PENN Entertainment has unveiled a $180–$200 million initiative to transition its Ameristar Casino Hotel Council Bluffs from riverboat operations to a land-based facility, rebranding it as Hollywood Casino Council Bluffs. The Iowa Racing and Gaming Commission approved the proposal, which includes a 15-year extension of Ameristar’s partnership with the Iowa West Racing Association.
The new development will encompass approximately 125,000 square feet, featuring 58,000 square feet of gaming space with over 1,000 gaming positions on a single level. This facility will complement the existing ESPN BET sportsbook, a 160-room hotel, and dining options currently available in the landside portion of the infrastructure. The existing riverboat, which presently offers gaming across three levels, will be vacated upon the opening of the new property.
PENN has secured an option to partner with Gaming and Leisure Properties, Inc. to facilitate and fund up to $150 million of the expected project budget. The financing may be structured as either rent or a five-year term loan, pre-payable at any time without penalty. Construction is anticipated to take approximately 18–24 months following the design and permitting approval process.
This move aligns with PENN’s broader strategy to modernize its gaming operations and enhance customer experiences. The transition from riverboat to land-based gaming reflects industry trends favoring more accessible and expansive facilities.
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