 2026. Council Bluffs will become the 20th Hollywood branded gaming property in the PENN portfolio.

PENN also plans a $195 million Hollywood Casino New Orleans project to replace Boomtown Casino New Orleans riverboat operations, with an expected 2029 opening subject to approval.

Iowa law adds another local requirement. Commercial casino operators must maintain an agreement with a licensed nonprofit Qualified Sponsoring Organization. Iowa regulators approved a 15 year extension of the Council Bluffs partnership with the Iowa West Racing Association when PENN announced the land based project in April 2025.

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FAQ

When will Hollywood Casino Council Bluffs open?

PENN currently expects the casino to open in Q4 2027 or early 2028, subject to regulatory approvals.

How much will Hollywood Casino Council Bluffs cost?

PENN expects the project to cost between $180 million and $200 million.

How large will the new casino be?

The gaming floor will offer about 1,000 slot machines and 25 live table games.

What happens to Ameristar Council Bluffs?

The new land based Hollywood Casino will replace the existing Ameristar Council Bluffs riverboat gaming operation.

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