Penn Entertainment to move Iowa riverboat casino

Penn Entertainment (Penn) has announced plans to relocate its Iowa-based riverboat casino to a land-based location.

The project is reported to be in the region of $180 to $200 million to relocate the Ameristar Casino Hotel Council Bluffs riverboat casino operations. The site will move to a “state-of-the-art land-based property,” said Penn, which will be rebranded as Hollywood Casino Council Bluffs.

Penn runs a portfolio of entertainment and casino locations in twenty-eight jurisdictions across the United States. Penn is also the owner of ESPN Bet, with substantive ties to the NBA, NFL, and a plethora of sports across the country. The company runs gambling site, theScore, the Canadian equivalent to ESPN Bet.

The Iowa Racing and Gaming Commission approved the move on 24 April 2025, and added a fifteen-year extension of Ameristar’s partnership with the nonprofit Qualified Sponsoring Organization (“QSO”), Iowa West Racing Association.

Todd George, Executive Vice President of Operations for PENN, said, “This project will enhance the quality and efficiency of our Council Bluffs location and significantly improve the property’s competitive positioning in the greater Omaha market.”

The QSO must have a verified operating agreement in place with all commercial gaming operators to conduct business in the state of Iowa.

“We thank the Iowa Racing and Gaming Commission for their approval today and are grateful for the continued collaboration with our partners at the Iowa West Racing Association”, concluded George.

It is anticipated that the facility could take up to two years to complete and will be backed by funding from “Gaming and Leisure Properties, Inc. (“GLPI”) (Nasdaq: GLPI) of up to $150 million at a 7.10% cap rate, which may be structured at PENN’s option as either rent or a 5-year term loan that is pre-payable at any time without penalty,” said the release.

Image: Penn Entertainment.

The post Penn Entertainment to move Iowa riverboat casino appeared first on ReadWrite.