Penn Entertainment Breaks Ground On New Iowa Casino

Hollywood Casino Hotel Council Bluffs is expected to cost between $180 million and $200 million and will become the 20th Hollywood-branded gaming property in Penn's portfolio. 

The facility will feature approximately 1,000 slot machines and 25 live table games, and will connect directly to the existing pavilion and hotel, which has more than 160 rooms, along with 1853 Bistro and Steakhouse, The Sportsbook Restaurant and Bar, Club 38 VIP Lounge, and a buffet.

New dining options will include the first Shake Shack in the Omaha metropolitan area and Red Lotus, a fast-casual restaurant serving Asian cuisine, including noodle dishes and Southeast Asian specialties. 

The new casino is expected to open in 2028, pending customary regulatory approvals, and construction is projected to employ roughly 450 workers over 18 to 24 months.

Penn said it is entitled to obtain up to $415 million in financing for the project from Gaming and Leisure Properties (GLPI) at a 7.1% cap rate, structured at Penn's option as either rent or a five-year loan that can be prepaid at any time without penalty.

"We are incredibly excited for the future of Hollywood Casino Hotel Council Bluffs," said Paul Czak, vice president and general manager of Hollywood Council Bluffs. 

"This groundbreaking is a significant milestone on the road to a beautiful new facility that will create hundreds of jobs in the community and provide our guests with an even greater entertainment experience."

The Council Bluffs project is Penn's third landside relocation of a riverboat casino in recent years, following the openings of Hollywood Casino Joliet and Hollywood Casino Hotel Aurora, both in Illinois, in 2025 and 2026. 

Riverboat-to-landside conversions have become a recurring capital-spending theme for regional casino operators as states loosen restrictions that once tied licenses to a boat on water.

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The Council Bluffs property operates under the Iowa Racing and Gaming Commission's oversight, and the relocation from a riverboat to a land-based facility requires the customary regulatory approvals that Penn flagged in its announcement. 

Iowa was among the first US states to license riverboat casinos in the 1990s, and several operators in the state have since sought approval to move their gaming floors onto adjacent land as the original riverboat requirement has been relaxed over time.

Penn's Council Bluffs project follows a similar playbook to its two recent Illinois conversions, pairing a larger, purpose-built gaming floor with new dining and hotel connectivity rather than simply relocating the existing riverboat footprint square-for-square.