Penn Entertainment Breaks Ground on $200 Million Land-Based Replacement for Ameristar Council Bluffs
Penn Entertainment breaks ground on a $180-200 million land-based Hollywood Casino to replace the Ameristar riverboat in Council Bluffs. The build includes 1,000 slots, 25 tables, new F&B outlets, 450 construction jobs and 50 permanent roles. It continues the operator’s inland conversions in Iowa, Louisiana and Illinois after the state’s 2007 land-based legalization.
SCCG Take — The project removes riverboat limitations and expands capacity where most Iowa casinos already operate on land. It reinforces disciplined organic investment over acquisition in competitive regional markets.
Penn Entertainment will break ground on Monday (Sept. 14) on a land-based casino in Council Bluffs, Iowa. The project replaces the Ameristar riverboat with a Hollywood Casino Hotel facility at a cost of $180 million to $200 million. The operator is moving inland in a jurisdiction where most competitors already operate from fixed sites.
The venue will contain 1,000 slot machines and 25 live dealer table games. It connects to the existing 160-room hotel and adds several dining options, including the first Shake Shack in the Omaha metropolitan area and a fast-casual Asian concept called Red Lotus. The property will also retain The Sportsbook Restaurant and Bar, 1853 Bistro and Steakhouse, Club 38 VIP Lounge, and the buffet.
Construction will last 18 to 24 months. The project creates 450 construction jobs and 50 permanent positions on top of the current staff of more than 500 employees. Gaming and Leisure Properties Inc. is supplying up to $150 million in financing at a capped rate of 7.1 percent. Penn Entertainment may repay through rent or a five-year prepayable loan.
Transition from Riverboat to Land-Based
Iowa legalized land-based casino gambling in 2007. Of the 19 commercial casinos in the state, all but Lakeside Hotel Casino and Ameristar are already land-based. Cedar Crossing Casino, the next brick-and-mortar development, opens in November.
Penn Entertainment has completed similar inland moves in Louisiana and Illinois. 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.” Snowden added that the company continues to prioritize organic growth opportunities with a disciplined approach to strengthening its competitive position.
Historical Context and Forward Outlook
Ameristar Casinos opened the Council Bluffs riverboat in January 1996. Pinnacle Entertainment acquired Ameristar Casinos in 2013. Penn Entertainment purchased Pinnacle in 2018 for $2.8 billion in cash and stock, according to reporting by Casino.org.
The conversion removes physical constraints tied to riverboat operations and expands the gaming floor and amenities in a mature Midwest market. Operators in adjacent jurisdictions will track whether the upgraded facility lifts local handle and hold.
Reporting: Casino.org News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Penn keeps investing in legacy brick‑and‑mortar conversions while peers chase digital—disciplined, unglamorous, and profitable in stable regional markets.
We've watched every major operator wrestle with capital allocation: chase shiny iGaming or grind out margin in land‑based. Penn is choosing the latter in Iowa, Louisiana, Illinois—bringing riverboats inland, upgrading F&B, and taking share where regulations and loyalty still favor physical assets. Boring wins.
- $180–200M land‑based Hollywood Casino replaces Ameristar riverboat; 1,000 slots, 25 tables, 18–24 month build
- 450 construction jobs, 50 new permanent roles; GLPI financing up to $150M at 7.1% cap
- 18 of 19 Iowa casinos already land‑based; Penn completing similar conversions in LA and IL
SCCG angle: SCCG has partner relationships across construction, F&B concepts, and gaming suppliers in the Midwest. When you're converting legacy assets or entering new land‑based jurisdictions, we connect you to the vendors, architects, and regulators who've done it—so your timeline and budget hold.
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