PENN Entertainment to Spend $195M on New Orleans Casino Relocation — PENN Entertainment, Inc.

Event summary

PENN Entertainment plans to invest $195M to relocate Boomtown Casino New Orleans from a riverboat to a landside property, rebranding it as Hollywood Casino New Orleans.
The new casino is expected to open in 2029, featuring 140,000 sq. ft. of development, 875 slot machines, 45 table games, a retail sportsbook, and multiple dining options.
This is PENN's fourth landside move in recent years, following similar relocations in Illinois and Iowa.
The project will be financed with cash on hand or other liquidity sources.
PENN operates four other casinos in Louisiana and employs over 3,500 people in the state.

The big picture

PENN Entertainment's $195M investment in relocating and rebranding its New Orleans casino reflects a broader industry trend of shifting from riverboat to landside properties. This strategic move aligns with PENN's recent relocations in Illinois and Iowa, aiming to enhance customer experience and strengthen market positioning. The project is part of PENN's disciplined approach to capital allocation, focusing on organic growth opportunities that leverage its operational strengths.

What we're watching

Regulatory Approval: Whether the Louisiana Gaming Control Board and Jefferson Parish Council will approve the relocation and rebranding.
Execution Risk: The pace at which PENN can complete the project and open the new casino by 2029.
Market Impact: How the new Hollywood Casino New Orleans will affect PENN's competitive position in the New Orleans market.