PENN Entertainment Breaks Ground on $180-200 Million Land-Based Hollywood Casino to Replace Iowa Riverboat

PENN Entertainment broke ground September 14 on a new Hollywood Casino in Council Bluffs, Iowa. The project carries a cost of between $180 million and $200 million and carries a scheduled opening in 2028. It will replace the Ameristar riverboat facility, according to reporting by GamblingNews.

The new land-based venue will connect to the existing 160-room hotel and current amenities that include The Sportsbook Restaurant and Bar, 1853 Bistro and Steakhouse, Club 38 VIP Lounge, and the Buffet. Hollywood Council Bluffs General Manager Paul Czak said the complex will have a more modern feel than the current property.

PENN Entertainment CEO and President Jay Snowden stated: “We are thrilled to be celebrating yet another transition from riverboat gaming to a new best-in-class entertainment destination.” Attendees at the event included Council Bluffs Mayor Jill Shudak, PENN Entertainment Senior Vice President of Regional Operations Aaron Rosenthal, and Iowa West Foundation President and CEO Brenda Mainwaring.

Project Scope and Economic Impact

The casino floor will contain more than 1,000 slot machines and 25 live dealer table games. Planned additions include the first Shake Shack in the Omaha metropolitan area, a Red Lotus fast-casual Asian restaurant, and a new parking garage. The build is expected to create 450 construction jobs and 50 permanent positions at a site that currently employs more than 500 people. Construction timelines run between 18 and 24 months.

Gaming and Leisure Properties will supply up to $150 million of the financing at a capped interest rate of 7.1%. Repayment can occur through portions of rent obligations or via a five-year loan that permits early payoff with no penalty.

Iowa’s Shift from Riverboat Models

The Hawkeye State officially legalized casino gambling at brick-and-mortar venues in 2007. Of the state’s 19 commercial casinos, only Lakeside Hotel Casino and Ameristar currently operate on land; the remainder use riverboat formats. Cedar Crossing Casino, another land-based property, is scheduled to open in November.

This replacement aligns with the state’s move away from the original 1989 riverboat framework. The development produces a different physical layout and expanded amenities without altering the core licence.

What the Transition Requires

The project demonstrates the capital outlay and landlord coordination needed to retire legacy riverboat assets in established markets. Operators holding similar aging infrastructure face parallel decisions on timing and financing as competitive pressure from modernized venues increases. The 2028 opening will supply one data point on execution.

Reporting: GamblingNews

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