Ameristar Council Bluffs Moving Ashore, Will Be Rebranded to Hollywood

Posted on: April 24, 2025, 10:27h. 

Last updated on: April 24, 2025, 10:36h.

Devin O'Connor @CasinoorgDevinO Read More

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• Ameriastar Council Bluffs is moving inland from its riverboat
• Once the land-based casino opens, the destination will become Hollywood Casino Council Bluffs
• Penn Entertainment operates the Iowa casino along the Missouri River

Ameristar Council Bluffs, a riverboat casino and hotel in Iowa, is set for big changes.

Penn Entertainment revealed plans Thursday to overhaul the riverboat into a land-based casino through an investment that is expected to run between $180 million to $200 million. Ameristar will be rebranded to Hollywood Casino Council Bluffs once the project is finished. Hollywood is Penn’s marquee casino brand.

“We are pleased to add another landside relocation to our pipeline of development projects,” said Todd George, Penn Entertainment’s executive vice president of operations.

The current Ameristar riverboat offers 38,500 square feet of gaming across three levels of play. The vessel has 1,200 slots and 20 table games. Upon completion of the brick-and-mortar Hollywood Casino Council Bluffs, the riverboat will be vacated.

Opened in 1996, the riverboat was owned by Ameristar Casinos until it was acquired by Pinnacle Entertainment in 2013. Penn bought Pinnacle in 2018.

Staying Competitive in Crowded Market 

Iowa’s riverboats on the Missouri River are responding to Nebraska’s authorization of casinos. WarHorse Casino Omaha at Horsemen’s Park opened last August about six air miles from Ameristar. Harrah’s Columbus, WarHorse Casino Lincoln, and Grand Island Casino Resort additionally threaten Iowa’s riverboats.

Penn’s $180 million to $200 million investment in Council Bluffs, company officials say, is to ensure that the property remains competitive and retains its many loyal Nebraska players.

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,” George reasoned.

The Iowa West Racing Commission, the charitable arm of Ameristar Council Bluffs, is optimistic that the casino’s move inland will increase revenues and its allocations.

“We are thrilled,” said Iowa West Racing Association President and CEO Branda Mainwaring. “For nearly 30 years, the Ameristar riverboat has been providing not only dining and entertainment but thousands of jobs and millions of dollars in support of our community. Penn’s commitment to reinvesting in Council Bluffs is laudable, and we are grateful for our ongoing partnership.”

Once Ameristar Council Bluffs rebrands to 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 explained through its release on the project that Ameristar’s landlord — Gaming and Leisure Properties, Inc. (GLPI) — will provide up to $150 million in financing for the Council Bluffs initiative. Penn will pay a 7.1% cap rate, which may be structured at Penn’s option as either rent or a five-year term loan that is prepayable without penalty.

GLPI is the publicly traded real estate investment trust that was spun off from Penn Entertainment, the Pennsylvania-based gaming firm that specializes in regional markets, in 2013. The GLPI portfolio consists of 68 casinos, including most Penn properties.