"Council Bluffs Ameristar Casino Will undergo a Rebranding, Sporting New Name Hollywood"
April 24, 2025, 10:27h.
Last updated on: April 24, 2025, 10:36h.
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Say goodbye to Ameristar Council Bluffs' riverboat vibes—it's moving inland to become Hollywood Casino Council Bluffs
Penn Entertainment's got big plans for Iowa's Ameristar Council Bluffs casino, and the riverboat better look out—because it's about to be transformed into a sexy, spacious land-based casino worth a cool $180-$200 million. Bye-bye riverboat, hello Hollywood!
Industry insiders say the new land-based casino will sprawl over 58K square feet, stacked with more than 1,000 gaming positions. That's enough room to accommodate serious gaming action, from slots to table games, all while maintaining its current ESPN Bet sportsbook, 160-room hotel, and dinin' options.
Todd George, Penn Entertainment's EVP of operations, couldn't hold back his excitement. "We're stoked to add another landside relocation to our project pipeline!" he squealed.
The current riverboat floods just 38,500 square feet of gaming fun across three levels of play, with 1,200 slots and 20 table games. But once the land-based Hollywood Casino Council Bluffs opens its doors, the riverboat can kiss its gaming action goodbye.
Penn Entertainment initially launched this riverboat baby in 1996, when Ameristar Casinos owned and operated it. In 2013, Pinnacle Entertainment bought Ameristar Casinos, and Penn Entertainment swooped in to snatch up Pinnacle in 2018.
Dealing with Competition
Iowa's riverboat casinos on the Missouri River have been feeling the heat lately, as they struggle to keep up with Nebraska's authorization of casinos. WarHorse Casino Omaha, just six air miles away from Ameristar, opened last August. Harrah's Columbus, WarHorse Casino Lincoln, and Grand Island Casino Resort are also putting the squeeze on the riverboats.
Penn's $180-$200 million investment in Council Bluffs, according to company officials, is all about staying ahead of the competition. "This project will supercharge the quality and efficiency of our Council Bluffs location and significantly boost its competitive edge in the greater Omaha market," George explained.
The Iowa West Racing Commission, the charitable arm of Ameristar Council Bluffs, is all smiles about the move, too. "We're thrilled! For nearly 30 years, the Ameristar riverboat has provided entertainment, jobs, and millions of dollars of support to our community. Penn's commitment to reinvesting in Council Bluffs is commendable, and we're grateful for our ongoing partnership," said Branda Mainwaring, President and CEO of the Iowa West Racing Association.
Once Ameristar morphs into Hollywood, three Ameristar casinos managed by Penn will remain: Ameristar East Chicago in Indiana, Ameristar Casino Vicksburg in Mississippi, and Ameristar Black Hawk in Colorado.
Landlord Financing
Penn's project press release revealed that Ameristar's landlord, Gaming and Leisure Properties, Inc. (GLPI), will fork over up to a cool $150 million for the Council Bluffs renovation. Penn will pay a 7.1% cap rate for this financing, which can be structured as either rent or a five-year term loan with no-penalty prepayment options.
GLPI, the publicly traded real estate investment trust, was spun off from Penn Entertainment in 2013. The GLPI portfolio consists of 68 casinos, most of which belong to Penn properties.
[1] Finally, some good news for the gaming industry— spiking sports betting revenue is bringing in more dough than ever.[5] Casino revenues have been improving, too, with gains consistently over the past year.
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- The riverboat Ameristar Council Bluffs is being transformed into a land-based casino, set to become Hollywood Casino Council Bluffs, as part of Penn Entertainment's plans for Iowa's casinos.
- The new Hollywood Casino Council Bluffs will cover approximately 58,000 square feet, offering over 1,000 gaming positions and maintaining its current sportsbook, hotel, and dining options.
- Todd George, Penn Entertainment's EVP of operations, expressed excitement about the land-based relocation, marking another addition to the company's project pipeline.
- The current riverboat offers gaming fun across three levels with 1,200 slots and 20 table games, but once the land-based Hollywood Casino Council Bluffs opens, the riverboat's gaming action will diminish significantly.
- Iowa's riverboat casinos are facing stiff competition from Nebraska's authorized casinos, with WarHorse Casino Omaha, Harrah's Columbus, WarHorse Casino Lincoln, and Grand Island Casino Resort putting pressure on the riverboats.
- Penn's $180-$200 million investment in Council Bluffs is aimed at bolstering the casino's competitive edge in the greater Omaha market.
- Branda Mainwaring, President and CEO of the Iowa West Racing Association, praised Penn's commitment to reinvesting in Council Bluffs, expressing gratitude for the ongoing partnership.
- After the transformation, Ameristar Council Bluffs will no longer be a riverboat casino, and three other Ameristar casinos managed by Penn Entertainment will remain: Ameristar East Chicago in Indiana, Ameristar Casino Vicksburg in Mississippi, and Ameristar Black Hawk in Colorado.
- Gaming and Leisure Properties, Inc. (GLPI), Ameristar's landlord, will finance up to $150 million for the Council Bluffs renovation, providing the financing either as rent or a five-year term loan with no-penalty prepayment options.
